Glassy Mountain Advisors Inc. Has $4.91 Million Holdings in Blackstone Inc. (NYSE:BX)

Glassy Mountain Advisors Inc. boosted its position in shares of Blackstone Inc. (NYSE:BX) by 3.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,686 shares of the asset manager’s stock after acquiring an additional 1,249 shares during the period. Blackstone accounts for 1.8% of Glassy Mountain Advisors Inc.’s investment portfolio, making the stock its 22nd biggest holding. Glassy Mountain Advisors Inc.’s holdings in Blackstone were worth $4,913,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Northwest Financial Advisors acquired a new position in shares of Blackstone during the fourth quarter valued at about $25,000. Chilton Capital Management LLC bought a new stake in Blackstone during the first quarter worth about $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Blackstone during the second quarter worth about $26,000. EdgeRock Capital LLC acquired a new stake in shares of Blackstone in the second quarter valued at $27,000. Finally, Bank & Trust Co bought a new stake in Blackstone during the 2nd quarter worth about $29,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BX shares. TD Cowen boosted their price objective on shares of Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Barclays boosted their price objective on Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Bank of America lifted their price target on shares of Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Morgan Stanley lifted their target price on shares of Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Finally, Redburn Atlantic assumed coverage on Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target on the stock. Fourteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $128.94.

Insider Activity

In other Blackstone news, 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 transaction of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction 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 approximately $113,305,632. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

Shares of NYSE:BX traded up $1.78 on Friday, hitting $142.36. The company had a trading volume of 3,421,587 shares, compared to its average volume of 3,139,617. The stock has a market cap of $102.51 billion, a price-to-earnings ratio of 50.30, a P/E/G ratio of 1.22 and a beta of 1.50. The stock has a 50 day moving average price of $132.78 and a 200 day moving average price of $127.30. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 1-year low of $88.59 and a 1-year high of $145.16.

Blackstone (NYSE:BX) last released 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). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same period last year, the company posted $0.93 earnings per share. The business’s revenue for the quarter was up 166.9% compared to the same quarter last year. Analysts expect that Blackstone Inc. will post 4.57 EPS for the current 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 issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is currently 115.90%.

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.