Blackstone Group LP (NYSE:BX) major shareholder Blackstone Group Inc sold 8,875,211 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $2.50, for a total value of $22,188,027.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Shares of NYSE:BX traded down $0.16 during midday trading on Friday, reaching $56.14. 1,731,548 shares of the company’s stock traded hands, compared to its average volume of 3,109,553. Blackstone Group LP has a one year low of $28.51 and a one year high of $56.69. The stock has a 50 day moving average of $53.53 and a 200 day moving average of $49.57. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $37.02 billion, a price-to-earnings ratio of 24.84, a P/E/G ratio of 1.48 and a beta of 1.44.
Blackstone Group (NYSE:BX) last posted its earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the business earned $0.63 EPS. The business’s revenue for the quarter was down 9.9% compared to the same quarter last year. Sell-side analysts predict that Blackstone Group LP will post 2.28 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Burt Wealth Advisors bought a new position in Blackstone Group in the 3rd quarter valued at about $26,000. Cypress Capital Management LLC WY acquired a new position in shares of Blackstone Group in the 2nd quarter valued at approximately $25,000. Lenox Wealth Advisors LLC bought a new stake in Blackstone Group during the 3rd quarter worth $28,000. Hartford Financial Management Inc. acquired a new position in shares of Blackstone Group in the third quarter valued at approximately $30,000. Finally, TCI Wealth Advisors Inc. acquired a new stake in Blackstone Group during the 3rd quarter worth approximately $32,000. 53.38% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently commented on BX shares. S&P Equity Research cut Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. ValuEngine cut shares of Blackstone Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Barclays reissued a “buy” rating and set a $62.00 price objective on shares of Blackstone Group in a research report on Wednesday, December 11th. Bank of America lowered shares of Blackstone Group from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $54.00 to $52.00 in a research note on Monday, October 14th. Finally, Oppenheimer downgraded shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $55.13.
About Blackstone Group
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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