Baxter Bros Inc. Has $5.49 Million Stock Holdings in Blackstone Inc. $BX

Baxter Bros Inc. boosted its position in shares of Blackstone Inc. (NYSE:BX) by 77.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,715 shares of the asset manager’s stock after purchasing an additional 20,886 shares during the quarter. Baxter Bros Inc.’s holdings in Blackstone were worth $5,487,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BX. Redwood Financial Network Corp increased its position in shares of Blackstone by 1.8% in the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after buying an additional 65 shares in the last quarter. Benchmark Financial Wealth Advisors LLC grew its stake in Blackstone by 0.9% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after acquiring an additional 69 shares during the period. Parcion Private Wealth LLC raised its position in shares of Blackstone by 0.6% during the fourth quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 70 shares during the period. Trivium Point Advisory LLC grew its position in shares of Blackstone by 2.6% in the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after purchasing an additional 70 shares during the period. Finally, Zacks Investment Management increased its stake in Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock worth $590,000 after purchasing an additional 71 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of Blackstone from $116.00 to $114.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Argus reduced their target price on shares of Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a research note on Tuesday, April 28th. Sanford C. Bernstein initiated coverage on Blackstone in a research note on Monday, June 8th. They issued an “outperform” rating on the stock. Morgan Stanley decreased their price objective on Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. Finally, Jefferies Financial Group boosted their target price on Blackstone from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $149.36.

Blackstone Trading Up 0.5%

Shares of Blackstone stock opened at $123.45 on Tuesday. The stock has a market cap of $91.71 billion, a P/E ratio of 31.57, a P/E/G ratio of 1.33 and a beta of 1.58. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The business’s 50 day moving average is $119.67 and its 200-day moving average is $127.87.

Blackstone (NYSE:BX) last issued its 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. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.11 earnings per share. Equities research analysts predict that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, May 4th. Blackstone’s dividend payout ratio (DPR) is 118.67%.

Insider Buying and Selling at Blackstone

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the transaction, the insider directly owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. The trade was a 99.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Treasury Holdings I. Blackstone purchased 9,486,795 shares of the business’s stock in a transaction on Friday, May 15th. The shares were acquired at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the acquisition, the insider directly owned 9,111,800 shares in the company, valued at approximately $182,236,000. The trade was a -2,529.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 10,252,345 shares of company stock valued at $209,789,893 in the last three months. Corporate insiders own 1.00% of the company’s stock.

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.