Avory & Company LLC Has $2.59 Million Position in Blackstone Inc. $BX

Key Points

• Avory & Company LLC sharply increased its Blackstone stake by 780.2% in the first quarter, ending with 22,533 shares valued at about $2.59 million. Blackstone now represents roughly 3.4% of the fund’s portfolio.
• Blackstone reported strong quarterly earnings, posting $1.36 EPS versus $1.34 expected and 10% year-over-year revenue growth to $3.43 billion. Analysts currently expect the firm to earn 5.9 EPS for the year.
• The company recently paid a quarterly dividend of $1.16 per share, or $4.64 annually, for a yield of about 3.8%. However, its payout ratio is high at 118.67%, and Wall Street maintains a consensus rating of Moderate Buy with a target price of $149.36.

Avory & Company LLC boosted its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 780.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,533 shares of the asset manager's stock after purchasing an additional 19,973 shares during the period. Blackstone makes up approximately 3.4% of Avory & Company LLC's holdings, making the stock its 8th biggest position. Avory & Company LLC's holdings in Blackstone were worth $2,591,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Family CFO Inc acquired a new position in shares of Blackstone in the 4th quarter valued at $28,000. Ares Financial Consulting LLC acquired a new position in shares of Blackstone in the fourth quarter worth about $28,000. Richardson Financial Services Inc. acquired a new stake in shares of Blackstone during the fourth quarter valued at approximately $29,000. Strive Asset Management LLC acquired a new stake in Blackstone during the 3rd quarter valued at $30,000. Finally, Palladiem LLC purchased a new stake in Blackstone in the 4th quarter worth about $31,000. 70.00% of the stock is owned by institutional investors.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the sale, the insider owned 19,374 shares in the company, valued at approximately $73,233.72. This trade represents a 99.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Porat bought 355 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average price of $123.04 per share, with a total value of $43,679.20. Following the completion of the purchase, the director directly owned 41,818 shares of the company's stock, valued at $5,145,286.72. This represents a 0.86% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 10,252,345 shares of company stock worth $209,789,893. 1.00% of the stock is currently owned by insiders.

Blackstone Stock Performance

Shares of BX opened at $123.45 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The company's fifty day moving average price is $119.67 and its 200 day moving average price is $127.87. The company has a market capitalization of $91.71 billion, a PE ratio of 31.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.58.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The business had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. During the same period in the previous year, the company posted $1.11 earnings per share. The firm's revenue for the quarter was up 10.0% on a year-over-year basis. As a group, analysts expect that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a yield of 3.8%. Blackstone's payout ratio is 118.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BX shares. TD Cowen dropped their target price on Blackstone from $140.00 to $133.00 and set a "buy" rating on the stock in a report on Monday, May 18th. Morgan Stanley dropped their price objective on shares of Blackstone from $215.00 to $184.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Blackstone in a research note on Monday, June 8th. They set a "buy" rating for the company. Royal Bank Of Canada started coverage on Blackstone in a research note on Monday, June 8th. They issued an "outperform" rating for the company. Finally, Citizens Jmp cut their price objective on shares of Blackstone from $195.00 to $190.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 22nd. Thirteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, Blackstone has a consensus rating of "Moderate Buy" and a consensus target price of $149.36.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.