Great Lakes Advisors LLC bought a new stake in shares of Blackstone Group LP (NYSE:BX) during the third quarter, HoldingsChannel.com reports. The fund bought 19,317 shares of the asset manager’s stock, valued at approximately $736,000.
Several other large investors have also bought and sold shares of the company. Canton Hathaway LLC purchased a new position in Blackstone Group in the 3rd quarter valued at about $114,000. Harvest Fund Management Co. Ltd purchased a new position in Blackstone Group in the 3rd quarter valued at about $115,000. Quad Cities Investment Group LLC purchased a new position in Blackstone Group in the 2nd quarter valued at about $122,000. Honkamp Krueger Financial Services Inc. purchased a new position in Blackstone Group in the 3rd quarter valued at about $159,000. Finally, QCI Asset Management Inc. NY lifted its stake in Blackstone Group by 800.0% in the 3rd quarter. QCI Asset Management Inc. NY now owns 4,500 shares of the asset manager’s stock valued at $171,000 after buying an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors own 50.12% of the company’s stock.
BX opened at $31.42 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.97 and a current ratio of 0.97. Blackstone Group LP has a 1-year low of $30.08 and a 1-year high of $40.60. The company has a market capitalization of $21.26 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 1.04 and a beta of 1.37.
Blackstone Group (NYSE:BX) last released its earnings results on Thursday, October 18th. The asset manager reported $0.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.02. Blackstone Group had a net margin of 22.34% and a return on equity of 22.67%. The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same period last year, the company posted $0.69 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Sell-side analysts forecast that Blackstone Group LP will post 2.96 EPS for the current fiscal year.
In other Blackstone Group news, major shareholder Blackstone Bgsl Holdings Llc bought 192,000 shares of the firm’s stock in a transaction on Tuesday, November 6th. The shares were acquired at an average cost of $25.00 per share, with a total value of $4,800,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.00% of the company’s stock.
A number of research analysts recently weighed in on BX shares. Morgan Stanley raised their price target on shares of Blackstone Group from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, August 14th. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Thursday, August 16th. JPMorgan Chase & Co. set a $45.00 price target on shares of Blackstone Group and gave the company a “buy” rating in a research note on Thursday, September 20th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a research note on Saturday, September 22nd. Finally, JMP Securities raised their price target on shares of Blackstone Group from $39.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, September 24th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Blackstone Group presently has a consensus rating of “Buy” and an average price target of $42.27.
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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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