L & S Advisors Inc bought a new stake in Blackstone Group LP (NYSE:BX) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 138,712 shares of the asset manager’s stock, valued at approximately $6,162,000. Blackstone Group makes up approximately 0.8% of L & S Advisors Inc’s investment portfolio, making the stock its 26th biggest position.
Several other hedge funds and other institutional investors have also recently modified their holdings of BX. Resources Investment Advisors Inc. raised its stake in Blackstone Group by 606.0% during the first quarter. Resources Investment Advisors Inc. now owns 706 shares of the asset manager’s stock worth $25,000 after acquiring an additional 606 shares in the last quarter. Cypress Capital Management LLC WY acquired a new position in Blackstone Group during the second quarter worth $25,000. Centaurus Financial Inc. raised its stake in Blackstone Group by 194.0% during the first quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock worth $30,000 after acquiring an additional 683 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in Blackstone Group during the first quarter worth $32,000. Finally, Coastal Capital Group Inc. acquired a new position in Blackstone Group during the second quarter worth $35,000. Institutional investors and hedge funds own 47.20% of the company’s stock.
Several research analysts have issued reports on the company. Citigroup increased their price objective on Blackstone Group from $51.50 to $52.00 and gave the stock a “buy” rating in a research note on Monday. Barclays assumed coverage on Blackstone Group in a research note on Monday, August 5th. They set an “overweight” rating and a $56.00 price objective for the company. Morgan Stanley increased their price objective on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. JMP Securities lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. Finally, Deutsche Bank raised their target price on Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Blackstone Group currently has a consensus rating of “Buy” and an average price target of $48.10.
In other Blackstone Group news, major shareholder Blackstone Group Inc bought 100,000 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $7.94 per share, for a total transaction of $794,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher Striano sold 7,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were 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 owns 36,186 shares of the company’s stock, valued at $1,745,250.78. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 694,319 shares of company stock valued at $5,581,544. 1.00% of the stock is currently owned by corporate insiders.
Shares of NYSE:BX opened at $53.39 on Friday. Blackstone Group LP has a twelve month low of $26.88 and a twelve month high of $52.90. The firm has a market cap of $32.83 billion, a PE ratio of 23.62, a price-to-earnings-growth ratio of 1.05 and a beta of 1.47. 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 business has a fifty day moving average of $48.44 and a 200-day moving average of $41.76.
Blackstone Group (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.07. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company posted $0.90 earnings per share. The firm’s quarterly revenue was down 43.5% compared to the same quarter last year. On average, analysts anticipate that Blackstone Group LP will post 2.32 EPS for the current fiscal year.
Blackstone Group Company Profile
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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