EHP Funds Inc. Makes New $553,000 Investment in Blackstone Inc. $BX

EHP Funds Inc. purchased a new stake in shares of Blackstone Inc. (NYSE:BX) during the second quarter, HoldingsChannel.com reports. The fund purchased 3,700 shares of the asset manager’s stock, valued at approximately $553,000. Blackstone comprises about 0.2% of EHP Funds Inc.’s holdings, making the stock its 21st biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BX. Kingstone Capital Partners Texas LLC raised its stake in Blackstone by 519,669.1% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager’s stock valued at $10,490,411,000 after buying an additional 70,118,948 shares during the last quarter. Vanguard Group Inc. increased its position in Blackstone by 2.2% during the second quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock valued at $10,394,670,000 after acquiring an additional 1,494,796 shares during the last quarter. Geode Capital Management LLC boosted its position in Blackstone by 1.4% in the second quarter. Geode Capital Management LLC now owns 16,542,863 shares of the asset manager’s stock worth $2,462,706,000 after purchasing an additional 227,416 shares during the last quarter. Norges Bank bought a new stake in shares of Blackstone during the 2nd quarter valued at about $1,071,348,000. Finally, Legal & General Group Plc boosted its holdings in shares of Blackstone by 4.7% in the second quarter. Legal & General Group Plc now owns 4,532,941 shares of the asset manager’s stock worth $678,037,000 after buying an additional 202,245 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Buying and Selling at Blackstone

In related news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of Blackstone stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $10.00, for a total value of $15,961,420.00. Following the completion of the transaction, the insider owned 2,161 shares in the company, valued at approximately $21,610. This trade represents a 99.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were bought at an average price of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider owned 7,506,209 shares of the company’s stock, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 2,950,751 shares of company stock valued at $79,050,138 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Evercore ISI decreased their price target on shares of Blackstone from $197.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 22nd. Barclays raised their target price on Blackstone from $165.00 to $172.00 and gave the stock an “equal weight” rating in a report on Friday. Piper Sandler reduced their price target on Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. UBS Group started coverage on Blackstone in a research note on Thursday. They set a “neutral” rating and a $175.00 price objective for the company. Finally, TD Cowen decreased their target price on shares of Blackstone from $208.00 to $205.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Ten equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $178.84.

Blackstone Stock Down 1.9%

Shares of BX stock opened at $151.13 on Friday. The stock has a market cap of $111.60 billion, a P/E ratio of 43.18, a PEG ratio of 1.23 and a beta of 1.76. The company’s fifty day simple moving average is $150.41 and its two-hundred day simple moving average is $158.54. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $192.17.

Blackstone (NYSE:BX) last posted its earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. The company had revenue of $2.49 billion for the quarter. Blackstone had a return on equity of 22.30% and a net margin of 20.56%. Analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 10th. Investors of record on Monday, November 3rd were given a $1.29 dividend. This is a boost from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, November 3rd. Blackstone’s dividend payout ratio (DPR) is presently 147.43%.

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.