Guinness Asset Management Ltd Sells 300 Shares of The Blackstone Group L.P. (BX)

Guinness Asset Management Ltd lowered its stake in The Blackstone Group L.P. (NYSE:BX) by 4.1% during the second quarter, Holdings Channel reports. The institutional investor owned 7,040 shares of the asset manager’s stock after selling 300 shares during the period. Guinness Asset Management Ltd’s holdings in The Blackstone Group L.P. were worth $235,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in BX. PHH Investments Ltd. acquired a new position in shares of The Blackstone Group L.P. during the first quarter valued at approximately $134,000. Israel Discount Bank of New York GFN purchased a new position in shares of The Blackstone Group L.P. during the fourth quarter worth about $135,000. Hudock Capital Group LLC boosted its position in shares of The Blackstone Group L.P. by 20.2% in the first quarter. Hudock Capital Group LLC now owns 4,726 shares of the asset manager’s stock worth $140,000 after buying an additional 793 shares during the period. Archford Capital Strategies LLC boosted its position in shares of The Blackstone Group L.P. by 72.1% in the first quarter. Archford Capital Strategies LLC now owns 5,088 shares of the asset manager’s stock worth $151,000 after buying an additional 2,131 shares during the period. Finally, Kernodle & Katon Asset Management Group LLC purchased a new position in shares of The Blackstone Group L.P. during the first quarter worth about $174,000. 49.16% of the stock is currently owned by institutional investors.

Shares of The Blackstone Group L.P. (BX) traded up 1.09% during mid-day trading on Monday, reaching $33.35. 1,146,938 shares of the company’s stock were exchanged. The Blackstone Group L.P. has a 52-week low of $23.33 and a 52-week high of $33.93. The firm has a market cap of $21.57 billion, a P/E ratio of 16.47 and a beta of 1.32. The company has a 50 day moving average price of $32.32 and a 200 day moving average price of $30.47.

The Blackstone Group L.P. (NYSE:BX) last released its earnings results on Thursday, April 20th. The asset manager reported $0.82 EPS 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 company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the firm earned $0.31 EPS. The firm’s quarterly revenue was up 108.1% compared to the same quarter last year. Analysts forecast that The Blackstone Group L.P. will post $2.91 earnings per share for the current fiscal year.

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A number of brokerages recently issued reports on BX. Zacks Investment Research cut shares of The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Morgan Stanley reissued an “overweight” rating and issued a $37.00 price objective (up from $36.00) on shares of The Blackstone Group L.P. in a research note on Monday. Vetr raised shares of The Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating and set a $37.55 price objective on the stock in a research note on Wednesday, June 7th. BidaskClub raised shares of The Blackstone Group L.P. from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $38.00 price objective on shares of The Blackstone Group L.P. in a research note on Wednesday, June 28th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $37.06.

In related news, insider John G. Finley sold 20,000 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $32.53, for a total transaction of $650,600.00. Following the transaction, the insider now owns 121,556 shares of the company’s stock, valued at approximately $3,954,216.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joan Solotar sold 30,500 shares of the stock in a transaction on 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 transaction, the insider now directly owns 150,281 shares in the company, valued at approximately $5,005,860.11. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,050,500 shares of company stock worth $392,416,555. 1.00% of the stock is owned by insiders.

The Blackstone Group L.P. Company Profile

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.

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

Institutional Ownership by Quarter for The Blackstone Group L.P. (NYSE:BX)

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