Kimelman & Baird LLC Cuts Stock Holdings in Blackstone Inc. (NYSE:BX)

Kimelman & Baird LLC cut its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 2.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 320,103 shares of the asset manager's stock after selling 7,314 shares during the period. Blackstone comprises approximately 4.4% of Kimelman & Baird LLC's portfolio, making the stock its 6th largest position. Kimelman & Baird LLC's holdings in Blackstone were worth $55,192,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Glen Eagle Advisors LLC boosted its holdings in Blackstone by 1.8% in the third quarter. Glen Eagle Advisors LLC now owns 3,251 shares of the asset manager's stock valued at $498,000 after acquiring an additional 59 shares in the last quarter. Avidian Wealth Enterprises LLC lifted its position in Blackstone by 0.4% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager's stock valued at $2,790,000 after buying an additional 59 shares during the period. Investmark Advisory Group LLC lifted its position in Blackstone by 2.4% during the third quarter. Investmark Advisory Group LLC now owns 2,608 shares of the asset manager's stock valued at $399,000 after buying an additional 60 shares during the period. McIlrath & Eck LLC lifted its position in Blackstone by 6.5% during the third quarter. McIlrath & Eck LLC now owns 1,019 shares of the asset manager's stock valued at $156,000 after buying an additional 62 shares during the period. Finally, McAdam LLC lifted its position in Blackstone by 3.9% during the fourth quarter. McAdam LLC now owns 1,687 shares of the asset manager's stock valued at $291,000 after buying an additional 63 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several brokerages have commented on BX. Barclays reissued an "equal weight" rating on shares of Blackstone in a research report on Friday, February 7th. JPMorgan Chase & Co. lifted their price target on Blackstone from $149.00 to $154.00 and gave the stock a "neutral" rating in a research report on Friday, January 31st. Wells Fargo & Company lowered their price target on Blackstone from $195.00 to $180.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 14th. BMO Capital Markets lifted their price target on Blackstone from $134.00 to $157.00 and gave the stock a "market perform" rating in a research report on Thursday, December 19th. Finally, StockNews.com downgraded Blackstone from a "buy" rating to a "hold" rating in a report on Friday, January 31st. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $172.38.

Blackstone Price Performance

NYSE BX traded down $1.67 during trading hours on Tuesday, reaching $146.11. The company's stock had a trading volume of 3,362,188 shares, compared to its average volume of 3,258,928. The firm's 50-day moving average price is $164.85 and its 200-day moving average price is $167.29. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a 1 year low of $115.82 and a 1 year high of $200.96. The company has a market capitalization of $106.58 billion, a price-to-earnings ratio of 40.25, a PEG ratio of 1.07 and a beta of 1.55.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.19. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. On average, equities research analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th were issued a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 3.94%. This is a boost from Blackstone's previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Monday, February 10th. Blackstone's dividend payout ratio is 158.68%.

Insider Activity at Blackstone

In related news, Director Ruth Porat purchased 301 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were bought at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the acquisition, the director now owns 36,829 shares of the company's stock, valued at approximately $6,071,260.65. This represents a 0.82 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by insiders.

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.