O Shaughnessy Asset Management LLC Boosts Stake in Blackstone Inc. (NYSE:BX)

O Shaughnessy Asset Management LLC grew its stake in shares of Blackstone Inc. (NYSE:BX) by 23.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 41,149 shares of the asset manager’s stock after buying an additional 7,890 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Blackstone were worth $5,406,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in BX. Norges Bank purchased a new position in Blackstone in the 4th quarter worth $708,859,000. International Assets Investment Management LLC raised its position in Blackstone by 13,816.5% in the 4th quarter. International Assets Investment Management LLC now owns 3,623,868 shares of the asset manager’s stock worth $4,744,370,000 after purchasing an additional 3,597,828 shares during the period. Lone Pine Capital LLC purchased a new position in Blackstone in the 4th quarter worth $290,514,000. Capital World Investors raised its position in Blackstone by 4.2% in the 4th quarter. Capital World Investors now owns 33,738,986 shares of the asset manager’s stock worth $4,417,140,000 after purchasing an additional 1,367,581 shares during the period. Finally, Vanguard Group Inc. raised its position in Blackstone by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock worth $8,442,227,000 after purchasing an additional 1,290,324 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 1.7 %

NYSE BX traded up $2.44 during trading hours on Tuesday, reaching $143.62. 4,605,003 shares of the company’s stock traded hands, compared to its average volume of 3,545,902. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $145.16. The firm has a market cap of $102.64 billion, a PE ratio of 50.85, a PEG ratio of 1.20 and a beta of 1.50. The firm has a 50-day simple moving average of $124.75 and a 200 day simple moving average of $124.51. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.79.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.03). The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The firm’s quarterly revenue was up 166.9% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. Sell-side analysts anticipate that Blackstone Inc. will post 4.62 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 29th will be issued a $0.82 dividend. The ex-dividend date is Monday, July 29th. This represents a $3.28 annualized dividend and a yield of 2.28%. Blackstone’s dividend payout ratio (DPR) is presently 117.31%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BX. Bank of America raised their price target on shares of Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Friday. Argus raised their price target on shares of Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. cut their price target on shares of Blackstone from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. TD Cowen raised their price target on shares of Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a report on Friday. Finally, Barclays lifted their target price on shares of Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a research note on Friday. Thirteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $127.56.

Insiders Place Their Bets

In other news, Director Ruth Porat bought 219 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was acquired at an average cost of $119.48 per share, with a total value of $26,166.12. Following the completion of the acquisition, the director now owns 34,445 shares of the company’s stock, valued at $4,115,488.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Ruth Porat acquired 219 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was purchased at an average cost of $119.48 per share, with a total value of $26,166.12. Following the completion of the acquisition, the director now directly owns 34,445 shares of the company’s stock, valued at $4,115,488.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the transaction, the director now directly owns 921,184 shares of the company’s stock, valued at $113,305,632. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

About Blackstone

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.