Blackstone (NYSE:BX) Issues Earnings Results, Misses Estimates By $0.43 EPS

Blackstone (NYSE:BX) issued its quarterly earnings data on Thursday. The asset manager reported $0.83 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.43), Briefing.com reports. Blackstone had a return on equity of 23.77% and a net margin of 21.84%. The business had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter in the previous year, the company posted $0.80 earnings per share. The company’s revenue was down .8% on a year-over-year basis.

Blackstone Price Performance

Shares of BX opened at $109.42 on Thursday. Blackstone has a fifty-two week low of $101.73 and a fifty-two week high of $165.14. The firm’s 50 day moving average price is $126.05 and its 200 day moving average price is $124.11. The company has a market cap of $82.13 billion, a P/E ratio of 24.50, a PEG ratio of 1.36 and a beta of 1.59. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63.

Insider Buying and Selling

In other Blackstone news, major shareholder Holdings Iv L.P. Blackstone purchased 272,642 shares of the company’s stock in a transaction on Friday, August 21st. The stock was acquired at an average price of $26.14 per share, for a total transaction of $7,126,861.88. Following the completion of the purchase, the insider directly owned 8,704,419 shares in the company, valued at approximately $227,533,512.66. The trade was a 3.23% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Finley sold 45,000 shares of Blackstone stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total value of $6,619,950.00. Following the completion of the transaction, the insider owned 516,017 shares of the company’s stock, valued at approximately $75,911,260.87. This trade represents a 8.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have bought 464,792 shares of company stock worth $12,205,945 and have sold 4,077,276 shares worth $37,573,644. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on BX shares. Weiss Ratings raised Blackstone from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 24th. Citizens Jmp cut their price objective on Blackstone from $190.00 to $165.00 and set a “market outperform” rating for the company in a research report on Thursday, July 9th. The Goldman Sachs Group upped their target price on shares of Blackstone from $114.00 to $127.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Morgan Stanley restated an “overweight” rating and issued a $165.00 price objective on shares of Blackstone in a report on Friday, October 16th. Finally, BNP Paribas Exane dropped their target price on shares of Blackstone from $126.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Thirteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and an average price target of $143.35.

Blackstone Company Profile

Blackstone Inc (NYSE:BX) is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.

Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.