The Blackstone Group (NYSE:BX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The firm currently has a $66.00 price target on the asset manager’s stock. Zacks Investment Research‘s target price suggests a potential upside of 3.17% from the stock’s current price.
According to Zacks, “Shares of Blackstone have underperformed the industry over the past year. Its earnings surpassed the Zacks Consensus Estimate in two and met in one of the trailing four quarters. Recently, the company inked a deal to buy DCI, which will further enhance its digital capabilities. Blackstone remains well-positioned to benefit from its fund-raising ability, revenue mix, persistent asset inflows and inorganic growth efforts. Its transition from a publicly traded partnership to a corporation is expected to help attract more investors. Yet, continuously increasing expenses (mainly owing to higher general and administrative costs) are expected to hamper the bottom line to some extent in the near term. Further, lower chances of sustainability of the company’s capital deployment activities, given the volatile earnings and high debt level is a concern.”
A number of other equities analysts have also issued reports on the stock. BidaskClub lowered shares of The Blackstone Group from a “buy” rating to a “hold” rating in a research report on Wednesday, January 6th. BMO Capital Markets raised their target price on shares of The Blackstone Group from $50.00 to $51.00 and gave the stock a “market perform” rating in a research report on Thursday, October 29th. Oppenheimer upgraded shares of The Blackstone Group from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research report on Thursday, October 29th. Finally, Morgan Stanley lowered their target price on shares of The Blackstone Group from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The Blackstone Group currently has a consensus rating of “Buy” and an average price target of $61.21.
BX stock opened at $63.97 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.42. The Blackstone Group has a twelve month low of $33.00 and a twelve month high of $65.75. The company’s 50 day moving average is $63.20 and its two-hundred day moving average is $56.37. The stock has a market cap of $43.12 billion, a P/E ratio of 59.79 and a beta of 1.33.
The Blackstone Group (NYSE:BX) last released its quarterly earnings data on Wednesday, October 28th. The asset manager reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $3.03 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the business posted $0.58 EPS. The firm’s revenue for the quarter was up 74.8% compared to the same quarter last year. On average, equities research analysts predict that The Blackstone Group will post 2.42 earnings per share for the current year.
In related news, major shareholder Blackstone Bdc Holdings Llc bought 997,940 shares of the firm’s stock in a transaction on Thursday, January 7th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $24,948,500.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Holdings L.P. Blackstone III bought 42,425 shares of the firm’s stock in a transaction on Monday, January 4th. The shares were bought at an average price of $34.93 per share, for a total transaction of $1,481,905.25. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,042,365 shares of company stock worth $26,480,405. 1.00% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Trust N.A. lifted its holdings in The Blackstone Group by 8.8% in the 4th quarter. Raymond James Trust N.A. now owns 34,096 shares of the asset manager’s stock valued at $2,210,000 after purchasing an additional 2,764 shares in the last quarter. IFM Investors Pty Ltd boosted its position in The Blackstone Group by 17.2% during the fourth quarter. IFM Investors Pty Ltd now owns 64,682 shares of the asset manager’s stock worth $4,192,000 after acquiring an additional 9,509 shares during the last quarter. Iron Financial LLC boosted its position in The Blackstone Group by 21.1% during the fourth quarter. Iron Financial LLC now owns 5,651 shares of the asset manager’s stock worth $366,000 after acquiring an additional 983 shares during the last quarter. Redpoint Investment Management Pty Ltd boosted its position in The Blackstone Group by 11.8% during the fourth quarter. Redpoint Investment Management Pty Ltd now owns 15,023 shares of the asset manager’s stock worth $974,000 after acquiring an additional 1,588 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its position in The Blackstone Group by 8.0% during the fourth quarter. Global Retirement Partners LLC now owns 72,667 shares of the asset manager’s stock worth $4,710,000 after acquiring an additional 5,401 shares during the last quarter. Institutional investors own 59.77% of the company’s stock.
The Blackstone Group Company 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, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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