Blackstone Group (NYSE:BX) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Friday, Marketbeat reports. The firm presently has a $46.00 price target on the asset manager’s stock, up from their previous price target of $34.53. JPMorgan Chase & Co.’s price target would indicate a potential upside of 29.98% from the stock’s current price.
A number of other research analysts have also issued reports on the company. Vetr lowered Blackstone Group from a “buy” rating to a “hold” rating and set a $32.95 price objective for the company. in a research report on Wednesday. Credit Suisse Group restated a “buy” rating and set a $47.00 price objective on shares of Blackstone Group in a research report on Thursday. Zacks Investment Research upgraded Blackstone Group from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. Oppenheimer restated a “buy” rating on shares of Blackstone Group in a research report on Thursday, October 19th. Finally, Bank of America boosted their price objective on Blackstone Group from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. Blackstone Group currently has a consensus rating of “Buy” and an average target price of $38.90.
Shares of Blackstone Group (NYSE:BX) traded up $0.86 during midday trading on Friday, hitting $35.39. The stock had a trading volume of 10,426,062 shares, compared to its average volume of 4,330,000. Blackstone Group has a 1-year low of $28.45 and a 1-year high of $35.58. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.95. The company has a market cap of $42,500.00, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 0.67 and a beta of 1.37.
In other Blackstone Group news, insider John G. Finley sold 800 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $32.00, for a total transaction of $25,600.00. Following the completion of the transaction, the insider now owns 87,852 shares in the company, valued at approximately $2,811,264. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Group L.P. Blackstone purchased 228,535 shares of Blackstone Group stock in a transaction on Friday, December 28th. The shares were acquired at an average price of $29.63 per share, with a total value of $6,771,492.05. The disclosure for this purchase can be found here. Insiders own 1.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Linscomb & Williams Inc. lifted its holdings in shares of Blackstone Group by 0.8% in the second quarter. Linscomb & Williams Inc. now owns 9,182 shares of the asset manager’s stock valued at $306,000 after buying an additional 69 shares during the period. Gofen & Glossberg LLC IL raised its position in shares of Blackstone Group by 1.3% during the second quarter. Gofen & Glossberg LLC IL now owns 8,450 shares of the asset manager’s stock worth $282,000 after purchasing an additional 110 shares during the period. Highlander Capital Management LLC raised its position in shares of Blackstone Group by 0.8% during the second quarter. Highlander Capital Management LLC now owns 31,550 shares of the asset manager’s stock worth $1,045,000 after purchasing an additional 250 shares during the period. Laurel Wealth Advisors Inc. raised its position in shares of Blackstone Group by 6.6% during the second quarter. Laurel Wealth Advisors Inc. now owns 9,700 shares of the asset manager’s stock worth $323,000 after purchasing an additional 600 shares during the period. Finally, Bank of Hawaii raised its position in shares of Blackstone Group by 5.9% during the second quarter. Bank of Hawaii now owns 14,301 shares of the asset manager’s stock worth $477,000 after purchasing an additional 793 shares during the period. Institutional investors and hedge funds own 46.40% of the company’s stock.
About Blackstone Group
The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.
