Kimelman & Baird LLC Invests $40.95 Million in Blackstone Inc. (NYSE:BX)

Kimelman & Baird LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 330,801 shares of the asset manager's stock, valued at approximately $40,953,000. Blackstone makes up about 3.4% of Kimelman & Baird LLC's portfolio, making the stock its 10th largest position.

Other large investors have also modified their holdings of the company. B. Riley Wealth Advisors Inc. raised its holdings in shares of Blackstone by 11.0% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 85,166 shares of the asset manager's stock worth $10,544,000 after buying an additional 8,422 shares in the last quarter. Kampmann Melissa S. boosted its stake in shares of Blackstone by 2.4% in the 2nd quarter. Kampmann Melissa S. now owns 25,710 shares of the asset manager's stock valued at $3,183,000 after purchasing an additional 605 shares in the last quarter. Core Alternative Capital lifted its holdings in Blackstone by 0.5% during the 2nd quarter. Core Alternative Capital now owns 36,114 shares of the asset manager's stock valued at $4,471,000 after purchasing an additional 169 shares during the last quarter. Regal Investment Advisors LLC boosted its holdings in shares of Blackstone by 8.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 3,396 shares of the asset manager's stock worth $420,000 after acquiring an additional 252 shares in the last quarter. Finally, Quarry LP acquired a new stake in Blackstone during the 2nd quarter valued at $95,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BX shares. Redburn Atlantic started coverage on Blackstone in a research report on Tuesday, August 27th. They set a "neutral" rating and a $134.00 target price for the company. TD Cowen upped their target price on shares of Blackstone from $114.00 to $120.00 and gave the company a "hold" rating in a research report on Friday, July 19th. Morgan Stanley boosted their price target on shares of Blackstone from $144.00 to $164.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 23rd. Piper Sandler raised their price objective on shares of Blackstone from $134.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, July 19th. Finally, Bank of America upped their target price on shares of Blackstone from $130.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, July 19th. Fourteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $130.78.

Blackstone Trading Up 1.0 %

NYSE:BX opened at $154.94 on Monday. The business has a 50 day moving average price of $141.51 and a two-hundred day moving average price of $130.47. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $161.25. The company has a market cap of $110.73 billion, a P/E ratio of 54.75, a price-to-earnings-growth ratio of 1.34 and a beta of 1.51.

Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the business posted $0.93 earnings per share. The company's revenue for the quarter was up 166.9% on a year-over-year basis. As a group, analysts expect that Blackstone Inc. will post 4.57 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a dividend of $0.82 per share. The ex-dividend date was Monday, July 29th. This represents a $3.28 annualized dividend and a yield of 2.12%. Blackstone's payout ratio is currently 115.90%.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the sale, the director now owns 921,184 shares in the company, valued at approximately $113,305,632. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Joseph Baratta sold 116,448 shares of the company's stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the sale, the director now directly owns 921,184 shares in the company, valued at approximately $113,305,632. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John G. Finley sold 35,000 shares of the business's stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the transaction, the insider now directly owns 429,386 shares of the company's stock, valued at approximately $56,567,311.64. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

About Blackstone

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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