Burling Wealth Partners LLC Has $9.57 Million Stock Holdings in Blackstone Inc. $BX

Burling Wealth Partners LLC reduced its holdings in shares of Blackstone Inc. (NYSE:BX) by 10.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 83,266 shares of the asset manager’s stock after selling 9,954 shares during the period. Blackstone accounts for about 1.5% of Burling Wealth Partners LLC’s portfolio, making the stock its 19th largest position. Burling Wealth Partners LLC’s holdings in Blackstone were worth $9,575,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Strive Asset Management LLC bought a new stake in shares of Blackstone in the 3rd quarter valued at approximately $30,000. Family CFO Inc bought a new position in shares of Blackstone during the 4th quarter worth approximately $28,000. Ares Financial Consulting LLC acquired a new stake in Blackstone in the 4th quarter valued at $28,000. Richardson Financial Services Inc. acquired a new position in Blackstone during the fourth quarter worth $29,000. Finally, Kelleher Financial Advisors bought a new position in shares of Blackstone during the third quarter valued at $34,000. Institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

BX has been the topic of several analyst reports. Weiss Ratings lowered shares of Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. The Goldman Sachs Group reduced their price target on shares of Blackstone from $116.00 to $114.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Citizens Jmp dropped their price objective on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating for the company in a report on Thursday, July 9th. Barclays reduced their target price on Blackstone from $124.00 to $119.00 and set an “equal weight” rating on the stock in a report on Thursday, July 9th. Finally, Royal Bank Of Canada dropped their price target on Blackstone from $173.00 to $161.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Blackstone currently has a consensus rating of “Moderate Buy” and an average target price of $145.71.

Blackstone Stock Down 2.6%

Shares of BX opened at $123.64 on Tuesday. The business’s fifty day moving average price is $119.97 and its two-hundred day moving average price is $125.48. The firm has a market capitalization of $91.85 billion, a price-to-earnings ratio of 31.62, a PEG ratio of 1.37 and a beta of 1.58. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.02. The business had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.11 earnings per share. On average, analysts predict that Blackstone Inc. will post 5.89 earnings per share for the current year.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of Blackstone stock in a transaction on Friday, May 15th. The shares were purchased at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the purchase, the insider owned 9,111,800 shares in the company, valued at $182,236,000. The trade was a -2,529.85% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction 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 sale, the insider directly owned 19,374 shares of the company’s stock, valued at $73,233.72. This represents a 99.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders acquired 10,252,345 shares of company stock worth $209,789,893. Insiders own 1.00% 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.