Brookstone Capital Management Sells 8,647 Shares of Blackstone Inc. $BX

Key Points

• Brookstone Capital Management reduced its Blackstone stake by 4.5%, selling 8,647 shares and retaining 181,893 shares valued at approximately $20.4 million. Institutional investors collectively own about 70% of Blackstone.
• Blackstone reported quarterly distributable earnings of $1.32 per share, above the $1.26 consensus estimate, while assets under management reached roughly $1.37 trillion. However, revenue of $3.06 billion missed estimates, and weaker asset-sale proceeds continued to pressure profitability.
• Insider activity was mixed, with insiders buying about $12.2 million of shares but selling approximately $37.6 million over the past 90 days. Analysts maintain a “Moderate Buy” consensus with an average price target of $143.40.

Brookstone Capital Management lessened its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 181,893 shares of the asset manager's stock after selling 8,647 shares during the period. Brookstone Capital Management's holdings in Blackstone were worth $20,388,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of BX. Wellington Altus USA Inc. purchased a new stake in shares of Blackstone in the second quarter valued at approximately $26,000. Addison Advisors LLC acquired a new stake in shares of Blackstone in the second quarter valued at approximately $30,000. NBH Bank purchased a new position in Blackstone during the second quarter worth approximately $30,000. Bell Investment Advisors Inc purchased a new position in Blackstone during the second quarter worth approximately $30,000. Finally, West Branch Capital LLC boosted its stake in Blackstone by 26,600.0% during the second quarter. West Branch Capital LLC now owns 267 shares of the asset manager's stock worth $31,000 after buying an additional 266 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Blackstone

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the business's stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $2.94, for a total value of $11,077,261.44. Following the sale, the insider directly owned 16,120 shares in the company, valued at approximately $47,392.80. The trade was a 99.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holdings Iv L.P. Blackstone bought 191,695 shares of the firm's stock in a transaction on Wednesday, September 23rd. The stock was bought at an average cost of $26.17 per share, for a total transaction of $5,016,658.15. Following the transaction, the insider directly owned 8,895,478 shares of the company's stock, valued at $232,794,659.26. The trade was a 2.20% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders bought 464,792 shares of company stock worth $12,205,945 and sold 4,077,276 shares worth $37,573,644. Corporate insiders own 1.00% of the company's stock.

Blackstone Trading Up 8.0%

Shares of Blackstone stock opened at $118.39 on Friday. The stock has a 50 day moving average of $125.43 and a 200 day moving average of $124.15. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market capitalization of $88.86 billion, a price-to-earnings ratio of 26.48, a PEG ratio of 1.35 and a beta of 1.59. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $165.14.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The asset manager reported $1.32 EPS for the quarter, beating the consensus estimate of $1.26 by $0.06. The business had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.27 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%. The company's quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 EPS. As a group, research analysts predict that Blackstone Inc. will post 5.85 earnings per share for the current year.

More Blackstone News

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Blackstone reported third-quarter distributable earnings of $1.32 per share, ahead of the $1.26 consensus estimate. Assets under management reached a record approximately $1.37 trillion, while net inflows exceeded $63 billion. Fee-related earnings increased 6%, supporting confidence in the company’s recurring revenue base. Blackstone Inc. Q3 earnings report
• Positive Sentiment: The board declared a $1.12-per-share quarterly dividend, payable November 9. The payout, strong fundraising and continued growth in alternative assets helped offset concerns about near-term earnings volatility. Blackstone Q3 readout
• Positive Sentiment: Investors also continue to see potential from Blackstone’s growth initiatives, including an $8.7 billion energy-transition fund close, expansion of its wealth-management channel and potential investments in artificial intelligence infrastructure. Blackstone energy fund close
• Neutral Sentiment: The earnings reaction reflects a distinction between distributable earnings and GAAP results. Blackstone’s reported GAAP EPS was $0.83, while revenue was $3.06 billion, below the $3.27 billion estimate. Blackstone misses Q3 revenue estimates
• Negative Sentiment: Profitability was pressured by difficult markets and higher interest rates. Private-equity asset-sale proceeds fell 49%, weakening realization-related income, and adjusted earnings declined from the prior year. These factors could continue to make results volatile if exits remain limited. Blackstone core businesses hit by rising rates

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. BNP Paribas Exane dropped their target price on Blackstone from $126.00 to $125.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. TD Cowen reduced their price target on Blackstone from $154.00 to $144.00 and set a "buy" rating on the stock in a report on Monday, October 12th. JPMorgan Chase & Co. lowered their price target on shares of Blackstone from $136.00 to $132.00 and set a "neutral" rating on the stock in a research report on Thursday, July 16th. Piper Sandler dropped their price objective on shares of Blackstone from $130.00 to $125.00 and set a "neutral" rating for the company in a report on Monday. Finally, HSBC restated a "hold" rating and set a $135.00 price objective on shares of Blackstone in a research report on Monday, July 20th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $143.40.

Blackstone Profile

Blackstone Inc NYSE: BX is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.

Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX - Free Report).

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.