Bessemer Group Inc. Lowers Position in Blackstone Inc. $BX

Bessemer Group Inc. reduced its position in shares of Blackstone Inc. (NYSE:BX) by 93.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,911 shares of the asset manager’s stock after selling 634,933 shares during the period. Bessemer Group Inc.’s holdings in Blackstone were worth $4,704,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of BX. Family CFO Inc purchased a new stake in shares of Blackstone in the fourth quarter valued at approximately $28,000. Ares Financial Consulting LLC purchased a new position in Blackstone in the fourth quarter worth $28,000. Richardson Financial Services Inc. purchased a new stake in shares of Blackstone during the 4th quarter worth $29,000. Strive Asset Management LLC acquired a new position in shares of Blackstone during the 3rd quarter worth $30,000. Finally, Palladiem LLC purchased a new position in shares of Blackstone in the 4th quarter valued at about $31,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BX shares. Citizens Jmp lowered their target price on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Oppenheimer lowered their price target on Blackstone from $156.00 to $139.00 and set an “outperform” rating on the stock in a report on Friday. The Goldman Sachs Group reduced their price objective on Blackstone from $116.00 to $114.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Evercore reissued an “outperform” rating and issued a $150.00 target price on shares of Blackstone in a report on Tuesday, April 21st. Finally, Zacks Research raised Blackstone from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, Blackstone currently has a consensus rating of “Moderate Buy” and an average price target of $145.71.

Blackstone Stock Down 2.6%

BX stock opened at $123.64 on Tuesday. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The stock has a market capitalization of $91.85 billion, a P/E ratio of 31.62, a PEG ratio of 1.37 and a beta of 1.58. The company has a 50 day moving average price of $119.97 and a two-hundred day moving average price of $125.48. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.02. The business had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The business’s revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.11 earnings per share. As a group, sell-side analysts expect that Blackstone Inc. will post 5.89 EPS for the current year.

Insider Activity at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 30,014 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the transaction, the insider owned 899,669 shares of the company’s stock, valued at $113,169,363.51. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the stock in a transaction dated Friday, May 15th. The shares were bought at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the purchase, the insider directly owned 9,111,800 shares in the company, valued at approximately $182,236,000. This trade represents a -2,529.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have acquired 10,252,345 shares of company stock worth $209,789,893. Corporate insiders own 1.00% of the company’s stock.

Blackstone Company 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.