Blackstone (NYSE:BX – Get Rating) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
Other analysts have also recently issued research reports about the stock. Morgan Stanley reduced their target price on shares of Blackstone from $154.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, July 19th. Piper Sandler cut their price target on shares of Blackstone from $154.00 to $120.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Blackstone from $147.00 to $153.00 and gave the company a “buy” rating in a report on Friday, August 12th. Barclays initiated coverage on shares of Blackstone in a report on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 price target for the company. Finally, The Goldman Sachs Group cut their price target on shares of Blackstone from $117.00 to $101.00 and set a “buy” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Blackstone has a consensus rating of “Moderate Buy” and an average target price of $130.42.
Blackstone Stock Performance
NYSE:BX traded down $1.48 during trading hours on Wednesday, reaching $92.04. 3,504,652 shares of the company’s stock were exchanged, compared to its average volume of 4,628,631. The firm has a market capitalization of $64.58 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.64 and a beta of 1.45. The company has a 50-day moving average of $97.01 and a 200 day moving average of $103.56. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.47. Blackstone has a 1-year low of $81.66 and a 1-year high of $149.78.
Blackstone (NYSE:BX – Get Rating) last issued its quarterly earnings results on Thursday, July 21st. The asset manager reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. Blackstone’s quarterly revenue was up 96.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 EPS. Research analysts anticipate that Blackstone will post 5.17 EPS for the current year.
Insider Buying and Selling
In related news, major shareholder Altus Holdings Lp Gso sold 7,000,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $11.01, for a total value of $77,070,000.00. Following the sale, the insider now directly owns 21,825,125 shares of the company’s stock, valued at $240,294,626.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Blackstone news, major shareholder Altus Holdings Lp Gso sold 7,000,000 shares of Blackstone stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $11.01, for a total transaction of $77,070,000.00. Following the transaction, the insider now directly owns 21,825,125 shares of the company’s stock, valued at $240,294,626.25. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of Blackstone stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $32.94, for a total transaction of $1,367,010.00. Following the transaction, the insider now directly owns 898,993 shares in the company, valued at $29,612,829.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,161,423 shares of company stock valued at $86,730,717. Insiders own 1.00% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Financial Partners Group Inc increased its stake in shares of Blackstone by 11.8% in the first quarter. Financial Partners Group Inc now owns 6,489 shares of the asset manager’s stock worth $824,000 after buying an additional 685 shares during the last quarter. Addison Capital Co increased its stake in shares of Blackstone by 32.3% in the first quarter. Addison Capital Co now owns 7,742 shares of the asset manager’s stock worth $983,000 after buying an additional 1,888 shares during the last quarter. Glassy Mountain Advisors Inc. increased its stake in shares of Blackstone by 6.1% in the first quarter. Glassy Mountain Advisors Inc. now owns 28,491 shares of the asset manager’s stock worth $3,617,000 after buying an additional 1,647 shares during the last quarter. NorthCrest Asset Manangement LLC bought a new stake in shares of Blackstone in the first quarter worth $369,000. Finally, Equitable Trust Co. bought a new stake in shares of Blackstone in the first quarter worth $339,000. 61.87% of the stock is owned by institutional investors and hedge funds.
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.