Bessemer Group Inc. Sells 634,933 Shares of Blackstone Inc. $BX

Bessemer Group Inc. reduced its holdings in Blackstone Inc. (NYSE:BX) by 93.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 40,911 shares of the asset manager’s stock after selling 634,933 shares during the period. Bessemer Group Inc.’s holdings in Blackstone were worth $4,704,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Family CFO Inc bought a new position in Blackstone during the 4th quarter worth approximately $28,000. Ares Financial Consulting LLC bought a new stake in shares of Blackstone in the 4th quarter valued at $28,000. Richardson Financial Services Inc. bought a new stake in shares of Blackstone in the fourth quarter worth about $29,000. Strive Asset Management LLC bought a new stake in Blackstone during the 3rd quarter worth approximately $30,000. Finally, Palladiem LLC bought a new stake in shares of Blackstone during the fourth quarter worth $31,000. Institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the company’s stock in a transaction on Friday, May 15th. The shares were bought at an average cost of $20.00 per share, for a total transaction of $189,735,900.00. Following the completion of the purchase, the insider owned 9,111,800 shares in the company, valued at $182,236,000. This trade represents a -2,529.85% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $125.79, for a total value of $3,775,461.06. Following the transaction, the insider directly owned 899,669 shares in the company, valued at approximately $113,169,363.51. This represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders bought a total of 10,252,345 shares of company stock worth $209,789,893 in the last three months. Company insiders own 1.00% of the company’s stock.

Blackstone Price Performance

Blackstone stock opened at $123.64 on Tuesday. The company has a fifty day simple moving average of $119.97 and a 200-day simple moving average of $125.48. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock has a market cap of $91.85 billion, a P/E ratio of 31.62, a price-to-earnings-growth ratio of 1.37 and a beta of 1.58. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.45 billion. During the same quarter last year, the company earned $1.11 earnings per share. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. Equities analysts expect that Blackstone Inc. will post 5.89 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on BX shares. HSBC restated a “hold” rating and issued a $135.00 price target on shares of Blackstone in a report on Monday. Evercore reaffirmed an “outperform” rating and issued a $150.00 target price on shares of Blackstone in a research report on Tuesday, April 21st. Oppenheimer lowered their target price on Blackstone from $156.00 to $139.00 and set an “outperform” rating on the stock in a research report on Friday. The Goldman Sachs Group dropped their price objective on Blackstone from $116.00 to $114.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Blackstone in a research report on Monday, June 8th. They issued a “buy” rating for the company. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, Blackstone currently has an average rating of “Moderate Buy” and an average price target of $145.71.

About Blackstone

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.