King Luther Capital Management Corp Trims Stock Holdings in Blackstone Inc. (NYSE:BX)

King Luther Capital Management Corp reduced its position in Blackstone Inc. (NYSE:BX) by 1.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 10,118 shares of the asset manager’s stock after selling 178 shares during the period. King Luther Capital Management Corp’s holdings in Blackstone were worth $1,253,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Congress Wealth Management LLC DE increased its position in Blackstone by 36.6% during the fourth quarter. Congress Wealth Management LLC DE now owns 36,215 shares of the asset manager’s stock worth $4,741,000 after purchasing an additional 9,699 shares during the last quarter. TD Asset Management Inc raised its position in shares of Blackstone by 8.9% in the 4th quarter. TD Asset Management Inc now owns 254,099 shares of the asset manager’s stock worth $33,267,000 after buying an additional 20,830 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Blackstone by 1.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock valued at $53,455,000 after acquiring an additional 7,692 shares during the period. Norden Group LLC raised its holdings in shares of Blackstone by 2,072.0% in the 1st quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock worth $4,802,000 after purchasing an additional 34,872 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in shares of Blackstone by 10.9% in the 4th quarter. Fisher Asset Management LLC now owns 4,688 shares of the asset manager’s stock valued at $614,000 after purchasing an additional 459 shares in the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the transaction, the director now directly owns 921,184 shares in the company, valued at approximately $113,305,632. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Blackstone Trading Down 1.0 %

NYSE:BX opened at $158.12 on Monday. Blackstone Inc. has a 52 week low of $88.59 and a 52 week high of $161.25. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The company has a market cap of $113.00 billion, a PE ratio of 55.87, a P/E/G ratio of 1.23 and a beta of 1.51. The business’s 50 day moving average is $139.58 and its two-hundred day moving average is $129.41.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The business had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same period last year, the company posted $0.93 earnings per share. The firm’s revenue for the quarter was up 166.9% on a year-over-year basis. On average, analysts predict that Blackstone Inc. will post 4.57 EPS for the current year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were given a dividend of $0.82 per share. The ex-dividend date was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a yield of 2.07%. Blackstone’s dividend payout ratio is currently 115.90%.

Wall Street Analysts Forecast Growth

BX has been the topic of several research reports. Morgan Stanley raised their price target on shares of Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Wells Fargo & Company began coverage on shares of Blackstone in a research report on Thursday, September 12th. They set an “overweight” rating and a $163.00 price target for the company. Redburn Atlantic assumed coverage on Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective on the stock. Piper Sandler increased their target price on Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Fourteen analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Blackstone currently has an average rating of “Hold” and a consensus price target of $130.78.

Blackstone Profile

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.