Harvest Fund Management Co. Ltd Sells 142 Shares of Blackstone Inc. (NYSE:BX)

Harvest Fund Management Co. Ltd lessened its holdings in Blackstone Inc. (NYSE:BX) by 5.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,363 shares of the asset manager’s stock after selling 142 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Blackstone were worth $220,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Mach 1 Financial Group LLC acquired a new stake in Blackstone in the first quarter valued at $17,568,000. Ruedi Wealth Management Inc. bought a new position in shares of Blackstone during the fourth quarter worth about $28,000. AXS Investments LLC acquired a new position in shares of Blackstone in the fourth quarter worth approximately $29,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Blackstone during the 3rd quarter valued at approximately $42,000. Finally, Ridgewood Investments LLC acquired a new position in shares of Blackstone in the 1st quarter worth approximately $47,000. 63.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Morgan Stanley restated an “overweight” rating and issued a $125.00 target price on shares of Blackstone in a report on Tuesday, September 5th. Barclays lifted their target price on Blackstone from $101.00 to $110.00 and gave the stock an “equal weight” rating in a report on Friday, July 21st. BMO Capital Markets raised their price objective on shares of Blackstone from $93.00 to $97.00 and gave the stock a “market perform” rating in a research report on Friday, July 21st. Wells Fargo & Company raised their price target on shares of Blackstone from $104.00 to $118.00 and gave the stock an “overweight” rating in a report on Friday, July 21st. Finally, Piper Sandler upped their price objective on shares of Blackstone from $107.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, July 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $110.97.

Blackstone Stock Down 0.0 %

Shares of NYSE BX opened at $112.72 on Friday. The business’s fifty day moving average price is $103.35 and its 200-day moving average price is $92.52. Blackstone Inc. has a one year low of $71.72 and a one year high of $114.96. The stock has a market capitalization of $80.00 billion, a PE ratio of 68.32, a P/E/G ratio of 2.05 and a beta of 1.49. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.92 and a quick ratio of 0.92.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, July 20th. The asset manager reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.01. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.43 billion. Blackstone had a net margin of 17.92% and a return on equity of 16.99%. The company’s revenue was up 347.3% on a year-over-year basis. During the same quarter last year, the company earned $1.49 earnings per share. On average, equities research analysts anticipate that Blackstone Inc. will post 4.16 EPS for the current year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 31st were paid a dividend of $0.79 per share. The ex-dividend date was Friday, July 28th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.80%. Blackstone’s payout ratio is 191.52%.

Insiders Place Their Bets

In other news, major shareholder Holdings I/Ii Gp L. Blackstone sold 14,704,603 shares of the firm’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 completion of the transaction, the insider now directly owns 43,602 shares in the company, valued at $347,943.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Lower Holdings L.P. Juno sold 2,598,609 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $27.80, for a total value of $72,241,330.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Holdings I/Ii Gp L. Blackstone sold 14,704,603 shares of the stock in a transaction on 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 transaction, the insider now directly owns 43,602 shares in the company, valued at approximately $347,943.96. The disclosure for this sale can be found here. Insiders sold a total of 17,402,086 shares of company stock worth $198,963,771 in the last quarter. 1.00% of the stock is owned by company insiders.

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.