Blackstone Group L.P. (BX) to Post Q4 2016 Earnings of $0.60 Per Share, Jefferies Group Forecasts
Blackstone Group L.P. (NYSE:BX) – Analysts at Jefferies Group cut their Q4 2016 earnings per share estimates for Blackstone Group L.P. in a research note issued on Tuesday. Jefferies Group analyst D. Fannon now forecasts that the firm will post earnings of $0.60 per share for the quarter, down from their prior estimate of $0.68. Jefferies Group has a “Buy” rating and a $31.00 price objective on the stock. Jefferies Group also issued estimates for Blackstone Group L.P.’s Q1 2017 earnings at $0.68 EPS, Q2 2017 earnings at $0.69 EPS, Q3 2017 earnings at $0.71 EPS and Q4 2017 earnings at $0.73 EPS.
Blackstone Group L.P. (NYSE:BX) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.39 by $0.05. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.11 billion. Blackstone Group L.P. had a net margin of 15.50% and a return on equity of 6.15%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 earnings per share.
BX has been the topic of a number of other reports. Vetr downgraded shares of Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $29.22 target price on the stock. in a research report on Wednesday, September 21st. Zacks Investment Research downgraded shares of Blackstone Group L.P. from a “buy” rating to a “hold” rating in a research report on Friday, October 7th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $35.00 target price on shares of Blackstone Group L.P. in a research report on Monday, September 19th. TheStreet downgraded shares of Blackstone Group L.P. to a “hold” rating in a research report on Wednesday, June 15th. Finally, Barclays PLC reduced their target price on shares of Blackstone Group L.P. from $31.00 to $29.00 and set an “overweight” rating on the stock in a research report on Thursday, July 7th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $33.95.
Shares of Blackstone Group L.P. (NYSE:BX) traded down 0.53% during mid-day trading on Wednesday, reaching $24.17. 2,418,713 shares of the company’s stock traded hands. Blackstone Group L.P. has a 12-month low of $22.31 and a 12-month high of $35.00. The firm’s 50 day moving average price is $26.10 and its 200-day moving average price is $26.44. The stock has a market cap of $15.18 billion, a price-to-earnings ratio of 50.99 and a beta of 1.57.
Large investors have recently added to or reduced their stakes in the company. Huntington National Bank raised its stake in Blackstone Group L.P. by 17.0% in the second quarter. Huntington National Bank now owns 4,687 shares of the company’s stock valued at $115,000 after buying an additional 682 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new stake in Blackstone Group L.P. during the second quarter valued at about $125,000. TCI Wealth Advisors Inc. raised its stake in Blackstone Group L.P. by 1.0% in the second quarter. TCI Wealth Advisors Inc. now owns 5,074 shares of the company’s stock valued at $125,000 after buying an additional 51 shares in the last quarter. Adirondack Trust Co. raised its stake in Blackstone Group L.P. by 0.7% in the second quarter. Adirondack Trust Co. now owns 5,236 shares of the company’s stock valued at $128,000 after buying an additional 36 shares in the last quarter. Finally, Kistler Tiffany Companies LLC raised its stake in Blackstone Group L.P. by 91.8% in the second quarter. Kistler Tiffany Companies LLC now owns 5,359 shares of the company’s stock valued at $132,000 after buying an additional 2,565 shares in the last quarter. 49.11% of the stock is owned by institutional investors.
In related news, insider Kathleen Skero sold 11,500 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $26.51, for a total value of $304,865.00. Following the completion of the sale, the insider now directly owns 42,967 shares of the company’s stock, valued at approximately $1,139,055.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by corporate insiders.
Blackstone Group L.P. Company Profile
The Blackstone Group L.P. (Blackstone) is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds and other multi-asset class strategies.
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