Rockbridge Investment Management LCC acquired a new position in Blackstone Group LP (NYSE:BX) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 1,487 shares of the asset manager’s stock, valued at approximately $84,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Blackstone Group by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 38,917,680 shares of the asset manager’s stock worth $2,205,076,000 after purchasing an additional 310,661 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Blackstone Group by 69.4% during the first quarter. Wellington Management Group LLP now owns 26,841,950 shares of the asset manager’s stock valued at $1,223,190,000 after buying an additional 10,996,707 shares during the period. Morgan Stanley raised its stake in Blackstone Group by 2.4% in the first quarter. Morgan Stanley now owns 18,310,670 shares of the asset manager’s stock worth $834,417,000 after buying an additional 437,363 shares in the last quarter. Capital International Investors lifted its holdings in Blackstone Group by 16.2% in the first quarter. Capital International Investors now owns 15,799,469 shares of the asset manager’s stock worth $719,982,000 after buying an additional 2,199,153 shares during the period. Finally, Bessemer Group Inc. boosted its position in Blackstone Group by 4.4% during the 2nd quarter. Bessemer Group Inc. now owns 7,779,243 shares of the asset manager’s stock valued at $440,770,000 after acquiring an additional 325,862 shares in the last quarter. Hedge funds and other institutional investors own 59.47% of the company’s stock.
In other news, insider John G. Finley sold 40,000 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $54.07, for a total value of $2,162,800.00. Following the transaction, the insider now directly owns 211,880 shares in the company, valued at approximately $11,456,351.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Joseph Baratta sold 434,815 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $53.00, for a total value of $23,045,195.00. Following the completion of the transaction, the director now directly owns 1,613,448 shares in the company, valued at $85,512,744. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.
Blackstone Group stock traded up $0.82 during mid-day trading on Wednesday, reaching $54.02. The stock had a trading volume of 51,192 shares, compared to its average volume of 2,621,832. Blackstone Group LP has a one year low of $33.00 and a one year high of $64.97. The company has a 50-day moving average price of $52.99 and a two-hundred day moving average price of $52.20. The company has a market capitalization of $35.70 billion, a price-to-earnings ratio of 48.81 and a beta of 1.30. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.10 and a quick ratio of 1.10.
Blackstone Group (NYSE:BX) last issued its earnings results on Thursday, July 23rd. The asset manager reported $0.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.43. Blackstone Group had a net margin of 27.93% and a return on equity of 14.38%. The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 69.2% compared to the same quarter last year. On average, equities research analysts anticipate that Blackstone Group LP will post 2.01 earnings per share for the current fiscal year.
BX has been the subject of a number of research analyst reports. Citigroup cut Blackstone Group from a “buy” rating to a “neutral” rating in a research note on Monday, June 8th. Credit Suisse Group increased their price objective on Blackstone Group from $64.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Barclays boosted their target price on shares of Blackstone Group from $58.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Bank of America reduced their target price on shares of Blackstone Group from $62.00 to $58.00 and set a “neutral” rating on the stock in a research report on Friday, July 10th. Finally, William Blair reissued an “outperform” rating on shares of Blackstone Group in a research report on Thursday, July 23rd. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $60.95.
Blackstone Group Profile
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.
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