Iron Horse Wealth Management LLC Raises Position in Blackstone Inc. $BX

Iron Horse Wealth Management LLC grew its holdings in Blackstone Inc. (NYSE:BX) by 9,760.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 493 shares of the asset manager’s stock after purchasing an additional 488 shares during the quarter. Iron Horse Wealth Management LLC’s holdings in Blackstone were worth $74,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of BX. 1248 Management LLC purchased a new position in Blackstone in the 1st quarter worth approximately $25,000. von Borstel & Associates Inc. purchased a new position in Blackstone in the 1st quarter worth approximately $28,000. Wealth Preservation Advisors LLC purchased a new position in Blackstone in the 1st quarter worth approximately $28,000. Anderson Financial Strategies LLC purchased a new position in Blackstone in the 1st quarter worth approximately $28,000. Finally, Family CFO Inc acquired a new stake in shares of Blackstone during the 2nd quarter worth approximately $28,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Barclays raised their price target on shares of Blackstone from $168.00 to $181.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Keefe, Bruyette & Woods raised their price target on shares of Blackstone from $168.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, July 25th. Bank of America cut their price target on shares of Blackstone from $200.00 to $199.00 in a report on Friday. Citigroup restated a “market perform” rating on shares of Blackstone in a report on Saturday, July 19th. Finally, JMP Securities lifted their target price on shares of Blackstone from $180.00 to $195.00 and gave the company a “market outperform” rating in a report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Blackstone presently has an average rating of “Moderate Buy” and an average price target of $175.53.

Insiders Place Their Bets

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total value of $8,829,594.00. Following the completion of the transaction, the insider owned 737,248 shares in the company, valued at $128,015,742.72. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings I. L.P. Blackstone purchased 1,189,532 shares of the company’s stock in a transaction on Friday, July 18th. The stock was acquired at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the purchase, the insider owned 4,178,771 shares of the company’s stock, valued at approximately $105,388,604.62. This represents a 39.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is currently owned by insiders.

Blackstone Stock Up 1.1%

Blackstone stock opened at $168.40 on Friday. The firm has a 50 day moving average price of $173.81 and a 200 day moving average price of $153.80. The company has a market capitalization of $124.12 billion, a PE ratio of 45.27, a price-to-earnings-growth ratio of 1.37 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. The business had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Research analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were paid a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. Blackstone’s payout ratio is presently 110.75%.

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.