Jefferies Group Equities Analysts Cut Earnings Estimates for Blackstone Group L.P. (BX)
Blackstone Group L.P. (NYSE:BX) – Research analysts at Jefferies Group decreased their Q3 2016 earnings per share (EPS) estimates for shares of Blackstone Group L.P. in a note issued to investors on Tuesday. Jefferies Group analyst D. Fannon now anticipates that the firm will post earnings of $0.51 per share for the quarter, down from their prior forecast of $0.64. Jefferies Group currently has a “Buy” rating on the stock. Jefferies Group also issued estimates for Blackstone Group L.P.’s FY2016 earnings at $1.86 EPS.
Several other research analysts have also issued reports on the stock. Vetr upgraded shares of Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating and set a $29.22 price target on the stock in a research report on Tuesday, September 13th. Barclays PLC decreased their price target 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 restated a “buy” rating and issued a $35.00 price target on shares of Blackstone Group L.P. in a research report on Monday, September 19th. Zacks Investment Research upgraded shares of Blackstone Group L.P. from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Tuesday, October 4th. Finally, Bank of America Corp. restated 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 issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $33.84.
Shares of Blackstone Group L.P. (NYSE:BX) traded down 1.20% on Thursday, hitting $23.87. The company had a trading volume of 2,685,302 shares. The company has a market cap of $14.99 billion, a price-to-earnings ratio of 50.36 and a beta of 1.57. Blackstone Group L.P. has a 12-month low of $22.31 and a 12-month high of $35.00. The company has a 50 day moving average of $25.99 and a 200-day moving average of $26.42.
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Blackstone Group L.P. (NYSE:BX) last issued its earnings results on Thursday, July 21st. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.05. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.11 billion. Blackstone Group L.P. had a return on equity of 6.15% and a net margin of 15.50%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period last year, the company posted $0.43 EPS.
In other Blackstone Group L.P. news, insider Kathleen Skero sold 11,000 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $27.87, for a total transaction of $306,570.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BX. LPL Financial LLC raised its position in Blackstone Group L.P. by 0.4% in the first quarter. LPL Financial LLC now owns 722,438 shares of the company’s stock worth $19,751,000 after buying an additional 2,957 shares in the last quarter. Natixis raised its position in Blackstone Group L.P. by 36.8% in the first quarter. Natixis now owns 17,560 shares of the company’s stock worth $493,000 after buying an additional 4,727 shares in the last quarter. Silvercrest Asset Management Group LLC increased its position in Blackstone Group L.P. by 4.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 31,334 shares of the company’s stock valued at $879,000 after buying an additional 1,200 shares during the last quarter. Legal & General Group Plc increased its position in Blackstone Group L.P. by 29.0% in the first quarter. Legal & General Group Plc now owns 750,668 shares of the company’s stock valued at $21,052,000 after buying an additional 168,959 shares during the last quarter. Finally, Mariner Wealth Advisors LLC increased its position in Blackstone Group L.P. by 2.9% in the first quarter. Mariner Wealth Advisors LLC now owns 7,210 shares of the company’s stock valued at $202,000 after buying an additional 200 shares during the last quarter. 49.11% of the stock is owned by hedge funds and other institutional investors.
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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