Conway Capital Management Inc. Buys New Stake in Blackstone Inc. $BX

Conway Capital Management Inc. purchased a new position in shares of Blackstone Inc. (NYSE:BX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 23,675 shares of the asset manager’s stock, valued at approximately $2,786,000. Blackstone accounts for about 1.2% of Conway Capital Management Inc.’s portfolio, making the stock its 14th biggest position.

Several other institutional investors have also bought and sold shares of the stock. BlackRock Inc. acquired a new position in Blackstone during the 2nd quarter valued at about $6,112,162,000. Norges Bank bought a new position in shares of Blackstone during the 4th quarter valued at about $1,275,747,000. Bank of New York Mellon Corp bought a new position in shares of Blackstone in the second quarter valued at $514,736,000. Capital Research Global Investors raised its position in shares of Blackstone by 99.2% during the fourth quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager’s stock worth $983,690,000 after purchasing an additional 3,178,133 shares during the period. Finally, Deutsche Bank AG purchased a new stake in Blackstone during the second quarter valued at about $270,380,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Buying and Selling at Blackstone

In related news, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average price of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the transaction, the insider owned 7,882,145 shares of the company’s stock, valued at $206,039,270.30. The trade was a 10.75% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction on 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 completion of the sale, the insider directly owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. This trade represents a 99.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have acquired 1,339,180 shares of company stock worth $35,062,433 and have sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is currently owned by company insiders.

Blackstone Stock Performance

Shares of NYSE BX opened at $140.87 on Tuesday. The firm has a market cap of $105.74 billion, a price-to-earnings ratio of 31.51, a P/E/G ratio of 1.60 and a beta of 1.56. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. The business’s 50-day simple moving average is $127.05 and its 200-day simple moving average is $122.45. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.18. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The company’s quarterly revenue was up 35.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.98 earnings per share. As a group, equities research analysts expect that Blackstone Inc. will post 6 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were given a $1.29 dividend. This is an increase from Blackstone’s previous quarterly dividend of $1.16. This represents a $5.16 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, August 3rd. Blackstone’s dividend payout ratio (DPR) is 115.44%.

Wall Street Analysts Forecast Growth

BX has been the subject of several research analyst reports. Oppenheimer increased their price objective on Blackstone from $139.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. JPMorgan Chase & Co. cut their target price on shares of Blackstone from $136.00 to $132.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. BNP Paribas Exane lowered their price target on shares of Blackstone from $126.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, June 30th. Sanford C. Bernstein assumed coverage on Blackstone in a report on Monday, June 8th. They set an “outperform” rating for the company. Finally, Keefe, Bruyette & Woods upgraded Blackstone to a “hold” rating in a research note on Monday, July 20th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $147.95.

About Blackstone

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.