Zacks Investment Research downgraded shares of The Blackstone Group L.P. (NYSE:BX) from a buy rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “Blackstone’s shares have marginally outperformed the Zacks categorized Investment Management industry, in the last six months. The company remains well positioned to capitalize on the changing investment landscape by making long-term investments and augmenting its fund-raising ability. The company’s top line is expected to continue growing in the upcoming quarters on the back of better performance of its funds. However, higher dependence on management and advisory fees for revenues remains a concern. Also, sustainability of its distribution makes us apprehensive.”
A number of other research analysts have also recently commented on BX. Jefferies Group LLC restated a buy rating and issued a $38.00 price target on shares of The Blackstone Group L.P. in a report on Wednesday, June 28th. BidaskClub upgraded shares of The Blackstone Group L.P. from a hold rating to a buy rating in a report on Saturday, June 24th. Vetr upgraded shares of The Blackstone Group L.P. from a buy rating to a strong-buy rating and set a $37.55 price target on the stock in a report on Wednesday, June 7th. Citigroup Inc. restated a buy rating and issued a $41.00 price target (up from $40.00) on shares of The Blackstone Group L.P. in a report on Sunday, May 28th. Finally, Credit Suisse Group upped their price target on shares of The Blackstone Group L.P. from $42.00 to $45.00 and gave the stock an outperform rating in a report on Tuesday, May 23rd. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The Blackstone Group L.P. presently has an average rating of Buy and an average price target of $37.07.
Shares of The Blackstone Group L.P. (BX) opened at 32.99 on Tuesday. The company has a market cap of $21.34 billion, a price-to-earnings ratio of 16.29 and a beta of 1.32. The firm has a 50-day moving average of $32.32 and a 200-day moving average of $30.47. The Blackstone Group L.P. has a one year low of $23.33 and a one year high of $33.93.
The Blackstone Group L.P. (NYSE:BX) last announced its earnings results on Thursday, April 20th. The asset manager reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.13. The Blackstone Group L.P. had a net margin of 21.87% and a return on equity of 17.90%. The business had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The business’s revenue for the quarter was up 108.1% on a year-over-year basis. Equities research analysts forecast that The Blackstone Group L.P. will post $2.91 EPS for the current fiscal year.
In other news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $26.05, for a total value of $390,750,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Joan Solotar sold 30,500 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $33.31, for a total transaction of $1,015,955.00. Following the completion of the sale, the insider now owns 150,281 shares in the company, valued at $5,005,860.11. The disclosure for this sale can be found here. Insiders sold a total of 15,050,500 shares of company stock worth $392,416,555 over the last 90 days. Company insiders own 1.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. raised its position in shares of The Blackstone Group L.P. by 52.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,663 shares of the asset manager’s stock valued at $208,000 after buying an additional 2,623 shares during the last quarter. Guggenheim Capital LLC bought a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at approximately $200,000. Israel Discount Bank of New York GFN bought a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at approximately $135,000. River & Mercantile Asset Management LLP bought a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at approximately $2,826,000. Finally, Quadrature Capital Ltd bought a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at approximately $5,316,000. Institutional investors and hedge funds own 49.16% of the company’s stock.
About The Blackstone Group L.P.
The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.
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