Bank of New York Mellon Corp Has $684.54 Million Stake in Blackstone Inc. $BX

Bank of New York Mellon Corp cut its stake in Blackstone Inc. (NYSE:BX) by 1.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,006,688 shares of the asset manager’s stock after selling 47,114 shares during the quarter. Bank of New York Mellon Corp’s holdings in Blackstone were worth $684,543,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Traub Capital Management LLC bought a new stake in shares of Blackstone in the 2nd quarter worth $27,000. Family CFO Inc purchased a new position in Blackstone during the second quarter worth about $28,000. Parvin Asset Management LLC purchased a new stake in Blackstone in the 2nd quarter valued at about $35,000. Rexford Capital Inc. purchased a new position in shares of Blackstone in the 2nd quarter worth approximately $35,000. Finally, RMG Wealth Management LLC bought a new position in shares of Blackstone in the second quarter valued at approximately $40,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Stock Down 1.2%

BX opened at $146.64 on Thursday. The company has a 50 day moving average of $152.95 and a 200 day moving average of $161.08. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $190.09. The company has a market cap of $108.28 billion, a PE ratio of 41.90, a price-to-earnings-growth ratio of 1.05 and a beta of 1.75.

Insider Buying and Selling

In related news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the sale, the insider owned 2,161 shares of the company’s stock, valued at approximately $21,610. This represents a 99.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Breyer bought 13,900 shares of Blackstone stock in a transaction on Tuesday, November 4th. The shares were bought at an average cost of $143.86 per share, with a total value of $1,999,654.00. Following the acquisition, the director directly owned 68,906 shares in the company, valued at approximately $9,912,817.16. This represents a 25.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 783,978 shares of company stock valued at $22,058,454. 1.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Blackstone from $164.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Bank of America reduced their price target on shares of Blackstone from $199.00 to $189.00 in a research report on Wednesday, December 10th. UBS Group lowered their price objective on shares of Blackstone from $175.00 to $172.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 13th. JPMorgan Chase & Co. decreased their price target on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. Finally, Rothschild & Co Redburn dropped their price objective on Blackstone from $168.00 to $165.00 and set a “neutral” rating on the stock in a research note on Thursday, January 15th. Nine equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $177.05.

About Blackstone

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.