CMC Financial Group Takes Position in Blackstone Inc. $BX

CMC Financial Group bought a new position in Blackstone Inc. (NYSE:BX) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 4,092 shares of the asset manager’s stock, valued at approximately $471,000. Blackstone accounts for about 0.9% of CMC Financial Group’s investment portfolio, making the stock its 27th biggest holding.

Several other hedge funds have also bought and sold shares of the stock. Redwood Financial Network Corp grew its stake in shares of Blackstone by 1.8% during the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after acquiring an additional 65 shares during the period. Benchmark Financial Wealth Advisors LLC lifted its holdings in Blackstone by 0.9% during the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after purchasing an additional 69 shares in the last quarter. Parcion Private Wealth LLC boosted its position in shares of Blackstone by 0.6% in the fourth quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 70 shares during the period. Trivium Point Advisory LLC raised its position in shares of Blackstone by 2.6% during the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after purchasing an additional 70 shares during the period. Finally, Zacks Investment Management lifted its stake in shares of Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock valued at $590,000 after buying an additional 71 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 0.4%

NYSE BX opened at $124.13 on Wednesday. The stock has a 50 day moving average price of $119.99 and a 200-day moving average price of $125.27. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The company has a market capitalization of $92.21 billion, a P/E ratio of 31.75, a P/E/G ratio of 1.35 and a beta of 1.58. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76.

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

Insider Activity

In related news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the firm’s 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 completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of Blackstone stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $125.79, for a total value of $3,775,461.06. Following the completion of the transaction, the insider owned 899,669 shares of the company’s stock, valued at approximately $113,169,363.51. This trade represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders bought 10,252,345 shares of company stock worth $209,789,893. 1.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BX shares. Weiss Ratings lowered Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 4th. HSBC reaffirmed a “hold” rating and issued a $135.00 price objective on shares of Blackstone in a research note on Monday. BNP Paribas Exane decreased their target price on Blackstone from $126.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. The Goldman Sachs Group dropped their price target on Blackstone from $116.00 to $114.00 and set a “neutral” rating for the company in a research note on Tuesday, June 30th. Finally, TD Cowen reduced their price objective on shares of Blackstone from $140.00 to $133.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $145.71.

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.