GFG Capital LLC Sells 15,241 Shares of Blackstone Inc. (NYSE:BX)

GFG Capital LLC lessened its holdings in Blackstone Inc. (NYSE:BX) by 18.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,307 shares of the asset manager’s stock after selling 15,241 shares during the quarter. Blackstone makes up approximately 2.7% of GFG Capital LLC’s holdings, making the stock its 11th biggest holding. GFG Capital LLC’s holdings in Blackstone were worth $9,408,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BX. Murphy & Mullick Capital Management Corp bought a new position in Blackstone during the 4th quarter worth approximately $33,000. Bernard Wealth Management Corp. bought a new position in Blackstone during the 4th quarter worth approximately $34,000. Putney Financial Group LLC bought a new position in Blackstone during the 4th quarter worth approximately $34,000. von Borstel & Associates Inc. bought a new position in Blackstone during the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. acquired a new stake in Blackstone during the 1st quarter worth approximately $36,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Trading Up 2.2%

Shares of Blackstone stock opened at $156.36 on Wednesday. The firm’s 50-day moving average price is $142.04 and its two-hundred day moving average price is $151.07. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $114.09 billion, a price-to-earnings ratio of 47.10, a PEG ratio of 1.41 and a beta of 1.65.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.13). Blackstone had a net margin of 19.83% and a return on equity of 19.84%. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the business earned $0.98 EPS. On average, analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were given a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone’s payout ratio is currently 112.05%.

Analysts Set New Price Targets

BX has been the subject of several research analyst reports. TD Cowen reduced their price target on shares of Blackstone from $233.00 to $147.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. JMP Securities restated a “market outperform” rating and set a $165.00 target price on shares of Blackstone in a report on Thursday, April 24th. Keefe, Bruyette & Woods cut their price target on shares of Blackstone from $141.00 to $139.00 and set a “market perform” rating for the company in a research note on Tuesday, April 22nd. Piper Sandler increased their price target on shares of Blackstone from $140.00 to $157.00 and gave the company a “neutral” rating in a research note on Wednesday, July 2nd. Finally, Barclays upped their price objective on shares of Blackstone from $129.00 to $136.00 and gave the company an “equal weight” rating in a report on Monday, April 21st. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $156.65.

Insiders Place Their Bets

In other news, Director Ruth Porat acquired 237 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were acquired at an average cost of $136.33 per share, for a total transaction of $32,310.21. Following the purchase, the director owned 37,067 shares of the company’s stock, valued at approximately $5,053,344.11. The trade was a 0.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John G. Finley sold 25,000 shares of the business’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the sale, the insider owned 475,336 shares in the company, valued at $65,819,775.92. This represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

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.