Belpointe Asset Management LLC increased its position in shares of Blackstone Group LP (NYSE:BX) by 43.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,832 shares of the asset manager’s stock after buying an additional 9,645 shares during the period. Belpointe Asset Management LLC’s holdings in Blackstone Group were worth $1,113,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Brick & Kyle Associates increased its stake in Blackstone Group by 3.3% during the 1st quarter. Brick & Kyle Associates now owns 17,991 shares of the asset manager’s stock worth $629,000 after buying an additional 578 shares during the period. Fairview Capital Investment Management LLC increased its stake in Blackstone Group by 3.8% during the 1st quarter. Fairview Capital Investment Management LLC now owns 3,895,275 shares of the asset manager’s stock worth $136,217,000 after buying an additional 143,875 shares during the period. Golden State Wealth Management LLC purchased a new stake in Blackstone Group during the 1st quarter worth $1,279,000. Family Management Corp increased its stake in Blackstone Group by 108.6% during the 1st quarter. Family Management Corp now owns 16,607 shares of the asset manager’s stock worth $581,000 after buying an additional 8,645 shares during the period. Finally, Grand Jean Capital Management Inc. increased its stake in Blackstone Group by 6.3% during the 1st quarter. Grand Jean Capital Management Inc. now owns 381,207 shares of the asset manager’s stock worth $13,331,000 after buying an additional 22,742 shares during the period. 47.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BX traded up $0.19 during midday trading on Friday, hitting $44.14. The company had a trading volume of 5,993,218 shares, compared to its average volume of 4,965,166. The company has a market capitalization of $29.07 billion, a P/E ratio of 19.53, a PEG ratio of 0.96 and a beta of 1.41. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $44.47. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98.
Blackstone Group (NYSE:BX) last released its earnings results on Thursday, April 18th. The asset manager reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.08). The company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.48 billion. Blackstone Group had a return on equity of 12.79% and a net margin of 23.35%. Blackstone Group’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 EPS. As a group, sell-side analysts expect that Blackstone Group LP will post 2.36 earnings per share for the current fiscal year.
In other Blackstone Group news, major shareholder Holdings L.P. Blackstone III acquired 120,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was acquired at an average price of $24.22 per share, with a total value of $2,906,400.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Bennett J. Goodman sold 115,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $39.58, for a total transaction of $4,551,700.00. Following the sale, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,895,000. The disclosure for this sale can be found here. Insiders bought a total of 1,144,688 shares of company stock valued at $27,579,009 in the last three months. Insiders own 1.00% of the company’s stock.
Several research firms have recently weighed in on BX. Morgan Stanley boosted their target price on shares of Blackstone Group from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 5th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. Finally, Zacks Investment Research raised shares of Blackstone Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $43.71.
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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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