Marvin & Palmer Associates Inc. Makes New $7.02 Million Investment in Blackstone Inc. (NYSE:BX)

Marvin & Palmer Associates Inc. purchased a new position in shares of Blackstone Inc. (NYSE:BX) in the 4th quarter, HoldingsChannel reports. The firm purchased 40,691 shares of the asset manager’s stock, valued at approximately $7,016,000. Blackstone accounts for about 5.4% of Marvin & Palmer Associates Inc.’s portfolio, making the stock its 6th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in BX. Van ECK Associates Corp increased its stake in shares of Blackstone by 19.4% in the 3rd quarter. Van ECK Associates Corp now owns 20,094 shares of the asset manager’s stock valued at $3,355,000 after acquiring an additional 3,271 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Blackstone by 27.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 17,438 shares of the asset manager’s stock valued at $2,670,000 after acquiring an additional 3,762 shares in the last quarter. Portside Wealth Group LLC bought a new stake in shares of Blackstone in the 3rd quarter valued at $201,000. Equitable Trust Co. increased its stake in Blackstone by 9.4% during the 3rd quarter. Equitable Trust Co. now owns 3,472 shares of the asset manager’s stock valued at $532,000 after purchasing an additional 297 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in Blackstone by 1.4% during the 3rd quarter. Verdence Capital Advisors LLC now owns 8,410 shares of the asset manager’s stock valued at $1,288,000 after purchasing an additional 119 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Trading Down 0.3 %

Shares of BX opened at $145.12 on Monday. The business’s 50-day moving average price is $169.33 and its 200-day moving average price is $167.23. Blackstone Inc. has a twelve month low of $115.82 and a twelve month high of $200.96. The stock has a market cap of $105.86 billion, a PE ratio of 39.98, a P/E/G ratio of 1.07 and a beta of 1.55. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.19. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. On average, equities analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 10th were given a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 3.97%. This is a boost from Blackstone’s previous quarterly dividend of $0.86. The ex-dividend date was Monday, February 10th. Blackstone’s dividend payout ratio is 158.68%.

Analysts Set New Price Targets

BX has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of Blackstone from $174.00 to $177.00 and gave the stock a “market perform” rating in a report on Friday, January 31st. Citigroup reaffirmed a “hold” rating on shares of Blackstone in a report on Friday, February 7th. JPMorgan Chase & Co. lifted their price objective on shares of Blackstone from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. UBS Group reissued a “neutral” rating on shares of Blackstone in a report on Monday, March 3rd. Finally, Piper Sandler boosted their price target on shares of Blackstone from $168.00 to $179.00 and gave the stock a “neutral” rating in a report on Monday, December 23rd. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $172.38.

Insider Buying and Selling

In related news, Director Ruth Porat acquired 301 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were bought at an average cost of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the transaction, the director now owns 36,829 shares in the company, valued at approximately $6,071,260.65. This trade represents a 0.82 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is owned by company insiders.

Blackstone 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.