Ruth Porat, a director at Blackstone (BX), recently bought 298 shares. The buy increased her holdings by 1 percent, and came to a total cost of $30,817.
This marks the first insider buy in three months, following a similarly-sized buy from the director. She has made similar buys going into the last year as well. Two company insiders sold shares in the past month, including Blackstone’s chief accounting officer.
Overall, insiders at the money manager own about 0.5 percent of shares.
Blackstone is slightly down over the past year, but revenues have surged higher as investor interest has perked up this year. The company has recently closed new credit funds for green energy, and is looking at opportunities in the consumer debt market.
Action to take: Investors may like shares at current prices or on any drop lower.
The money manager is an industry leader, and should trend higher with the economy over time. Plus, Blackstone stocks yields a 3.3 percent return at current prices.
For traders, shares have been trending lower in the past few sessions, but there’s a long-term uptrend that still looks intact.
The October $110 calls, last going for about $2.55, could see high-double-digit returns on a resumption of the uptrend in the coming weeks.
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.