Sanders Morris Harris LLC Has $830,000 Holdings in Blackstone Group LP (BX)

Sanders Morris Harris LLC reduced its stake in Blackstone Group LP (NYSE:BX) by 96.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,300 shares of the asset manager’s stock after selling 199,115 shares during the period. Blackstone Group makes up 3.9% of Sanders Morris Harris LLC’s portfolio, making the stock its 5th largest holding. Sanders Morris Harris LLC’s holdings in Blackstone Group were worth $830,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Blackstone Group in the 1st quarter valued at $5,369,000. PNC Financial Services Group Inc. increased its holdings in shares of Blackstone Group by 2.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 708,399 shares of the asset manager’s stock worth $22,790,000 after buying an additional 19,278 shares during the last quarter. Independent Advisor Alliance increased its holdings in shares of Blackstone Group by 7.8% in the 2nd quarter. Independent Advisor Alliance now owns 59,405 shares of the asset manager’s stock worth $1,911,000 after buying an additional 4,304 shares during the last quarter. OppenheimerFunds Inc. increased its holdings in shares of Blackstone Group by 1.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 1,098,800 shares of the asset manager’s stock worth $35,348,000 after buying an additional 15,000 shares during the last quarter. Finally, Syntal Capital Partners LLC increased its holdings in shares of Blackstone Group by 5.8% in the 2nd quarter. Syntal Capital Partners LLC now owns 29,039 shares of the asset manager’s stock worth $934,000 after buying an additional 1,593 shares during the last quarter. Institutional investors own 48.75% of the company’s stock.

A number of research firms have recently weighed in on BX. ValuEngine downgraded shares of Blackstone Group from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Zacks Investment Research upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Thursday, September 27th. Argus boosted their target price on shares of Blackstone Group from $39.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, September 25th. Bank of America boosted their target price on shares of Blackstone Group from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, September 24th. Finally, Morgan Stanley boosted their target price on shares of Blackstone Group from $42.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, September 24th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Blackstone Group currently has an average rating of “Buy” and a consensus target price of $43.54.

In related news, insider John G. Finley sold 10,000 shares of the company’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $35.76, for a total transaction of $357,600.00. Following the transaction, the insider now directly owns 113,003 shares in the company, valued at approximately $4,040,987.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John G. Finley sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $35.98, for a total transaction of $179,900.00. Following the transaction, the insider now owns 113,003 shares in the company, valued at $4,065,847.94. The disclosure for this sale can be found here. Insiders have sold a total of 770,677 shares of company stock worth $28,061,444 over the last quarter. 1.00% of the stock is currently owned by insiders.

NYSE:BX traded down $0.14 during mid-day trading on Tuesday, hitting $37.11. 62,974 shares of the stock traded hands, compared to its average volume of 4,514,779. The company has a market capitalization of $25.41 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 1.17 and a beta of 1.32. Blackstone Group LP has a 52 week low of $29.57 and a 52 week high of $40.60. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.72.

Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Thursday, July 19th. The asset manager reported $0.90 EPS for the quarter, beating the consensus estimate of $0.73 by $0.17. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $1.74 billion. Blackstone Group had a net margin of 22.12% and a return on equity of 22.64%. The firm’s revenue was up 71.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.59 EPS. As a group, equities analysts forecast that Blackstone Group LP will post 3.08 EPS for the current fiscal year.

Blackstone Group Company Profile

The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.

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Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

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