Ruth Porat, a director at Blackstone (BX), recently bought 336 shares. The buy increased her stake by 1 percent, and came to a total cost just over $32,300.
The director was also the most recent buyer of shares with a 20,000 share buy in December, shelling out just over $1.67 million. One company director exercised options since, and one company insider sold some shares earlier this month, but generally insiders haven’t been too active at the company.
Overall, company insiders own 0.7 percent of shares.
The asset management company is down about 25 percent over the past year, as rising interest rates have impacted asset values. Revenue is down even worse, with a 67 percent decline.
Despite those negatives, the company has ample cash on its balance sheet, and is still earning a solid 22 percent profit margin right now. Should the market continue to move higher, Blackstone will likely see the mirror image of its 2022 operational performance.
Action to take: Shares will likely rebound in time along with asset values, which makes the company a reasonable long-term holding at current prices. Plus, shares yield about 4.6 percent at current prices.
For traders, the April $105 calls, last going for about $2.25, offer mid-double-digit gains in the weeks ahead if shares continue their current short-term uptrend.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.