Blackstone (NYSE:BX) Upgraded to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Blackstone (NYSE:BXGet Rating) from a neutral rating to an overweight rating in a research report sent to investors on Tuesday morning, MarketBeat reports. The firm currently has $105.00 target price on the asset manager’s stock, up from their previous target price of $104.00.

A number of other equities research analysts also recently issued reports on the company. Bank of America reiterated a buy rating and issued a $125.00 price objective on shares of Blackstone in a research report on Thursday, October 6th. Credit Suisse Group cut Blackstone from a neutral rating to an underperform rating and reduced their target price for the company from $85.50 to $67.50 in a research note on Tuesday, November 22nd. Deutsche Bank Aktiengesellschaft increased their target price on Blackstone from $127.00 to $128.00 and gave the company a buy rating in a research note on Tuesday, November 15th. Morgan Stanley reduced their target price on Blackstone from $121.00 to $115.00 and set an overweight rating on the stock in a research note on Wednesday, October 19th. Finally, Argus reduced their price objective on Blackstone from $137.00 to $115.00 in a research note on Tuesday, October 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $109.03.

Blackstone Trading Up 0.4 %

Shares of BX stock opened at $88.22 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.85 and a current ratio of 0.85. Blackstone has a 52-week low of $71.72 and a 52-week high of $138.95. The company has a market capitalization of $61.91 billion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 2.64 and a beta of 1.47. The business’s fifty day moving average is $81.81 and its 200 day moving average is $90.26.

Insiders Place Their Bets

In related news, Director Ruth Porat acquired 20,000 shares of the stock in a transaction on Friday, December 2nd. The stock was acquired at an average cost of $83.55 per share, for a total transaction of $1,671,000.00. Following the completion of the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,671,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Holdings L.P. Blackstone III sold 12,154,671 shares of Blackstone stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $7.46, for a total transaction of $90,673,845.66. Following the completion of the transaction, the insider now directly owns 295 shares in the company, valued at $2,200.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ruth Porat bought 20,000 shares of the stock in a transaction dated Friday, December 2nd. The shares were acquired at an average price of $83.55 per share, with a total value of $1,671,000.00. Following the completion of the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,671,000. The disclosure for this purchase can be found here. Insiders sold 19,297,285 shares of company stock worth $172,508,262 over the last three months. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Blackstone

Several large investors have recently made changes to their positions in the business. Sigma Planning Corp lifted its holdings in shares of Blackstone by 25.0% during the fourth quarter. Sigma Planning Corp now owns 17,860 shares of the asset manager’s stock valued at $1,325,000 after purchasing an additional 3,574 shares during the last quarter. Covenant Asset Management LLC bought a new stake in shares of Blackstone during the fourth quarter valued at approximately $756,000. Investmark Advisory Group LLC increased its position in shares of Blackstone by 9.3% during the fourth quarter. Investmark Advisory Group LLC now owns 2,929 shares of the asset manager’s stock valued at $217,000 after acquiring an additional 250 shares in the last quarter. Randolph Co Inc bought a new stake in shares of Blackstone during the fourth quarter valued at approximately $23,884,000. Finally, Fragasso Group Inc. bought a new stake in shares of Blackstone during the fourth quarter valued at approximately $214,000. 62.39% of the stock is currently owned by hedge funds and other institutional investors.

About Blackstone

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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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