Retirement Planning Co of New England Inc. Reduces Holdings in Blackstone Inc. (NYSE:BX)

Retirement Planning Co of New England Inc. lowered its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 93.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,766 shares of the asset manager's stock after selling 23,846 shares during the period. Retirement Planning Co of New England Inc.'s holdings in Blackstone were worth $247,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Kingsview Wealth Management LLC raised its stake in shares of Blackstone by 3.7% during the first quarter. Kingsview Wealth Management LLC now owns 20,445 shares of the asset manager's stock worth $2,858,000 after acquiring an additional 723 shares in the last quarter. Graypoint LLC boosted its position in Blackstone by 11.7% during the first quarter. Graypoint LLC now owns 43,486 shares of the asset manager's stock valued at $6,078,000 after buying an additional 4,562 shares during the period. Hudock Inc. increased its holdings in shares of Blackstone by 1.9% in the first quarter. Hudock Inc. now owns 20,223 shares of the asset manager's stock worth $2,827,000 after buying an additional 383 shares during the period. Trust Investment Advisors grew its position in Blackstone by 96.1% during the 1st quarter. Trust Investment Advisors now owns 5,820 shares of the asset manager's stock worth $814,000 after acquiring an additional 2,852 shares during the last quarter. Finally, Welch & Forbes LLC grew its holdings in shares of Blackstone by 14.6% in the first quarter. Welch & Forbes LLC now owns 14,879 shares of the asset manager's stock worth $2,080,000 after purchasing an additional 1,897 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.

Blackstone Stock Performance

BX traded down $3.63 during midday trading on Friday, reaching $168.86. The company had a trading volume of 4,127,243 shares, compared to its average volume of 3,855,654. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. The company has a market cap of $123.21 billion, a P/E ratio of 50.86, a P/E/G ratio of 1.52 and a beta of 1.65. The business has a 50-day moving average of $146.60 and a two-hundred day moving average of $150.55.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.13). The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.95 billion. Blackstone had a net margin of 19.83% and a return on equity of 19.84%. During the same period last year, the company earned $0.98 EPS. As a group, equities research analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on BX shares. Morgan Stanley cut their target price on Blackstone from $222.00 to $150.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company boosted their target price on Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Piper Sandler reiterated a "neutral" rating on shares of Blackstone in a report on Thursday, July 10th. TD Cowen decreased their price objective on shares of Blackstone from $233.00 to $147.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Finally, JMP Securities boosted their price target on shares of Blackstone from $165.00 to $180.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $162.18.

Insider Transactions at Blackstone

In other Blackstone news, insider John G. Finley sold 25,000 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the sale, the insider directly owned 475,336 shares in the company, valued at $65,819,775.92. This represents a 5.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ruth Porat bought 237 shares of Blackstone stock in a transaction on Monday, May 5th. The shares were purchased at an average cost of $136.33 per share, for a total transaction of $32,310.21. Following the completion of the purchase, the director directly owned 37,067 shares of the company's stock, valued at $5,053,344.11. This trade represents a 0.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 2,849,769 shares of company stock valued at $54,932,307 over the last three months. Company insiders own 1.00% of the company's stock.

Blackstone Profile

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.