Blackstone Group (NYSE:BX) Reaches New 52-Week High at $52.80

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Shares of Blackstone Group LP (NYSE:BX) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $52.80 and last traded at $52.80, with a volume of 134618 shares trading hands. The stock had previously closed at $50.42.

Several equities research analysts recently issued reports on BX shares. Citigroup boosted their price target on Blackstone Group from $51.50 to $52.00 and gave the company a “buy” rating in a research note on Monday. JMP Securities cut Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. Morgan Stanley boosted their price target on Blackstone Group from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Barclays initiated coverage on Blackstone Group in a research note on Monday, August 5th. They issued an “overweight” rating and a $56.00 price target for the company. Finally, Deutsche Bank boosted their price objective on shares of Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $48.10.

The firm has a market capitalization of $33.35 billion, a price-to-earnings ratio of 23.13, a P/E/G ratio of 1.08 and a beta of 1.47. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.89 and a quick ratio of 0.89. The firm’s 50-day simple moving average is $48.44 and its 200 day simple moving average is $41.76.

Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.15 billion. Blackstone Group had a net margin of 20.51% and a return on equity of 11.30%. The company’s revenue for the quarter was down 43.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 earnings per share. As a group, research analysts predict that Blackstone Group LP will post 2.32 earnings per share for the current year.

In related news, insider Christopher Striano sold 7,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $48.23, for a total value of $337,610.00. Following the completion of the sale, the insider now directly owns 36,186 shares in the company, valued at $1,745,250.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Blackstone Group Inc acquired 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $7.94 per share, with a total value of $794,000.00. The disclosure for this purchase can be found here. Insiders have bought 694,319 shares of company stock valued at $5,581,544 over the last quarter. Company insiders own 1.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of BX. Comerica Bank boosted its position in Blackstone Group by 16.2% during the first quarter. Comerica Bank now owns 10,433 shares of the asset manager’s stock valued at $362,000 after acquiring an additional 1,457 shares during the last quarter. Cetera Investment Advisers boosted its position in Blackstone Group by 16.2% during the first quarter. Cetera Investment Advisers now owns 23,575 shares of the asset manager’s stock valued at $809,000 after acquiring an additional 3,289 shares during the last quarter. Cetera Advisors LLC boosted its position in Blackstone Group by 1.2% during the first quarter. Cetera Advisors LLC now owns 55,982 shares of the asset manager’s stock valued at $1,951,000 after acquiring an additional 671 shares during the last quarter. Cpwm LLC bought a new position in shares of Blackstone Group during the 1st quarter worth about $202,000. Finally, Moors & Cabot Inc. boosted its position in shares of Blackstone Group by 7.0% during the 1st quarter. Moors & Cabot Inc. now owns 107,868 shares of the asset manager’s stock worth $3,763,000 after purchasing an additional 7,068 shares in the last quarter. 47.20% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Group Company Profile (NYSE:BX)

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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