Bank of New York Mellon Corp Sells 47,114 Shares of Blackstone Inc. $BX

Bank of New York Mellon Corp trimmed its stake in shares of Blackstone Inc. (NYSE:BX) by 1.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,006,688 shares of the asset manager’s stock after selling 47,114 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.54% of Blackstone worth $684,543,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BX. Traub Capital Management LLC bought a new stake in Blackstone during the 2nd quarter worth $27,000. Family CFO Inc bought a new stake in shares of Blackstone during the second quarter worth about $28,000. Parvin Asset Management LLC bought a new position in Blackstone in the 2nd quarter valued at approximately $35,000. Rexford Capital Inc. acquired a new stake in Blackstone during the 2nd quarter worth approximately $35,000. Finally, RMG Wealth Management LLC acquired a new position in Blackstone in the 2nd quarter valued at approximately $40,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Stock Performance

Shares of BX stock opened at $146.64 on Thursday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $190.09. The firm has a 50 day moving average of $152.95 and a 200-day moving average of $161.08. The company has a market cap of $108.28 billion, a price-to-earnings ratio of 41.90, a price-to-earnings-growth ratio of 1.05 and a beta of 1.75.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BX. TD Cowen reduced their price objective on shares of Blackstone from $205.00 to $183.00 and set a “buy” rating on the stock in a research note on Wednesday, January 14th. Jefferies Financial Group reduced their price target on Blackstone from $187.00 to $185.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. JMP Securities reaffirmed a “market outperform” rating and issued a $195.00 price objective on shares of Blackstone in a research note on Friday, October 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Blackstone in a research report on Wednesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Blackstone from $164.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Nine investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, Blackstone has an average rating of “Hold” and an average price target of $177.05.

Insider Activity at Blackstone

In other news, Director Ruth Porat acquired 324 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was purchased at an average price of $146.92 per share, for a total transaction of $47,602.08. Following the completion of the acquisition, the director directly owned 39,077 shares in the company, valued at $5,741,192.84. The trade was a 0.84% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James Breyer bought 13,900 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was purchased at an average price of $143.86 per share, for a total transaction of $1,999,654.00. Following the completion of the acquisition, the director owned 68,906 shares in the company, valued at $9,912,817.16. This represents a 25.27% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 783,978 shares of company stock worth $22,058,454 over the last quarter. Company insiders own 1.00% of the company’s stock.

Blackstone Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.