MGO One Seven LLC Purchases 1,066 Shares of Blackstone Inc. (NYSE:BX)

MGO One Seven LLC raised its position in shares of Blackstone Inc. (NYSE:BX) by 4.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 23,369 shares of the asset manager’s stock after purchasing an additional 1,066 shares during the period. MGO One Seven LLC’s holdings in Blackstone were worth $2,893,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BX. Moseley Investment Management Inc. boosted its holdings in Blackstone by 0.7% in the 2nd quarter. Moseley Investment Management Inc. now owns 11,239 shares of the asset manager’s stock worth $1,391,000 after buying an additional 74 shares during the period. Patrick M Sweeney & Associates Inc. raised its stake in Blackstone by 0.6% during the 2nd quarter. Patrick M Sweeney & Associates Inc. now owns 13,840 shares of the asset manager’s stock valued at $1,713,000 after purchasing an additional 80 shares during the period. Signaturefd LLC boosted its stake in Blackstone by 0.6% in the 2nd quarter. Signaturefd LLC now owns 13,615 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 80 shares during the period. WR Wealth Planners LLC raised its position in shares of Blackstone by 23.7% during the second quarter. WR Wealth Planners LLC now owns 439 shares of the asset manager’s stock valued at $54,000 after buying an additional 84 shares during the last quarter. Finally, Beaumont Asset Management L.L.C. boosted its position in shares of Blackstone by 1.3% during the second quarter. Beaumont Asset Management L.L.C. now owns 6,672 shares of the asset manager’s stock worth $826,000 after acquiring an additional 84 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Stock Performance

BX stock opened at $143.27 on Thursday. The business’s fifty day simple moving average is $135.35 and its two-hundred day simple moving average is $128.00. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The firm has a market cap of $103.17 billion, a price-to-earnings ratio of 50.63, a PEG ratio of 1.18 and a beta of 1.51. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $145.16.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the company earned $0.93 earnings per share. Blackstone’s revenue was up 166.9% on a year-over-year basis. Analysts predict that Blackstone Inc. will post 4.57 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a $0.82 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 annualized dividend and a dividend yield of 2.29%. Blackstone’s payout ratio is currently 115.90%.

Insiders Place Their Bets

In related news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the transaction, the director now directly owns 921,184 shares of the company’s stock, valued at $113,305,632. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Blackstone news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

BX has been the subject of several research reports. Morgan Stanley increased their price objective on shares of Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Piper Sandler raised their price target on Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Redburn Atlantic started coverage on Blackstone in a research report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price for the company. TD Cowen upped their price target on shares of Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Finally, Barclays lifted their price objective on shares of Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Fourteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $128.94.

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.