Fortis Capital Management LLC Makes New Investment in Blackstone Inc. $BX

Fortis Capital Management LLC acquired a new stake in Blackstone Inc. (NYSE:BX) in the 1st quarter, Holdings Channel reports. The firm acquired 42,989 shares of the asset manager’s stock, valued at approximately $4,943,000.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BX shares. TD Cowen cut their target price on Blackstone from $140.00 to $133.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Rothschild & Co Redburn lowered their price objective on shares of Blackstone from $134.00 to $130.00 and set a “neutral” rating on the stock in a report on Tuesday, June 9th. BMO Capital Markets lifted their price objective on shares of Blackstone from $126.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Dbs Bank upgraded shares of Blackstone to a “moderate buy” rating in a report on Wednesday, May 27th. Finally, BNP Paribas Exane cut their price target on Blackstone from $126.00 to $125.00 and set a “neutral” rating for the company in a research note 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’s stock. According to data from MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and an average price target of $145.71.

Insiders Place Their Bets

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the sale, the insider directly owned 19,374 shares of the company’s stock, valued at $73,233.72. This trade represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Treasury Holdings I. Blackstone bought 9,486,795 shares of the stock in a transaction on Friday, May 15th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $189,735,900.00. Following the acquisition, the insider directly owned 9,111,800 shares in the company, valued at approximately $182,236,000. This trade represents a -2,529.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 10,252,345 shares of company stock valued at $209,789,893. Company insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

NYSE BX opened at $124.13 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market capitalization of $92.21 billion, a PE ratio of 31.75, a price-to-earnings-growth ratio of 1.35 and a beta of 1.58. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The company has a 50-day simple moving average of $119.99 and a 200 day simple moving average of $125.27.

Blackstone (NYSE:BX) last released its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. The firm had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.11 EPS. On average, research analysts predict that Blackstone Inc. will post 5.83 EPS for the current year.

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.