Cornerstone Wealth Management LLC Has $9.63 Million Stock Holdings in Blackstone Inc. (NYSE:BX)

Cornerstone Wealth Management LLC decreased its position in shares of Blackstone Inc. (NYSE:BX) by 3.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 55,822 shares of the asset manager’s stock after selling 2,075 shares during the period. Cornerstone Wealth Management LLC’s holdings in Blackstone were worth $9,625,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC boosted its position in Blackstone by 34.6% in the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock valued at $1,365,000 after buying an additional 2,035 shares in the last quarter. Conway Capital Management Inc. boosted its position in Blackstone by 12.5% in the fourth quarter. Conway Capital Management Inc. now owns 16,388 shares of the asset manager’s stock valued at $2,826,000 after buying an additional 1,821 shares in the last quarter. Montecito Bank & Trust raised its stake in shares of Blackstone by 11.6% during the fourth quarter. Montecito Bank & Trust now owns 6,442 shares of the asset manager’s stock valued at $1,111,000 after acquiring an additional 668 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of Blackstone during the fourth quarter valued at $221,000. Finally, Cerro Pacific Wealth Advisors LLC bought a new position in shares of Blackstone during the fourth quarter valued at $237,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the sale, the insider now owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

Shares of BX stock opened at $185.56 on Friday. The firm has a market cap of $133.98 billion, a price-to-earnings ratio of 63.77, a P/E/G ratio of 1.21 and a beta of 1.53. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. Blackstone Inc. has a 52 week low of $115.82 and a 52 week high of $200.96. The firm’s 50-day simple moving average is $180.71 and its two-hundred day simple moving average is $159.71.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. TD Cowen raised shares of Blackstone from a “hold” rating to a “buy” rating and lifted their target price for the stock from $149.00 to $230.00 in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Blackstone from $172.00 to $182.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. lifted their target price on shares of Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Morgan Stanley lifted their target price on shares of Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, The Goldman Sachs Group raised their price target on shares of Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Blackstone presently has an average rating of “Hold” and an average target price of $169.56.

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.