Baxter Bros Inc. Has $2.71 Million Stake in Blackstone Inc. $BX

Baxter Bros Inc. grew its holdings in Blackstone Inc. (NYSE:BX) by 21.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,138 shares of the asset manager’s stock after buying an additional 3,190 shares during the period. Baxter Bros Inc.’s holdings in Blackstone were worth $2,713,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Illinois Municipal Retirement Fund increased its stake in shares of Blackstone by 105.4% during the first quarter. Illinois Municipal Retirement Fund now owns 13,405 shares of the asset manager’s stock worth $1,874,000 after purchasing an additional 6,878 shares during the period. Kera Capital Partners Inc. bought a new position in shares of Blackstone during the second quarter worth approximately $273,000. Sandy Cove Advisors LLC increased its stake in shares of Blackstone by 22.1% during the second quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager’s stock worth $1,801,000 after purchasing an additional 2,182 shares during the period. Bourgeon Capital Management LLC bought a new position in shares of Blackstone during the second quarter worth approximately $423,000. Finally, Edmond DE Rothschild Holding S.A. increased its stake in Blackstone by 14.5% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 14,708 shares of the asset manager’s stock worth $2,056,000 after acquiring an additional 1,863 shares during the period. Institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on BX shares. BMO Capital Markets started coverage on Blackstone in a research note on Friday, October 3rd. They set an “outperform” rating and a $190.00 price objective on the stock. Evercore ISI raised their price objective on Blackstone from $165.00 to $197.00 and gave the stock an “outperform” rating in a research note on Friday, July 25th. Barclays lowered their price objective on Blackstone from $181.00 to $171.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Bank of America lowered their price objective on Blackstone from $200.00 to $199.00 in a research note on Friday, October 3rd. Finally, Keefe, Bruyette & Woods lifted their price target on Blackstone from $168.00 to $180.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Blackstone has an average rating of “Moderate Buy” and an average price target of $179.67.

Insider Activity at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of Blackstone stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the transaction, the insider directly owned 737,248 shares of the company’s stock, valued at approximately $128,015,742.72. The trade was a 6.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were bought at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the acquisition, the insider directly owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. Insiders own 1.00% of the company’s stock.

Blackstone Trading Down 1.5%

NYSE BX opened at $162.48 on Thursday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The company has a market cap of $119.76 billion, a price-to-earnings ratio of 43.68, a price-to-earnings-growth ratio of 1.34 and a beta of 1.77. The business’s fifty day moving average is $173.11 and its 200 day moving average is $154.09.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The company had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the business posted $0.98 EPS. Blackstone’s revenue for the quarter was up 32.7% on a year-over-year basis. As a group, sell-side analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were issued a dividend of $1.03 per share. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 annualized dividend and a dividend yield of 2.5%. Blackstone’s dividend payout ratio (DPR) is 110.75%.

About Blackstone

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.