Blackstone Group L.P. (BX) Rating Increased to Buy at Zacks Investment Research
Blackstone Group L.P. (NYSE:BX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $28.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 13.45% from the company’s current price.
According to Zacks, “Estimates have been rising ahead of Blackstone’s third-quarter 2016 earnings release. Also, 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. This will lead to continued growth in AUM. Further, the company continues to benefit from the changing investor preference for alternative assets and other risk management strategies. However, mounting operating expenses, increased dependence on management and advisory fees, and stringent regulations can adversely affect the company’s financials in the near term.”
Other equities analysts also recently issued research reports about the company. Deutsche Bank AG restated a “hold” rating on shares of Blackstone Group L.P. in a research note on Sunday, July 10th. Vetr raised shares of Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating and set a $31.48 price target on the stock in a report on Monday, July 25th. Keefe, Bruyette & Woods lowered their price target on shares of Blackstone Group L.P. from $34.00 to $33.00 and set a “market perform” rating on the stock in a report on Monday, July 11th. Jefferies Group lifted their price target on shares of Blackstone Group L.P. from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, August 2nd. Finally, Barclays PLC lifted their price target on shares of Blackstone Group L.P. from $29.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, August 9th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Blackstone Group L.P. 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) opened at 24.68 on Tuesday. The firm has a 50 day moving average price of $26.32 and a 200-day moving average price of $26.48. The firm has a market cap of $15.50 billion, a P/E ratio of 52.07 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 announced its earnings results on Thursday, July 21st. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the business earned $0.43 EPS. The company’s revenue was down 2.7% compared to the same quarter last year. Analysts forecast that Blackstone Group L.P. will post $2.06 earnings per share for the current year.
In related news, insider Kathleen Skero sold 11,500 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 42,967 shares in the company, valued at $1,139,055.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in BX. 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 valued at $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 valued at $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 valued at $889,287,000 after buying an additional 2,397,701 shares during the last quarter. Coronation Fund Managers Ltd. acquired a new stake in Blackstone Group L.P. during the second quarter valued at about $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 valued at $47,329,000 after buying an additional 964,862 shares during the last quarter. 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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