Connective Portfolio Management LLC Acquires Shares of 3,000 Blackstone Inc. (NYSE:BX)

Connective Portfolio Management LLC purchased a new position in Blackstone Inc. (NYSE:BX) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,000 shares of the asset manager’s stock, valued at approximately $517,000.

Other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC increased its position in shares of Blackstone by 15,357.3% in the 3rd quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager’s stock worth $6,433,220,000 after purchasing an additional 4,173,971 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Blackstone by 213.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,375,969 shares of the asset manager’s stock valued at $170,345,000 after buying an additional 937,084 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Blackstone by 468.4% in the 2nd quarter. Mackenzie Financial Corp now owns 1,107,547 shares of the asset manager’s stock worth $137,114,000 after acquiring an additional 912,685 shares in the last quarter. Castleark Management LLC acquired a new stake in shares of Blackstone during the 3rd quarter valued at approximately $67,472,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Blackstone by 7,917.6% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 400,000 shares of the asset manager’s stock worth $49,520,000 after purchasing an additional 395,011 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Transactions at Blackstone

In related news, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Blackstone Trading Up 3.4 %

Shares of BX stock opened at $175.12 on Thursday. Blackstone Inc. has a fifty-two week low of $114.88 and a fifty-two week high of $200.96. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $126.44 billion, a P/E ratio of 60.18, a P/E/G ratio of 1.63 and a beta of 1.53. The stock has a 50-day simple moving average of $180.70 and a 200 day simple moving average of $157.59.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.37 billion. On average, sell-side analysts expect that Blackstone Inc. will post 4.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BX. Bank of America raised their price target on shares of Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Evercore ISI upped their target price on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft boosted their price objective on Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Citigroup raised their target price on Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Cowen reaffirmed a “hold” rating on shares of Blackstone in a report on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $169.56.

Blackstone Company 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.