Gabelli Funds LLC boosted its stake in shares of Blackstone Group LP (NYSE:BX) by 410.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 306,000 shares of the asset manager’s stock after buying an additional 246,000 shares during the quarter. Gabelli Funds LLC’s holdings in Blackstone Group were worth $11,652,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in BX. Canton Hathaway LLC bought a new stake in shares of Blackstone Group in the 3rd quarter valued at about $114,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Blackstone Group in the 3rd quarter valued at about $115,000. Quad Cities Investment Group LLC bought a new stake in shares of Blackstone Group in the 2nd quarter valued at about $122,000. Livingston Group Asset Management CO operating as Southport Capital Management bought a new stake in shares of Blackstone Group in the 3rd quarter valued at about $175,000. Finally, Rehmann Capital Advisory Group raised its holdings in shares of Blackstone Group by 94.9% in the 2nd quarter. Rehmann Capital Advisory Group now owns 4,850 shares of the asset manager’s stock valued at $156,000 after purchasing an additional 2,362 shares in the last quarter. Institutional investors own 48.75% of the company’s stock.
Several research firms have recently commented on BX. Zacks Investment Research upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Thursday, August 16th. Citigroup boosted their price target on shares of Blackstone Group from $41.50 to $43.00 and gave the company a “buy” rating in a report on Friday, July 20th. JPMorgan Chase & Co. set a $45.00 price target on shares of Blackstone Group and gave the company a “buy” rating in a report on Thursday, September 20th. Bank of America boosted their price target on shares of Blackstone Group from $40.00 to $46.00 and gave the company a “buy” rating in a report on Monday, September 24th. Finally, Morgan Stanley boosted their price target on shares of Blackstone Group from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, August 14th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Blackstone Group presently has a consensus rating of “Buy” and a consensus target price of $43.45.
In other news, Vice Chairman J Tomilson Hill sold 81,420 shares of Blackstone Group stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $35.95, for a total value of $2,927,049.00. Following the transaction, the insider now owns 928,884 shares of the company’s stock, valued at approximately $33,393,379.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by insiders.
Shares of Blackstone Group stock opened at $33.99 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.72. Blackstone Group LP has a 52-week low of $29.57 and a 52-week high of $40.60. The company has a market capitalization of $23.46 billion, a PE ratio of 12.10, a PEG ratio of 1.18 and a beta of 1.39.
Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Thursday, October 18th. The asset manager reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the firm earned $0.69 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts expect that Blackstone Group LP will post 2.87 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Monday, October 29th were given a $0.64 dividend. The ex-dividend date of this dividend was Friday, October 26th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 7.53%. This is an increase from Blackstone Group’s previous quarterly dividend of $0.58. Blackstone Group’s payout ratio is presently 91.10%.
About Blackstone Group
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.
Recommended Story: Buyback For Investors Defined
Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Group LP (NYSE:BX).
Receive News & Ratings for Blackstone Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone Group and related companies with MarketBeat.com's FREE daily email newsletter.