Blackstone Group L.P. (BX) PT Lowered to $31.00 at Barclays PLC
Blackstone Group L.P. (NYSE:BX) had its price objective dropped by research analysts at Barclays PLC from $33.00 to $31.00 in a research note issued on Thursday. The brokerage currently has an “overweight” rating on the stock. Barclays PLC’s target price would suggest a potential upside of 30.03% from the company’s current price.
BX has been the subject of several other reports. Vetr downgraded shares of Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $28.90 target price for the company. in a research note on Thursday, June 23rd. Zacks Investment Research upgraded shares of Blackstone Group L.P. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Bank of America Corp. restated a “hold” rating on shares of Blackstone Group L.P. in a research note on Friday, July 22nd. Deutsche Bank AG lowered their target price on shares of Blackstone Group L.P. from $28.00 to $26.00 and set a “hold” rating for the company in a research note on Thursday, June 16th. Finally, Credit Suisse Group AG restated a “buy” rating and issued a $35.00 target price on shares of Blackstone Group L.P. in a research note on Monday, September 19th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $33.84.
Blackstone Group L.P. (NYSE:BX) traded down 1.32% during midday trading on Thursday, hitting $23.84. The stock had a trading volume of 5,394,760 shares. The firm has a market capitalization of $14.97 billion, a P/E ratio of 50.30 and a beta of 1.57. The firm has a 50-day moving average of $25.99 and a 200 day moving average of $26.42. Blackstone Group L.P. has a 52-week low of $22.31 and a 52-week 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 earnings per share (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 firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the firm earned $0.43 earnings per share. The company’s quarterly revenue was down 2.7% on a year-over-year basis. On average, equities analysts forecast that Blackstone Group L.P. will post $2.06 EPS for the current year.
In other news, insider Kathleen Skero sold 11,500 shares of Blackstone Group L.P. stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $26.51, for a total value of $304,865.00. Following the sale, 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 can be accessed through the SEC website. 1.00% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in BX. Huntington National Bank raised its stake in shares of Blackstone Group L.P. by 17.0% in the second quarter. Huntington National Bank now owns 4,687 shares of the company’s stock valued at $115,000 after buying an additional 682 shares during the period. TCI Wealth Advisors Inc. raised its stake in shares of Blackstone Group L.P. by 1.0% in the second quarter. TCI Wealth Advisors Inc. now owns 5,074 shares of the company’s stock valued at $125,000 after buying an additional 51 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management bought a new stake in shares of Blackstone Group L.P. during the second quarter valued at about $125,000. Independent Portfolio Consultants Inc. raised its stake 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 during the period. Finally, Adirondack Trust Co. raised its stake in shares of Blackstone Group L.P. by 0.7% in the second quarter. Adirondack Trust Co. now owns 5,236 shares of the company’s stock valued at $128,000 after buying an additional 36 shares during the period. Institutional investors and hedge funds own 49.11% 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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