Burns J W & Co. Inc. NY Has $509,000 Stock Position in Blackstone Inc. (NYSE:BX)

Burns J W & Co. Inc. NY reduced its stake in Blackstone Inc. (NYSE:BX) by 37.6% during the third quarter, Holdings Channel.com reports. The fund owned 3,325 shares of the asset manager’s stock after selling 2,000 shares during the period. Burns J W & Co. Inc. NY’s holdings in Blackstone were worth $509,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Public Employees Retirement Association of Colorado lifted its stake in Blackstone by 1,466.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 106,425 shares of the asset manager’s stock valued at $13,933,000 after buying an additional 99,631 shares during the period. Exencial Wealth Advisors LLC lifted its stake in Blackstone by 5.8% in the fourth quarter. Exencial Wealth Advisors LLC now owns 3,510 shares of the asset manager’s stock valued at $460,000 after buying an additional 193 shares during the period. Envestnet Asset Management Inc. lifted its stake in Blackstone by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 635,026 shares of the asset manager’s stock valued at $83,138,000 after buying an additional 14,435 shares during the period. Morningstar Investment Services LLC lifted its stake in Blackstone by 110.2% in the fourth quarter. Morningstar Investment Services LLC now owns 6,062 shares of the asset manager’s stock valued at $807,000 after buying an additional 3,178 shares during the period. Finally, Azimuth Capital Investment Management LLC lifted its stake in Blackstone by 4.4% in the fourth quarter. Azimuth Capital Investment Management LLC now owns 7,662 shares of the asset manager’s stock valued at $1,003,000 after buying an additional 322 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BX. Morgan Stanley boosted their price objective on Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Barclays boosted their price objective on Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. TD Cowen boosted their price objective on Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a report on Friday, July 19th. Piper Sandler boosted their price objective on Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, Wells Fargo & Company started coverage on Blackstone in a report on Thursday, September 12th. They set an “overweight” rating and a $163.00 price objective for the company. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $131.17.

Blackstone Stock Performance

NYSE:BX traded up $0.72 during trading on Friday, reaching $151.92. The company’s stock had a trading volume of 2,073,752 shares, compared to its average volume of 3,449,274. The firm has a market cap of $108.57 billion, a price-to-earnings ratio of 53.68, a price-to-earnings-growth ratio of 1.34 and a beta of 1.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a 50 day moving average of $142.63 and a 200-day moving average of $131.34. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $161.25.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the company earned $0.93 EPS. The firm’s revenue for the quarter was up 166.9% compared to the same quarter last year. Research analysts expect that Blackstone Inc. will post 4.57 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were given a dividend of $0.82 per share. The ex-dividend date was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.16%. Blackstone’s dividend payout ratio is presently 115.90%.

Insider Activity

In other news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the sale, the director now owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John G. Finley sold 35,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Company Profile

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.