Modus Advisors LLC Boosts Position in Blackstone Inc. (NYSE:BX)

Modus Advisors LLC boosted its holdings in Blackstone Inc. (NYSE:BX) by 2.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 33,112 shares of the asset manager’s stock after buying an additional 674 shares during the period. Blackstone makes up about 1.7% of Modus Advisors LLC’s investment portfolio, making the stock its 21st largest position. Modus Advisors LLC’s holdings in Blackstone were worth $5,070,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Regal Investment Advisors LLC grew its position in Blackstone by 7.9% in the fourth quarter. Regal Investment Advisors LLC now owns 3,006 shares of the asset manager’s stock valued at $394,000 after acquiring an additional 221 shares in the last quarter. True Wealth Design LLC acquired a new position in Blackstone during the 4th quarter valued at about $44,000. Lone Pine Capital LLC acquired a new position in Blackstone during the 4th quarter valued at about $290,514,000. Chilton Investment Co. Inc. boosted its stake in Blackstone by 4.4% during the 4th quarter. Chilton Investment Co. Inc. now owns 154,856 shares of the asset manager’s stock valued at $20,274,000 after purchasing an additional 6,592 shares during the period. Finally, Bragg Financial Advisors Inc boosted its stake in Blackstone by 10.2% during the 4th quarter. Bragg Financial Advisors Inc now owns 60,871 shares of the asset manager’s stock valued at $7,969,000 after purchasing an additional 5,625 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Buying and Selling

In related news, insider John G. Finley sold 35,000 shares of the stock in a transaction on 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 completion of the transaction, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Blackstone news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the sale, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BX shares. The Goldman Sachs Group boosted their target price on shares of Blackstone from $130.00 to $135.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. Piper Sandler downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective on the stock. in a research report on Wednesday. Wells Fargo & Company boosted their price objective on shares of Blackstone from $163.00 to $169.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America boosted their price objective on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Morgan Stanley boosted their target price on shares of Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $133.41.

Blackstone Trading Up 0.8 %

Blackstone stock traded up $1.18 during mid-day trading on Thursday, hitting $149.60. 444,170 shares of the company’s stock were exchanged, compared to its average volume of 3,414,456. Blackstone Inc. has a fifty-two week low of $88.59 and a fifty-two week high of $161.25. The company’s 50 day simple moving average is $143.08 and its 200-day simple moving average is $131.81. The firm has a market capitalization of $106.91 billion, a P/E ratio of 52.44, a PEG ratio of 1.34 and a beta of 1.51. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60.

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

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were issued a $0.82 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.19%. Blackstone’s dividend payout ratio (DPR) is 115.90%.

Blackstone Company 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.