Grandview Asset Management LLC Reduces Stock Holdings in Blackstone Inc. (NYSE:BX)

Grandview Asset Management LLC decreased its holdings in Blackstone Inc. (NYSE:BX) by 21.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 19,967 shares of the asset manager’s stock after selling 5,501 shares during the quarter. Blackstone accounts for 1.8% of Grandview Asset Management LLC’s portfolio, making the stock its 13th largest position. Grandview Asset Management LLC’s holdings in Blackstone were worth $3,058,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Blackstone by 1.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock valued at $53,455,000 after acquiring an additional 7,692 shares during the period. Norden Group LLC raised its position in shares of Blackstone by 2,072.0% during the 1st quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock valued at $4,802,000 after purchasing an additional 34,872 shares during the period. Fisher Asset Management LLC boosted its holdings in Blackstone by 10.9% in the 4th quarter. Fisher Asset Management LLC now owns 4,688 shares of the asset manager’s stock worth $614,000 after buying an additional 459 shares during the period. Secured Retirement Advisors LLC purchased a new stake in Blackstone during the 4th quarter valued at approximately $1,073,000. Finally, Global Assets Advisory LLC bought a new position in shares of Blackstone during the first quarter worth $65,050,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Stock Up 0.5 %

BX traded up $0.72 during trading on Friday, hitting $151.92. The stock had a trading volume of 2,073,752 shares, compared to its average volume of 3,449,274. 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 company has a market capitalization of $108.57 billion, a PE ratio of 53.68, a PEG ratio of 1.34 and a beta of 1.51. The stock has a 50 day simple moving average of $142.63 and a two-hundred day simple moving average of $131.39. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $161.25.

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

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders 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 yield of 2.16%. Blackstone’s dividend payout ratio is currently 115.90%.

Insider Activity

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

Wall Street Analysts Forecast Growth

BX has been the subject of several research reports. Barclays increased their price objective on shares of Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. The Goldman Sachs Group upped their price target on shares of Blackstone from $130.00 to $135.00 and gave the stock a “neutral” rating in a report on Thursday. Piper Sandler boosted their price objective on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company started coverage on shares of Blackstone in a research report on Thursday, September 12th. They set an “overweight” rating and a $163.00 target price on the stock. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $131.17.

Blackstone 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.