Cottage Street Advisors LLC Reduces Position in Blackstone Group LP (BX)

Cottage Street Advisors LLC lowered its stake in shares of Blackstone Group LP (NYSE:BX) by 2.2% during the third quarter, HoldingsChannel.com reports. The fund owned 87,108 shares of the asset manager’s stock after selling 1,995 shares during the quarter. Blackstone Group makes up about 1.9% of Cottage Street Advisors LLC’s portfolio, making the stock its 19th biggest holding. Cottage Street Advisors LLC’s holdings in Blackstone Group were worth $3,316,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Bank of Montreal Can increased its position in Blackstone Group by 60.7% during the third quarter. Bank of Montreal Can now owns 8,904,588 shares of the asset manager’s stock worth $339,088,000 after acquiring an additional 3,362,373 shares during the period. Janus Henderson Group PLC increased its holdings in Blackstone Group by 2.9% in the 2nd quarter. Janus Henderson Group PLC now owns 8,293,368 shares of the asset manager’s stock valued at $266,801,000 after buying an additional 232,747 shares during the period. Swedbank increased its holdings in Blackstone Group by 12.2% in the 3rd quarter. Swedbank now owns 5,501,485 shares of the asset manager’s stock valued at $209,497,000 after buying an additional 600,000 shares during the period. Beck Mack & Oliver LLC increased its holdings in Blackstone Group by 1.1% in the 2nd quarter. Beck Mack & Oliver LLC now owns 3,432,778 shares of the asset manager’s stock valued at $110,432,000 after buying an additional 36,924 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Blackstone Group by 94.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,545,117 shares of the asset manager’s stock valued at $96,924,000 after buying an additional 1,236,519 shares during the period. 48.75% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider John G. Finley sold 10,000 shares of the business’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $35.76, for a total value of $357,600.00. Following the sale, the insider now owns 113,003 shares in the company, valued at approximately $4,040,987.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of the business’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $36.48, for a total transaction of $24,596,895.36. Following the completion of the sale, the insider now owns 928,884 shares in the company, valued at approximately $33,885,688.32. The disclosure for this sale can be found here. Insiders sold a total of 765,677 shares of company stock worth $27,881,544 in the last 90 days. 1.00% of the stock is owned by corporate insiders.

Shares of NYSE:BX opened at $35.17 on Thursday. Blackstone Group LP has a 52 week low of $29.57 and a 52 week high of $40.60. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $22.87 billion, a PE ratio of 12.52, a PEG ratio of 1.15 and a beta of 1.39.

Blackstone Group (NYSE:BX) last issued its earnings results on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.02. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the company earned $0.69 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Blackstone Group LP will post 2.87 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Monday, October 29th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 7.28%. The ex-dividend date was Friday, October 26th. This is an increase from Blackstone Group’s previous quarterly dividend of $0.58. Blackstone Group’s payout ratio is currently 91.10%.

BX has been the topic of several analyst reports. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Thursday, August 16th. Morgan Stanley reissued a “buy” rating on shares of Blackstone Group in a report on Friday, September 14th. JPMorgan Chase & Co. set a $45.00 price target on shares of Blackstone Group and gave the company a “buy” rating in a report on Thursday, September 20th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a report on Saturday, September 22nd. Finally, Argus boosted their price target on shares of Blackstone Group from $39.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, September 25th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $43.45.

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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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Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Group LP (NYSE:BX).

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

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