Bx Buzz Ml-1 Gp Llc Sells 7,477,500 Shares of Blackstone (NYSE:BX) Stock

Blackstone Inc. (NYSE:BX) major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. The trade was a 99.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Blackstone Stock Performance

NYSE:BX traded down $1.23 during midday trading on Thursday, reaching $123.78. 10,075,026 shares of the company traded hands, compared to its average volume of 4,963,910. The firm has a market capitalization of $91.95 billion, a price-to-earnings ratio of 31.66, a price-to-earnings-growth ratio of 1.36 and a beta of 1.59. The company has a fifty day moving average price of $120.76 and a 200 day moving average price of $130.56. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. The company 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 firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period last year, the business posted $1.11 earnings per share. On average, analysts expect that Blackstone Inc. will post 5.9 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 annualized dividend and a yield of 3.7%. Blackstone’s dividend payout ratio is 118.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BX shares. Royal Bank Of Canada initiated coverage on Blackstone in a research report on Monday, June 8th. They set an “outperform” rating for the company. Argus reduced their price target on Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a research report on Tuesday, April 28th. Piper Sandler raised their price target on Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Rothschild & Co Redburn decreased their price target on Blackstone from $134.00 to $130.00 and set a “neutral” rating for the company in a research note on Tuesday, June 9th. Finally, BMO Capital Markets boosted their price objective on Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and an average target price of $150.86.

Institutional Investors Weigh In On Blackstone

Institutional investors and hedge funds have recently modified their holdings of the stock. Redmont Wealth Advisors LLC acquired a new position in shares of Blackstone in the 3rd quarter worth $30,000. Strive Asset Management LLC purchased a new position in Blackstone in the 3rd quarter worth about $30,000. Family CFO Inc acquired a new stake in Blackstone during the 4th quarter worth about $28,000. Ares Financial Consulting LLC acquired a new position in shares of Blackstone in the fourth quarter worth about $28,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of Blackstone during the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 70.00% 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.