Harbor Investment Advisory LLC Has $2.02 Million Stock Holdings in Blackstone Inc. $BX

Harbor Investment Advisory LLC decreased its stake in shares of Blackstone Inc. (NYSE:BX) by 47.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 17,591 shares of the asset manager’s stock after selling 15,922 shares during the period. Harbor Investment Advisory LLC’s holdings in Blackstone were worth $2,023,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Jain Global LLC bought a new stake in shares of Blackstone during the third quarter worth $9,116,000. Fayez Sarofim & Co boosted its holdings in Blackstone by 1.9% in the third quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager’s stock valued at $217,083,000 after acquiring an additional 24,237 shares during the last quarter. Natixis Advisors LLC increased its position in Blackstone by 20.4% in the third quarter. Natixis Advisors LLC now owns 840,401 shares of the asset manager’s stock worth $143,582,000 after purchasing an additional 142,479 shares during the period. Mackenzie Financial Corp lifted its position in Blackstone by 2.1% during the 3rd quarter. Mackenzie Financial Corp now owns 904,237 shares of the asset manager’s stock valued at $154,489,000 after purchasing an additional 18,339 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG boosted its stake in shares of Blackstone by 275.2% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 108,374 shares of the asset manager’s stock valued at $18,516,000 after purchasing an additional 79,491 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Dbs Bank raised shares of Blackstone to a “moderate buy” rating in a research note on Wednesday, May 27th. BNP Paribas Exane lowered their target price on shares of Blackstone from $126.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday. Piper Sandler upped their target price on shares of Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Citizens Jmp reduced their price target on Blackstone from $195.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 22nd. Finally, Rothschild & Co Redburn dropped their price objective on Blackstone from $134.00 to $130.00 and set a “neutral” rating for the company in a report on Tuesday, June 9th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.36.

Blackstone Stock Up 2.2%

Shares of NYSE:BX opened at $117.42 on Wednesday. The company has a 50 day moving average price of $120.12 and a two-hundred day moving average price of $128.50. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market capitalization of $87.23 billion, a PE ratio of 30.03, a PEG ratio of 1.25 and a beta of 1.59. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.45 billion. During the same period last year, the firm posted $1.11 earnings per share. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. Analysts forecast that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone’s payout ratio is presently 118.67%.

Insider Buying and Selling

In other Blackstone news, major shareholder Private Multi-Asset Blackstone purchased 765,111 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average price of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the transaction, the insider directly owned 7,882,145 shares in the company, valued at $206,039,270.30. This trade represents a 10.75% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was acquired at an average price of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the transaction, the insider directly owned 9,111,800 shares in the company, valued at $182,236,000. This trade represents a -2,529.85% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders purchased 10,252,345 shares of company stock valued at $209,789,893. 1.00% of the stock is owned by company insiders.

Blackstone Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.