Blackstone Group L.P. (BX) Downgraded 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 research report issued 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.”
Other equities analysts have also issued research reports about the company. Vetr lowered Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $29.89 price target on the stock. in a research note on Thursday, July 21st. Jefferies Group upped their price target on Blackstone Group L.P. from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Credit Suisse Group AG reaffirmed a “buy” rating and set a $35.00 price target on shares of Blackstone Group L.P. in a research note on Sunday, September 11th. Bank of America Corp. reaffirmed a “hold” rating on shares of Blackstone Group L.P. in a research note on Friday, July 22nd. Finally, Deutsche Bank AG cut their price target on Blackstone Group L.P. from $28.00 to $26.00 and set a “hold” rating on the stock in a research note on Thursday, June 16th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Blackstone Group L.P. presently has a consensus rating of “Buy” and a consensus target price of $33.95.
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Shares of Blackstone Group L.P. (NYSE:BX) traded down 1.05% on Friday, hitting $24.53. 1,311,983 shares of the stock traded hands. The company’s 50 day moving average is $26.42 and its 200 day moving average is $26.50. The stock has a market cap of $15.41 billion, a price-to-earnings ratio of 51.75 and a beta of 1.57. Blackstone Group L.P. has a one year low of $22.31 and a one year high of $35.00.
Blackstone Group L.P. (NYSE:BX) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.05. Blackstone Group L.P. had a return on equity of 6.15% and a net margin of 15.50%. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the firm posted $0.43 earnings per share. The firm’s revenue for the quarter 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 other Blackstone Group L.P. news, insider Kathleen Skero sold 11,500 shares of the firm’s stock in a transaction that occurred 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 directly owns 42,967 shares in the company, valued at $1,139,055.17. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Randolph Co Inc acquired a new position in shares of Blackstone Group L.P. during the third quarter valued at approximately $6,411,000. Independent Portfolio Consultants Inc. increased its position in shares of Blackstone Group L.P. by 16.6% in the third quarter. Independent Portfolio Consultants Inc. now owns 5,155 shares of the company’s stock valued at $132,000 after buying an additional 735 shares in the last quarter. New England Research & Management Inc. increased its position in shares of Blackstone Group L.P. by 9.7% in the third quarter. New England Research & Management Inc. now owns 9,050 shares of the company’s stock valued at $231,000 after buying an additional 800 shares in the last quarter. Cacti Asset Management LLC increased its position in shares of Blackstone Group L.P. by 444.7% in the third quarter. Cacti Asset Management LLC now owns 562,267 shares of the company’s stock valued at $14,355,000 after buying an additional 459,035 shares in the last quarter. Finally, Evercore Wealth Management LLC increased its position in shares of Blackstone Group L.P. by 0.9% in the second quarter. Evercore Wealth Management LLC now owns 1,521,456 shares of the company’s stock valued at $37,336,000 after buying an additional 13,167 shares in the last quarter. Hedge funds and other institutional investors own 49.03% of the company’s stock.
About Blackstone Group L.P.
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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