Modus Advisors LLC Has $2.73 Million Position in Blackstone Inc. (NYSE:BX)

Modus Advisors LLC grew its holdings in Blackstone Inc. (NYSE:BX) by 6.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 29,311 shares of the asset manager’s stock after purchasing an additional 1,788 shares during the quarter. Modus Advisors LLC’s holdings in Blackstone were worth $2,725,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Ruedi Wealth Management Inc. acquired a new position in Blackstone during the fourth quarter valued at approximately $28,000. AXS Investments LLC acquired a new position in Blackstone in the fourth quarter valued at about $29,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Blackstone during the third quarter worth about $42,000. Ridgewood Investments LLC bought a new stake in shares of Blackstone during the first quarter worth $47,000. Finally, Tanglewood Legacy Advisors LLC acquired a new stake in Blackstone in the 4th quarter valued at approximately $48,000. 63.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BX shares. Oppenheimer raised their price objective on Blackstone from $115.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, July 21st. Morgan Stanley restated an “overweight” rating and set a $125.00 target price on shares of Blackstone in a report on Tuesday, September 5th. JPMorgan Chase & Co. downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $102.00 to $111.00 in a research report on Friday, July 21st. Barclays raised their target price on shares of Blackstone from $101.00 to $110.00 and gave the company an “equal weight” rating in a research note on Friday, July 21st. Finally, Evercore ISI upped their price target on shares of Blackstone from $110.00 to $118.00 and gave the company an “outperform” rating in a research note on Friday, July 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.97.

Blackstone Trading Down 0.2 %

NYSE:BX traded down $0.26 during mid-day trading on Thursday, hitting $112.49. 1,119,299 shares of the company’s stock were exchanged, compared to its average volume of 4,497,806. The company has a 50 day simple moving average of $102.94 and a 200-day simple moving average of $92.38. The firm has a market capitalization of $79.84 billion, a P/E ratio of 68.33, a PEG ratio of 1.99 and a beta of 1.49. Blackstone Inc. has a fifty-two week low of $71.72 and a fifty-two week high of $114.96. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.71.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 20th. The asset manager reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.43 billion. Blackstone had a return on equity of 16.99% and a net margin of 17.92%. The firm’s revenue for the quarter was up 347.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.49 EPS. As a group, research analysts expect that Blackstone Inc. will post 4.16 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 31st were issued a $0.79 dividend. The ex-dividend date of this dividend was Friday, July 28th. This represents a $3.16 annualized dividend and a dividend yield of 2.81%. Blackstone’s payout ratio is currently 191.52%.

Insider Buying and Selling

In other Blackstone news, major shareholder Holdings I/Ii Gp L. Blackstone sold 14,704,603 shares of Blackstone stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $7.98, for a total transaction of $117,342,731.94. Following the completion of the sale, the insider now owns 43,602 shares of the company’s stock, valued at $347,943.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director William G. Parrett sold 3,874 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $112.47, for a total value of $435,708.78. Following the transaction, the director now owns 30,941 shares in the company, valued at $3,479,934.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings I/Ii Gp L. Blackstone sold 14,704,603 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $7.98, for a total value of $117,342,731.94. Following the transaction, the insider now owns 43,602 shares of the company’s stock, valued at approximately $347,943.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,402,086 shares of company stock worth $198,963,771. Insiders own 1.00% of the company’s stock.

Blackstone Company Profile

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.