Jefferies Group Reiterates Buy Rating for Blackstone Group L.P. (BX)
Blackstone Group L.P. (NYSE:BX)‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group in a report issued on Wednesday.
Several other equities research analysts have also commented on the company. Zacks Investment Research lowered Blackstone Group L.P. from a “buy” rating to a “hold” rating in a research report on Friday, October 7th. Vetr lowered Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $29.22 price objective on the stock. in a research report on Wednesday, September 21st. Credit Suisse Group AG reiterated a “buy” rating and set a $35.00 target price on shares of Blackstone Group L.P. in a research report on Monday, September 19th. Finally, Barclays PLC increased their target price on Blackstone Group L.P. from $29.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, August 9th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $33.95.
Blackstone Group L.P. (NYSE:BX) traded down 0.58% during trading on Wednesday, hitting $24.16. 3,651,105 shares of the company were exchanged. The stock has a market capitalization of $15.17 billion, a PE ratio of 50.97 and a beta of 1.57. The firm’s 50 day moving average price is $26.04 and its 200-day moving average price is $26.44. Blackstone Group L.P. has a 1-year low of $22.31 and a 1-year high of $35.00.
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Blackstone Group L.P. (NYSE:BX) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ 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 EPS. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. Equities analysts predict 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 stock was sold at an average price of $27.87, for a total transaction of $306,570.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.
Hedge funds have recently modified their holdings of the company. ING Groep NV boosted its position in shares of 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 period. Massachusetts Financial Services Co. MA boosted its position in shares of 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 period. FMR LLC boosted its position in shares of 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 period. Coronation Fund Managers Ltd. purchased a new position in shares of Blackstone Group L.P. during the second quarter worth approximately $46,976,000. Finally, Artemis Investment Management LLP boosted its position in shares of 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 period. 49.11% of the stock is owned by hedge funds and other institutional investors.
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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