Mirae Asset Global Investments Co. Ltd. Reduces Stock Position in Blackstone Inc. (NYSE:BX)

Mirae Asset Global Investments Co. Ltd. reduced its holdings in Blackstone Inc. (NYSE:BXGet Rating) by 13.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,188 shares of the asset manager’s stock after selling 6,365 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Blackstone were worth $5,229,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Blackstone by 12.6% in the 1st quarter. Vanguard Group Inc. now owns 44,984,296 shares of the asset manager’s stock worth $5,710,306,000 after acquiring an additional 5,048,383 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Blackstone by 4.8% in the 1st quarter. BlackRock Inc. now owns 38,236,401 shares of the asset manager’s stock worth $4,853,728,000 after acquiring an additional 1,750,719 shares during the last quarter. State Street Corp lifted its holdings in shares of Blackstone by 6.9% in the 1st quarter. State Street Corp now owns 16,487,151 shares of the asset manager’s stock worth $2,092,879,000 after acquiring an additional 1,061,681 shares during the last quarter. Norges Bank bought a new stake in shares of Blackstone in the 4th quarter worth about $831,839,000. Finally, Northern Trust Corp lifted its holdings in shares of Blackstone by 8.6% in the 1st quarter. Northern Trust Corp now owns 5,041,373 shares of the asset manager’s stock worth $639,952,000 after acquiring an additional 401,063 shares during the last quarter. 61.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BX shares. Keefe, Bruyette & Woods lowered shares of Blackstone from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $127.00 to $115.00 in a report on Wednesday, August 3rd. The Goldman Sachs Group decreased their price objective on shares of Blackstone from $136.00 to $112.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Wells Fargo & Company lifted their price objective on shares of Blackstone to $102.00 in a report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Blackstone from $147.00 to $153.00 and gave the company a “buy” rating in a report on Friday, August 12th. Finally, StockNews.com upgraded shares of Blackstone from a “sell” rating to a “hold” rating in a report on Thursday. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $131.33.

Insider Transactions at Blackstone

In other news, Director Joseph Baratta sold 71,223 shares of Blackstone stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the transaction, the director now owns 1,141,965 shares of the company’s stock, valued at approximately $107,287,611.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Joseph Baratta sold 71,223 shares of Blackstone stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the transaction, the director now owns 1,141,965 shares of the company’s stock, valued at approximately $107,287,611.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $32.94, for a total transaction of $1,367,010.00. Following the sale, the insider now directly owns 898,993 shares in the company, valued at approximately $29,612,829.42. The disclosure for this sale can be found here. Insiders have sold a total of 161,423 shares of company stock valued at $9,660,717 in the last 90 days. Insiders own 1.00% of the company’s stock.

Blackstone Trading Down 3.8 %

NYSE BX opened at $85.40 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $59.92 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 1.73 and a beta of 1.45. The company’s 50-day simple moving average is $98.89 and its two-hundred day simple moving average is $105.50. Blackstone Inc. has a one year low of $84.11 and a one year high of $149.78.

Blackstone (NYSE:BXGet Rating) last posted its earnings results on Thursday, July 21st. The asset manager reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.46 billion. During the same quarter last year, the firm posted $0.82 EPS. The company’s revenue for the quarter was up 96.1% on a year-over-year basis. Equities analysts forecast that Blackstone Inc. will post 5.16 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Stockholders of record on Monday, August 1st were given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.95%. The ex-dividend date was Friday, July 29th. Blackstone’s payout ratio is currently 92.70%.

Blackstone Profile

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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.

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Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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