Brokerages expect Blackstone Group LP (NYSE:BX) to post sales of $1.65 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Blackstone Group’s earnings. The lowest sales estimate is $1.57 billion and the highest is $1.78 billion. Blackstone Group posted sales of $1.55 billion in the same quarter last year, which suggests a positive year over year growth rate of 6.5%. The firm is expected to issue its next quarterly earnings results before the market opens on Thursday, July 19th.
On average, analysts expect that Blackstone Group will report full year sales of $7.07 billion for the current fiscal year, with estimates ranging from $6.70 billion to $7.40 billion. For the next year, analysts anticipate that the company will report sales of $7.74 billion per share, with estimates ranging from $7.51 billion to $8.16 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Blackstone Group.
Blackstone Group (NYSE:BX) last posted its earnings results on Thursday, April 19th. The asset manager reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.19. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Blackstone Group had a net margin of 19.82% and a return on equity of 23.94%. Blackstone Group’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.82 earnings per share.
BX has been the topic of several analyst reports. UBS Group initiated coverage on shares of Blackstone Group in a report on Tuesday, March 27th. They issued a “market perform” rating on the stock. Morgan Stanley raised their target price on shares of Blackstone Group from $40.00 to $41.00 and gave the company a “buy” rating in a report on Monday, April 23rd. Finally, ValuEngine cut shares of Blackstone Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $39.99.
In other news, insider John G. Finley sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $33.23, for a total transaction of $664,600.00. Following the transaction, the insider now directly owns 113,003 shares in the company, valued at $3,755,089.69. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Blackstone Group by 16.9% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 177,611 shares of the asset manager’s stock worth $5,687,000 after purchasing an additional 25,622 shares during the period. US Bancorp DE lifted its holdings in Blackstone Group by 29.5% in the first quarter. US Bancorp DE now owns 51,560 shares of the asset manager’s stock valued at $1,647,000 after acquiring an additional 11,735 shares during the period. PVG Asset Management Corp acquired a new stake in Blackstone Group in the fourth quarter valued at $215,000. Stony Point Wealth Management Inc. acquired a new stake in Blackstone Group in the fourth quarter valued at $1,137,000. Finally, Lombard Odier Asset Management Switzerland SA lifted its holdings in Blackstone Group by 32.5% in the fourth quarter. Lombard Odier Asset Management Switzerland SA now owns 265,000 shares of the asset manager’s stock valued at $8,485,000 after acquiring an additional 65,000 shares during the period. 49.63% of the stock is owned by hedge funds and other institutional investors.
Shares of BX traded up $0.99 during mid-day trading on Friday, hitting $33.16. 4,852,657 shares of the company’s stock were exchanged, compared to its average volume of 5,011,691. The stock has a market capitalization of $21.28 billion, a PE ratio of 11.75, a P/E/G ratio of 1.14 and a beta of 1.34. Blackstone Group has a fifty-two week low of $29.57 and a fifty-two week high of $37.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.02 and a current ratio of 1.02.
Blackstone Group Company Profile
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.
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