Burling Wealth Partners LLC Has $9.57 Million Position in Blackstone Inc. $BX

Burling Wealth Partners LLC cut its stake in Blackstone Inc. (NYSE:BX) by 10.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,266 shares of the asset manager’s stock after selling 9,954 shares during the quarter. Blackstone makes up 1.5% of Burling Wealth Partners LLC’s portfolio, making the stock its 19th biggest holding. Burling Wealth Partners LLC’s holdings in Blackstone were worth $9,575,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Family CFO Inc acquired a new position in Blackstone in the 4th quarter worth about $28,000. Ares Financial Consulting LLC bought a new stake in shares of Blackstone in the 4th quarter valued at approximately $28,000. Richardson Financial Services Inc. acquired a new position in Blackstone in the fourth quarter worth approximately $29,000. Strive Asset Management LLC acquired a new stake in Blackstone in the third quarter valued at approximately $30,000. Finally, Palladiem LLC bought a new stake in Blackstone in the fourth quarter worth approximately $31,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

BX opened at $123.64 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock’s 50 day moving average price is $119.97 and its two-hundred day moving average price is $125.48. The firm has a market capitalization of $91.85 billion, a P/E ratio of 31.62, a price-to-earnings-growth ratio of 1.37 and a beta of 1.58. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.Blackstone’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.11 earnings per share. On average, equities analysts forecast that Blackstone Inc. will post 5.89 earnings per share for the current year.

Analysts Set New Price Targets

BX has been the topic of a number of recent research reports. Citizens Jmp cut their price target on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. BMO Capital Markets increased their target price on shares of Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Morgan Stanley reduced their price target on Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. TD Cowen lowered their price objective on Blackstone from $140.00 to $133.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Finally, BNP Paribas Exane reduced their target price on Blackstone from $126.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, Blackstone currently has an average rating of “Moderate Buy” and an average target price of $145.71.

Insider Transactions at Blackstone

In related news, Director Ruth Porat purchased 355 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $123.04 per share, for a total transaction of $43,679.20. Following the transaction, the director directly owned 41,818 shares of the company’s stock, valued at approximately $5,145,286.72. This trade represents a 0.86% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the transaction, the insider directly owned 19,374 shares of the company’s stock, valued at $73,233.72. This represents a 99.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders purchased 10,252,345 shares of company stock worth $209,789,893. 1.00% of the stock is currently owned by insiders.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.