Accuvest Global Advisors Raises Position in Blackstone Inc. $BX

Accuvest Global Advisors grew its position in Blackstone Inc. (NYSE:BX) by 18.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 25,489 shares of the asset manager’s stock after buying an additional 4,001 shares during the period. Blackstone makes up about 2.5% of Accuvest Global Advisors’ investment portfolio, making the stock its 18th largest holding. Accuvest Global Advisors’ holdings in Blackstone were worth $3,813,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. 1248 Management LLC purchased a new position in Blackstone in the first quarter worth about $25,000. Family CFO Inc bought a new stake in shares of Blackstone in the second quarter worth approximately $28,000. Wealth Preservation Advisors LLC bought a new stake in shares of Blackstone in the first quarter worth approximately $28,000. Anderson Financial Strategies LLC bought a new stake in shares of Blackstone in the first quarter worth approximately $28,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Blackstone in the second quarter worth approximately $30,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $6.26, for a total value of $104,478,673.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Baratta sold 113,000 shares of the business’s stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the completion of the transaction, the director directly owned 695,757 shares in the company, valued at $122,237,547.33. This trade represents a 13.97% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have bought 2,551,515 shares of company stock valued at $67,038,327 and have sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Performance

BX opened at $146.45 on Friday. The firm has a market cap of $107.94 billion, a P/E ratio of 41.84, a PEG ratio of 1.18 and a beta of 1.77. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a 50 day simple moving average of $168.51 and a two-hundred day simple moving average of $156.80. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.74.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. The business had revenue of $2.49 billion during the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. Equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Monday, November 3rd will be issued a $1.29 dividend. This represents a $5.16 annualized dividend and a dividend yield of 3.5%. This is a boost from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Monday, November 3rd. Blackstone’s payout ratio is presently 147.43%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BX shares. Bank of America reduced their price target on shares of Blackstone from $200.00 to $199.00 in a research note on Friday, October 3rd. BMO Capital Markets cut their target price on shares of Blackstone from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, October 27th. The Goldman Sachs Group boosted their target price on shares of Blackstone from $173.00 to $174.00 and gave the company a “neutral” rating in a research report on Friday, October 24th. Keefe, Bruyette & Woods cut their target price on shares of Blackstone from $180.00 to $171.00 and set a “market perform” rating for the company in a research report on Monday, October 13th. Finally, JMP Securities restated a “market outperform” rating and set a $195.00 target price on shares of Blackstone in a research report on Friday, October 24th. Eleven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Blackstone has an average rating of “Moderate Buy” and an average target price of $179.74.

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.