Ashburton Jersey Ltd purchased a new stake in shares of Blackstone Group LP (NYSE:BX) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,014 shares of the asset manager’s stock, valued at approximately $98,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Chilton Investment Co. LLC grew its stake in shares of Blackstone Group by 26.6% during the 3rd quarter. Chilton Investment Co. LLC now owns 1,926,258 shares of the asset manager’s stock worth $94,078,000 after purchasing an additional 404,407 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of Blackstone Group during the 3rd quarter worth approximately $4,407,000. Hoylecohen LLC acquired a new stake in shares of Blackstone Group during the 3rd quarter worth approximately $3,678,000. Covington Capital Management acquired a new stake in shares of Blackstone Group during the 3rd quarter worth approximately $772,000. Finally, Stellar Capital Management LLC acquired a new stake in shares of Blackstone Group during the 3rd quarter worth approximately $2,112,000. 53.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:BX opened at $54.17 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $35.70 billion, a PE ratio of 23.97, a price-to-earnings-growth ratio of 1.68 and a beta of 1.44. The firm’s 50-day moving average is $52.86 and its two-hundred day moving average is $48.42. Blackstone Group LP has a 1 year low of $26.88 and a 1 year high of $55.21.
Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.05. Blackstone Group had a net margin of 27.05% and a return on equity of 7.61%. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the firm earned $0.63 earnings per share. The business’s revenue for the quarter was down 9.9% compared to the same quarter last year. Analysts expect that Blackstone Group LP will post 2.28 EPS for the current fiscal year.
In related news, major shareholder Holdings L.P. Blackstone III sold 6,864,545 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $35.54, for a total value of $243,965,929.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Blackstone Group Inc sold 8,875,211 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $2.50, for a total value of $22,188,027.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,738,069 shares of company stock valued at $610,157,678. Corporate insiders own 1.00% of the company’s stock.
A number of equities research analysts have recently commented on the stock. Barclays reaffirmed a “buy” rating and set a $62.00 price objective on shares of Blackstone Group in a research note on Wednesday. Bank of America cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $54.00 to $52.00 in a research note on Monday, October 14th. BMO Capital Markets initiated coverage on shares of Blackstone Group in a research note on Monday, October 7th. They issued a “market perform” rating and a $44.00 price target on the stock. S&P Equity Research lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 24th. Finally, Wells Fargo & Co initiated coverage on Blackstone Group in a report on Tuesday, October 1st. They set an “outperform” rating and a $60.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $53.38.
Blackstone Group Profile
The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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.
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