Blackstone Group L.P. (BX) Cut to Hold at Zacks Investment Research
Blackstone Group L.P. (NYSE:BX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Estimates have been falling ahead of Blackstone’s third-quarter 2016 earnings release. Further, expenses are expected to remain elevated owing to the company’s well performing funds that require more headcount. Moreover, increased dependence on management and advisory fees can adversely affect the company’s financials in the near term. Also, high dependence on commitment from investors for the alternative investment funds can adversely affect revenue growth. Nonetheless, the company remains well positioned to capitalize on the changing investment landscape by making long-term investments and augmenting its fund-raising ability. In addition, current dislocation in the credit markets and increased liquidity pressure are anticipated to create more investment opportunities for the company. Further, the company continues to benefit from the changing investor preference for alternative assets and other risk management strategies.”
A number of other equities research analysts also recently commented on the stock. Vetr raised 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 research report on Tuesday, September 13th. Barclays PLC dropped 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. 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. Jefferies Group increased their target price on shares of Blackstone Group L.P. from $28.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. Finally, Bank of America Corp. reaffirmed a “hold” rating on shares of Blackstone Group L.P. in a research report on Friday, July 22nd. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Blackstone Group L.P. currently has a consensus rating of “Buy” and a consensus target price of $33.95.
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Blackstone Group L.P. (NYSE:BX) traded down 1.150% during midday trading on Friday, hitting $24.505. The stock had a trading volume of 1,285,103 shares. The firm has a market capitalization of $15.39 billion, a P/E ratio of 51.698 and a beta of 1.57. Blackstone Group L.P. has a 52-week low of $22.31 and a 52-week high of $35.00. The firm has a 50-day moving average of $26.42 and a 200 day moving average of $26.50.
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, beating the Zacks’ consensus estimate of $0.39 by $0.05. Blackstone Group L.P. had a net margin of 15.50% and a return on equity of 6.15%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the firm posted $0.43 EPS. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, equities analysts forecast that Blackstone Group L.P. will post $2.06 EPS for the current year.
In related news, insider Kathleen Skero sold 11,000 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $27.87, for a total value of $306,570.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. ING Groep NV increased its position 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 valued at $388,558,000 after buying an additional 9,477,059 shares during the period. Massachusetts Financial Services Co. MA increased its position 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 valued at $155,208,000 after buying an additional 2,451,565 shares during the period. FMR LLC increased its position 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 valued at $889,287,000 after buying an additional 2,397,701 shares during the period. Coronation Fund Managers Ltd. acquired a new position in Blackstone Group L.P. during the second quarter valued at $46,976,000. Finally, Artemis Investment Management LLP increased its position 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 valued at $47,329,000 after buying an additional 964,862 shares during the period. Hedge funds and other institutional investors own 49.03% 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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