Baxter Bros Inc. Has $5.49 Million Holdings in Blackstone Inc. $BX

Key Points

• Baxter Bros Inc. increased its Blackstone stake by 77.8% in the first quarter, ending with 47,715 shares valued at about $5.49 million.
• Blackstone reported quarterly EPS of $1.36, edging past analyst estimates, while revenue rose 10% year over year to $3.43 billion.
• The company paid a $1.16 quarterly dividend and currently offers a 3.8% yield, though its payout ratio is elevated at 118.67%.

Baxter Bros Inc. grew its stake in Blackstone Inc. (NYSE:BX - Free Report) by 77.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,715 shares of the asset manager's stock after purchasing an additional 20,886 shares during the period. Baxter Bros Inc.'s holdings in Blackstone were worth $5,487,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Redwood Financial Network Corp raised its holdings in Blackstone by 1.8% in the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager's stock valued at $537,000 after acquiring an additional 65 shares in the last quarter. Benchmark Financial Wealth Advisors LLC lifted its position in Blackstone by 0.9% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager's stock worth $1,194,000 after purchasing an additional 69 shares during the period. Parcion Private Wealth LLC increased its holdings in Blackstone by 0.6% in the 4th quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager's stock valued at $1,686,000 after buying an additional 70 shares during the period. Trivium Point Advisory LLC raised its stake in shares of Blackstone by 2.6% in the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager's stock valued at $418,000 after buying an additional 70 shares in the last quarter. Finally, Zacks Investment Management boosted its position in shares of Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager's stock valued at $590,000 after acquiring an additional 71 shares in the last quarter. Institutional investors own 70.00% of the company's stock.

Blackstone Stock Up 0.5%

Shares of NYSE BX opened at $123.45 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The company has a market cap of $91.71 billion, a price-to-earnings ratio of 31.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.58. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The firm's 50-day simple moving average is $119.67 and its 200 day simple moving average is $127.87.

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

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone's dividend payout ratio (DPR) is 118.67%.

Insider Activity at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the completion of the sale, the insider owned 19,374 shares in the company, valued at $73,233.72. The trade was a 99.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the completion of the acquisition, the insider directly owned 7,882,145 shares of the company's stock, valued at $206,039,270.30. This trade represents a 10.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 10,252,345 shares of company stock valued at $209,789,893 over the last quarter. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on BX. Dbs Bank upgraded shares of Blackstone to a "moderate buy" rating in a research note on Wednesday, May 27th. Zacks Research upgraded Blackstone from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Morgan Stanley lowered their price target on Blackstone from $215.00 to $184.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 21st. TD Cowen cut their price objective on Blackstone from $140.00 to $133.00 and set a "buy" rating for the company in a report on Monday, May 18th. Finally, Sanford C. Bernstein assumed coverage on shares of Blackstone in a report on Monday, June 8th. They issued an "outperform" rating on the stock. Thirteen research 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, the stock presently has an average rating of "Moderate Buy" and an average price target of $149.36.

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.

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