Hollencrest Capital Management Acquires 328 Shares of Blackstone Inc. (NYSE:BX)

Hollencrest Capital Management increased its holdings in Blackstone Inc. (NYSE:BX) by 2.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,891 shares of the asset manager’s stock after purchasing an additional 328 shares during the quarter. Hollencrest Capital Management’s holdings in Blackstone were worth $1,802,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on BX shares. JMP Securities increased their target price on shares of Blackstone from $165.00 to $180.00 and gave the company a “market outperform” rating in a research report on Monday. Bank of America reduced their target price on shares of Blackstone from $219.00 to $207.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Barclays reaffirmed an “equal weight” rating on shares of Blackstone in a report on Thursday, July 10th. Citizens Jmp upgraded shares of Blackstone from a “market perform” rating to an “outperform” rating and set a $165.00 target price on the stock in a research note on Tuesday, April 8th. Finally, Morgan Stanley lowered their target price on shares of Blackstone from $222.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. 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.com, Blackstone has a consensus rating of “Hold” and a consensus price target of $162.18.

Blackstone Stock Performance

Shares of BX stock opened at $172.61 on Friday. The company has a 50 day moving average price of $146.01 and a 200-day moving average price of $150.73. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The firm has a market capitalization of $125.94 billion, a PE ratio of 51.90, a P/E/G ratio of 1.50 and a beta of 1.65. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.13). The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.95 billion. Blackstone had a return on equity of 19.84% and a net margin of 19.83%. During the same quarter in the prior year, the firm earned $0.98 earnings per share. As a group, equities research analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current year.

Insider Activity at Blackstone

In other news, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the stock in a transaction on Thursday, May 1st. The shares were acquired at an average price of $15.00 per share, with a total value of $24,900,000.00. Following the completion of the acquisition, the insider directly owned 1,666,667 shares of the company’s stock, valued at $25,000,005. This trade represents a 24,898.76% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ruth Porat purchased 237 shares of the stock in a transaction on Monday, May 5th. The shares were purchased at an average cost of $136.33 per share, for a total transaction of $32,310.21. Following the acquisition, the director directly owned 37,067 shares of the company’s stock, valued at approximately $5,053,344.11. This represents a 0.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is currently 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.