Thomas Story & Son LLC reduced its holdings in Blackstone Group LP (NYSE:BX) by 50.3% during the 3rd quarter, Holdings Channel reports. The fund owned 35,290 shares of the asset manager’s stock after selling 35,725 shares during the period. Thomas Story & Son LLC’s holdings in Blackstone Group were worth $1,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also added to or reduced their stakes in the company. Burt Wealth Advisors purchased a new stake in shares of Blackstone Group in the 3rd quarter valued at $26,000. Cypress Capital Management LLC WY purchased a new stake in shares of Blackstone Group in the 2nd quarter valued at $25,000. Lenox Wealth Advisors LLC purchased a new stake in shares of Blackstone Group in the 3rd quarter valued at $28,000. Hartford Financial Management Inc. purchased a new stake in shares of Blackstone Group in the 3rd quarter valued at $30,000. Finally, TCI Wealth Advisors Inc. acquired a new position in shares of Blackstone Group in the 3rd quarter valued at $32,000. 47.88% of the stock is currently owned by institutional investors and hedge funds.
In other Blackstone Group news, major shareholder Blackstone Group Inc bought 79,368 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average price of $7.07 per share, with a total value of $561,131.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Hamilton E. James sold 280,046 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $51.73, for a total transaction of $14,486,779.58. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 629,611 shares of company stock valued at $5,075,527 and have sold 16,299,557 shares valued at $558,804,845. Corporate insiders own 1.00% of the company’s stock.
BX has been the subject of several analyst reports. Oppenheimer cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. They noted that the move was a valuation call. Deutsche Bank boosted their target price on shares of Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Bank of America cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $54.00 to $52.00 in a research note on Monday, October 14th. Morgan Stanley reiterated an “overweight” rating and issued a $60.00 target price (up from $57.00) on shares of Blackstone Group in a research note on Friday, October 25th. Finally, Barclays set a $53.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a research note on Friday, October 11th. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $52.63.
Shares of BX traded up $0.13 during trading hours on Friday, hitting $51.53. The stock had a trading volume of 5,109,765 shares, compared to its average volume of 4,077,599. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50-day moving average price of $50.10 and a 200 day moving average price of $46.28. Blackstone Group LP has a fifty-two week low of $26.88 and a fifty-two week high of $55.17. The firm has a market capitalization of $34.92 billion, a price-to-earnings ratio of 22.80, a PEG ratio of 1.64 and a beta of 1.47.
Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.05. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Blackstone Group had a net margin of 27.05% and a return on equity of 7.71%. The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 earnings per share. As a group, analysts predict that Blackstone Group LP will post 2.28 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Monday, November 4th will be given a dividend of $0.49 per share. The ex-dividend date is Friday, November 1st. This is a boost from Blackstone Group’s previous quarterly dividend of $0.48. This represents a $1.96 dividend on an annualized basis and a yield of 3.80%. Blackstone Group’s dividend payout ratio is currently 86.73%.
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.
Further Reading: Calculating net profit and net profit margin ratio
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