Blackstone Group L.P. (BX) Upgraded to “Strong-Buy” by Vetr Inc.
Blackstone Group L.P. (NYSE:BX) was upgraded by equities researchers at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $31.48 target price on the stock. Vetr‘s price objective would indicate a potential upside of 32.94% from the company’s previous close.
BX has been the topic of several other research reports. Barclays PLC cut their price objective 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. JPMorgan Chase & Co. cut their price objective on shares of Blackstone Group L.P. from $38.00 to $35.00 in a research report on Tuesday, March 29th. Zacks Investment Research lowered shares of Blackstone Group L.P. from a “buy” rating to a “hold” rating in a research report on Wednesday, April 13th. Bank of America Corp. reaffirmed a “hold” rating on shares of Blackstone Group L.P. in a research report on Friday, July 22nd. Finally, Deutsche Bank AG cut their price objective on shares of Blackstone Group L.P. from $28.00 to $26.00 and set a “hold” rating on the stock in a research report on Thursday, June 16th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Blackstone Group L.P. currently has a consensus rating of “Buy” and a consensus target price of $33.84.
Blackstone Group L.P. (NYSE:BX) traded down 0.67% during mid-day trading on Monday, reaching $23.68. 3,911,888 shares of the company traded hands. The stock has a 50 day moving average price of $25.75 and a 200-day moving average price of $26.38. Blackstone Group L.P. has a 52-week low of $22.31 and a 52-week high of $34.71. The company has a market capitalization of $14.87 billion, a P/E ratio of 49.96 and a beta of 1.57.
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Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The business earned $1.17 billion during the quarter, compared to analyst estimates of $1.11 billion. Blackstone Group L.P. had a net margin of 15.50% and a return on equity of 6.15%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.43 earnings per share. Analysts expect that Blackstone Group L.P. will post $2.06 EPS for the current fiscal year.
In other Blackstone Group L.P. news, insider Kathleen Skero sold 11,500 shares of Blackstone Group L.P. stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $26.51, for a total transaction of $304,865.00. Following the sale, the insider now owns 42,967 shares in the company, valued at $1,139,055.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Morgan Stanley boosted its position in shares of Blackstone Group L.P. by 42.9% in the fourth quarter. Morgan Stanley now owns 45,245,292 shares of the company’s stock worth $1,322,974,000 after buying an additional 13,588,270 shares during the last quarter. 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 last quarter. 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 last quarter. 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 last quarter. Finally, Coronation Fund Managers Ltd. bought a new position in shares of Blackstone Group L.P. during the second quarter worth about $46,976,000. Hedge funds and other institutional investors 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.
To view Vetr’s full report, visit Vetr’s official website.
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