Proffitt & Goodson Inc. acquired a new stake in Blackstone Group LP (NYSE:BX) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,851 shares of the asset manager’s stock, valued at approximately $188,000.
Other hedge funds have also recently bought and sold shares of the company. Marshall Wace LLP purchased a new stake in Blackstone Group during the 1st quarter worth about $50,000. Centaurus Financial Inc. increased its holdings in Blackstone Group by 194.0% during the 1st quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock worth $30,000 after purchasing an additional 683 shares during the period. Neville Rodie & Shaw Inc. increased its holdings in Blackstone Group by 4.3% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 61,005 shares of the asset manager’s stock worth $2,710,000 after purchasing an additional 2,520 shares during the period. Private Trust Co. NA increased its holdings in Blackstone Group by 1.2% during the 2nd quarter. Private Trust Co. NA now owns 63,145 shares of the asset manager’s stock worth $2,804,000 after purchasing an additional 735 shares during the period. Finally, Douglas Lane & Associates LLC increased its holdings in Blackstone Group by 2.5% during the 2nd quarter. Douglas Lane & Associates LLC now owns 1,298,655 shares of the asset manager’s stock worth $57,686,000 after purchasing an additional 31,338 shares during the period. Hedge funds and other institutional investors own 46.79% of the company’s stock.
A number of research analysts have recently commented on BX shares. Deutsche Bank increased their price objective on Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a report on Friday, July 19th. JMP Securities downgraded Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. BMO Capital Markets started coverage on Blackstone Group in a report on Monday, October 7th. They issued a “market perform” rating and a $44.00 price objective on the stock. Citigroup downgraded Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a report on Wednesday, September 18th. They noted that the move was a valuation call. Finally, Bank of America downgraded Blackstone Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $54.00 to $52.00 in a report on Monday, October 14th. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Blackstone Group has a consensus rating of “Hold” and an average price target of $51.75.
Shares of BX traded up $1.14 during mid-day trading on Monday, reaching $49.53. The company’s stock had a trading volume of 206,014 shares, compared to its average volume of 9,410,636. Blackstone Group LP has a 12-month low of $26.88 and a 12-month high of $55.17. The stock has a market cap of $32.38 billion, a PE ratio of 21.88, a price-to-earnings-growth ratio of 1.06 and a beta of 1.45. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.89 and a quick ratio of 0.89. The company’s 50 day moving average is $49.73 and its 200 day moving average is $44.57.
Blackstone Group (NYSE:BX) last released its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.15 billion. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. The business’s revenue for the quarter was down 43.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 EPS. As a group, sell-side analysts anticipate that Blackstone Group LP will post 2.26 EPS for the current fiscal year.
In related news, insider Christopher Striano sold 7,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $48.23, for a total value of $337,610.00. Following the completion of the sale, the insider now directly owns 36,186 shares of the company’s stock, valued at approximately $1,745,250.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Joan Solotar sold 25,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $53.83, for a total value of $1,345,750.00. Following the completion of the sale, the insider now directly owns 235,803 shares of the company’s stock, valued at $12,693,275.49. The disclosure for this sale can be found here. Over the last three months, insiders purchased 694,319 shares of company stock valued at $5,581,544 and sold 9,161,966 shares valued at $300,689,747. 1.00% of the stock is owned by corporate insiders.
About Blackstone Group
The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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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