Mediolanum International Funds Ltd Sells 13,014 Shares of Blackstone Inc. $BX

Key Points

• Mediolanum International Funds Ltd cut its Blackstone stake by 51.8% in the first quarter, selling 13,014 shares and ending with 12,127 shares valued at about $1.35 million.
• Blackstone reported better-than-expected quarterly earnings of $1.36 per share on revenue of $3.43 billion, with revenue up 10% year over year.
• Analyst sentiment remains constructive overall: Blackstone has a Moderate Buy consensus rating with an average price target of $145.71, while recent insider buying also signaled confidence in the stock.

Mediolanum International Funds Ltd reduced its position in Blackstone Inc. (NYSE:BX - Free Report) by 51.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 12,127 shares of the asset manager's stock after selling 13,014 shares during the period. Mediolanum International Funds Ltd's holdings in Blackstone were worth $1,353,000 as of its most recent SEC filing.

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

Insider Activity

In other news, Director Ruth Porat bought 355 shares of the company's stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $123.04 per share, for a total transaction of $43,679.20. Following the completion of the acquisition, the director owned 41,818 shares in the company, valued at approximately $5,145,286.72. This trade represents a 0.86% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Private Multi-Asset Blackstone purchased 765,111 shares of Blackstone stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the acquisition, the insider owned 7,882,145 shares in the company, valued at $206,039,270.30. This trade represents a 10.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 10,252,345 shares of company stock valued at $209,789,893. 1.00% of the stock is owned by corporate insiders.

Blackstone Price Performance

BX opened at $124.13 on Wednesday. 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 1 year low of $101.73 and a 1 year high of $190.09. The stock's 50 day simple moving average is $119.99 and its 200 day simple moving average is $125.27. The firm has a market cap of $92.21 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 1.35 and a beta of 1.58.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating 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 firm had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. During the same quarter in the prior year, the firm posted $1.11 earnings per share. The business's quarterly revenue was up 10.0% compared to the same quarter last year. As a group, analysts predict that Blackstone Inc. will post 5.83 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research report on Wednesday, May 27th. BMO Capital Markets boosted their price objective on shares of Blackstone from $126.00 to $132.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. BNP Paribas Exane lowered their target price on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 30th. Barclays decreased their price target on shares of Blackstone from $124.00 to $119.00 and set an "equal weight" rating on the stock in a report on Thursday, July 9th. Finally, Piper Sandler lifted their price objective on Blackstone from $122.00 to $130.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $145.71.

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.