Blackstone Group L.P. (BX) Price Target Cut to $31.00 by Analysts at Barclays PLC
Blackstone Group L.P. (NYSE:BX) had its price objective decreased by Barclays PLC from $33.00 to $31.00 in a report issued on Thursday morning. Barclays PLC currently has an overweight rating on the stock.
Several other analysts have also issued reports on the stock. Vetr upgraded shares of Blackstone Group L.P. from a buy rating to a strong-buy rating and set a $29.22 price objective on the stock in a report on Tuesday, September 13th. Jefferies Group restated a buy rating on shares of Blackstone Group L.P. in a report on Wednesday. Credit Suisse Group AG restated a buy rating and issued a $35.00 price objective on shares of Blackstone Group L.P. in a report on Monday, September 19th. Zacks Investment Research upgraded shares of Blackstone Group L.P. from a hold rating to a buy rating and set a $28.00 price objective on the stock in a report on Tuesday, October 4th. Finally, Bank of America Corp. restated a hold rating on shares of Blackstone Group L.P. in a report on Friday, July 22nd. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $33.84.
Blackstone Group L.P. (NYSE:BX) traded down 0.0843% during mid-day trading on Thursday, hitting $23.8199. 1,586,194 shares of the stock were exchanged. Blackstone Group L.P. has a 12-month low of $22.31 and a 12-month high of $35.00. The company has a 50 day moving average of $25.86 and a 200 day moving average of $26.40. The firm has a market cap of $14.96 billion, a P/E ratio of 50.2530 and a beta of 1.57.
Blackstone Group L.P. (NYSE:BX) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations 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 was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 EPS. On average, equities analysts anticipate that Blackstone Group L.P. will post $2.06 earnings per share for the current fiscal year.
In other news, insider Kathleen Skero sold 11,500 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $26.51, for a total value of $304,865.00. Following the completion of the transaction, the insider now owns 42,967 shares in the company, valued at $1,139,055.17. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.00% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. ING Groep NV raised its stake in Blackstone Group L.P. by 148.8% in the second quarter. ING Groep NV now owns 15,846,567 shares of the company’s stock worth $388,558,000 after buying an additional 9,477,059 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Blackstone Group L.P. by 63.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,324,694 shares of the company’s stock worth $155,208,000 after buying an additional 2,451,565 shares during the last quarter. FMR LLC raised its stake in Blackstone Group L.P. by 7.1% in the second quarter. FMR LLC now owns 36,238,251 shares of the company’s stock worth $889,287,000 after buying an additional 2,397,701 shares during the last quarter. Coronation Fund Managers Ltd. bought a new stake in Blackstone Group L.P. during the second quarter worth approximately $46,976,000. Finally, Artemis Investment Management LLP raised its stake in Blackstone Group L.P. by 100.1% in the second quarter. Artemis Investment Management LLP now owns 1,929,006 shares of the company’s stock worth $47,329,000 after buying an additional 964,862 shares during the last quarter. Institutional investors and hedge funds own 49.11% of the company’s stock.
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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