Cornerstone Wealth Management LLC Sells 1,047 Shares of Blackstone Inc. (NYSE:BX)

by · The Markets Daily

Cornerstone Wealth Management LLC lessened its holdings in shares of Blackstone Inc. (NYSE:BX – Free Report) by 1.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,897 shares of the asset manager’s stock after selling 1,047 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Blackstone were worth $8,866,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Wulff Hansen & CO. lifted its holdings in shares of Blackstone by 12,192.7% in the second quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after acquiring an additional 7,281,128 shares during the last quarter. Capital World Investors raised its position in shares of Blackstone by 7.5% during the first quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock worth $4,766,875,000 after purchasing an additional 2,546,886 shares during the period. Lazard Asset Management LLC raised its holdings in shares of Blackstone by 19,048.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,883,409 shares of the asset manager’s stock worth $247,423,000 after acquiring an additional 1,873,573 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Blackstone by 2.0% during the first quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock valued at $8,442,227,000 after buying an additional 1,290,324 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Blackstone by 213.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,375,969 shares of the asset manager’s stock worth $170,345,000 after acquiring an additional 937,084 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the transaction, the director now owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Blackstone news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the sale, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Evercore ISI raised their price objective on shares of Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday. Redburn Atlantic assumed coverage on shares of Blackstone in a research note on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective for the company. The Goldman Sachs Group raised their price target on Blackstone from $130.00 to $135.00 and gave the company a “neutral” rating in a report on Thursday, October 3rd. UBS Group increased their target price on Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $137.47.

Read Our Latest Research Report on BX

Blackstone Stock Up 2.2 %

Shares of NYSE:BX opened at $159.71 on Thursday. Blackstone Inc. has a 12-month low of $88.59 and a 12-month high of $161.25. The company has a market capitalization of $114.14 billion, a price-to-earnings ratio of 56.43, a PEG ratio of 1.24 and a beta of 1.51. The business has a 50-day moving average price of $145.40 and a 200 day moving average price of $132.67. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX – Get Free Report) last released its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. The firm’s quarterly revenue was up 166.9% on a year-over-year basis. Sell-side analysts expect that Blackstone Inc. will post 4.46 EPS for the current year.

Blackstone Company Profile

(Free Report)

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.

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