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

Connective Portfolio Management LLC bought a new position in Blackstone Inc. (NYSE:BX) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,000 shares of the asset manager’s stock, valued at approximately $517,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sather Financial Group Inc grew its holdings in Blackstone by 202.5% during the third quarter. Sather Financial Group Inc now owns 6,050 shares of the asset manager’s stock valued at $926,000 after purchasing an additional 4,050 shares during the last quarter. Portside Wealth Group LLC bought a new stake in Blackstone during the third quarter valued at about $201,000. Aljian Capital Management LLC bought a new position in shares of Blackstone in the third quarter worth about $1,951,000. Icon Wealth Advisors LLC lifted its position in shares of Blackstone by 2,185.4% during the 3rd quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock worth $2,901,000 after purchasing an additional 18,117 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Blackstone by 3.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,169,526 shares of the asset manager’s stock valued at $179,089,000 after buying an additional 36,343 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have 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 research note on Monday, October 14th. BMO Capital Markets upped their price objective on shares of Blackstone from $134.00 to $157.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. Barclays lowered their price target on Blackstone from $199.00 to $192.00 and set an “equal weight” rating on the stock in a research note on Monday. Cowen restated a “hold” rating on shares of Blackstone in a research note on Friday, October 18th. Finally, TD Cowen upgraded Blackstone from a “hold” rating to a “buy” rating and upped their price objective for the company from $149.00 to $230.00 in a research note on Monday, December 9th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $169.56.

Blackstone Stock Up 3.4 %

NYSE BX opened at $175.12 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. Blackstone Inc. has a 52 week low of $114.88 and a 52 week high of $200.96. The stock has a market capitalization of $126.44 billion, a P/E ratio of 60.18, a price-to-earnings-growth ratio of 1.63 and a beta of 1.53. The stock has a fifty day moving average of $180.70 and a 200-day moving average of $157.59.

Blackstone (NYSE:BX) last released its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. On average, equities research analysts forecast that Blackstone Inc. will post 4.43 EPS for the current year.

Insider Buying and Selling at Blackstone

In other Blackstone news, insider John G. Finley sold 42,249 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total value of $7,433,289.06. Following the transaction, the insider now owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.00% of the company’s stock.

Blackstone 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.