Castle Rock Wealth Management LLC boosted its holdings in shares of Blackstone Group LP (NYSE:BX) by 45.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,715 shares of the asset manager’s stock after acquiring an additional 3,026 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Blackstone Group were worth $430,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Resources Investment Advisors Inc. lifted its holdings in Blackstone Group by 606.0% during the 1st quarter. Resources Investment Advisors Inc. now owns 706 shares of the asset manager’s stock worth $25,000 after buying an additional 606 shares during the last quarter. Centaurus Financial Inc. increased its position in shares of Blackstone Group by 194.0% during the first quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock worth $30,000 after purchasing an additional 683 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in shares of Blackstone Group during the first quarter worth about $32,000. Coastal Capital Group Inc. acquired a new position in Blackstone Group in the 2nd quarter valued at about $35,000. Finally, Brand Asset Management Group Inc. acquired a new position in Blackstone Group in the 2nd quarter valued at about $46,000. 47.20% of the stock is owned by institutional investors.
NYSE BX traded up $1.90 during trading hours on Friday, hitting $54.14. The company had a trading volume of 2,467,569 shares, compared to its average volume of 4,130,844. 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 moving average is $48.44 and its 200 day moving average is $41.76. The company has a market capitalization of $32.83 billion, a price-to-earnings ratio of 23.96, a P/E/G ratio of 1.05 and a beta of 1.47. Blackstone Group LP has a fifty-two week low of $26.88 and a fifty-two week high of $52.90.
Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Blackstone Group had a net margin of 20.51% and a return on equity of 11.30%. The firm’s revenue for the quarter was down 43.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 EPS. On average, equities analysts anticipate that Blackstone Group LP will post 2.32 EPS for the current year.
In related news, major shareholder Blackstone Group Inc purchased 64,708 shares of Blackstone Group stock in a transaction dated Friday, August 9th. The shares were acquired at an average price of $7.82 per share, with a total value of $506,016.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher Striano sold 7,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $48.23, for a total transaction of $337,610.00. Following the transaction, the insider now directly owns 36,186 shares in the company, valued at approximately $1,745,250.78. The disclosure for this sale can be found here. Over the last three months, insiders acquired 694,319 shares of company stock valued at $5,581,544. 1.00% of the stock is currently owned by corporate insiders.
Several research firms have issued reports on BX. Citigroup boosted their target price on Blackstone Group from $51.50 to $52.00 and gave the stock a “buy” rating in a research report on Monday. Barclays initiated coverage on Blackstone Group in a research note on Monday, August 5th. They set an “overweight” rating and a $56.00 price target on the stock. Deutsche Bank boosted their price target on Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Morgan Stanley boosted their price target on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Finally, Oppenheimer set a $52.00 target price on Blackstone Group and gave the company a “buy” rating in a research note on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $48.10.
Blackstone Group Company 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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