CMC Financial Group Takes Position in Blackstone Inc. $BX

CMC Financial Group acquired a new stake in shares of Blackstone Inc. (NYSE:BX) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 4,092 shares of the asset manager’s stock, valued at approximately $471,000. Blackstone makes up about 0.9% of CMC Financial Group’s portfolio, making the stock its 27th biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS bought a new position in Blackstone in the first quarter worth $45,000. Andra AP fonden increased its stake in shares of Blackstone by 265.5% in the 1st quarter. Andra AP fonden now owns 61,400 shares of the asset manager’s stock worth $7,060,000 after acquiring an additional 44,600 shares in the last quarter. Wilkerson Advisory Group LLC lifted its position in Blackstone by 105.9% during the 1st quarter. Wilkerson Advisory Group LLC now owns 280 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 144 shares during the period. AlTi Global Inc. boosted its stake in Blackstone by 36.7% during the first quarter. AlTi Global Inc. now owns 5,682 shares of the asset manager’s stock worth $653,000 after acquiring an additional 1,524 shares in the last quarter. Finally, Carson Advisory Inc. increased its stake in shares of Blackstone by 1.0% during the first quarter. Carson Advisory Inc. now owns 9,719 shares of the asset manager’s stock valued at $1,118,000 after purchasing an additional 92 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Price Performance

Shares of NYSE:BX opened at $124.13 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $92.21 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 1.35 and a beta of 1.58. The business has a 50-day simple moving average of $119.99 and a two-hundred day simple moving average of $125.27. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The firm had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.11 earnings per share. On average, analysts expect that Blackstone Inc. will post 5.83 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Blackstone in a research report on Monday, June 8th. They issued a “buy” rating on the stock. Evercore reissued an “outperform” rating and issued a $150.00 target price on shares of Blackstone in a research note on Tuesday, April 21st. Sanford C. Bernstein started coverage on shares of Blackstone in a research report on Monday, June 8th. They set an “outperform” rating on the stock. Dbs Bank upgraded shares of Blackstone to a “moderate buy” rating in a report on Wednesday, May 27th. Finally, Zacks Research upgraded shares of Blackstone from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $145.71.

Insider Buying and Selling at Blackstone

In other news, insider Vikrant Sawhney sold 30,014 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the transaction, the insider directly owned 899,669 shares of the company’s stock, valued at $113,169,363.51. This represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 value of $28,264,950.00. Following the completion of the sale, the insider directly owned 19,374 shares of the company’s stock, valued at $73,233.72. The trade was a 99.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders bought 10,252,345 shares of company stock worth $209,789,893. 1.00% of the stock is owned by corporate insiders.

About Blackstone

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.