Grand Jean Capital Management Inc. boosted its position in Blackstone Group LP (NYSE:BX) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 393,347 shares of the asset manager’s stock after acquiring an additional 12,140 shares during the quarter. Blackstone Group accounts for 7.1% of Grand Jean Capital Management Inc.’s holdings, making the stock its 2nd largest holding. Grand Jean Capital Management Inc. owned 0.06% of Blackstone Group worth $17,472,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Belpointe Asset Management LLC grew its stake in shares of Blackstone Group by 43.5% during the first quarter. Belpointe Asset Management LLC now owns 31,832 shares of the asset manager’s stock worth $1,113,000 after buying an additional 9,645 shares during the last quarter. Hollencrest Capital Management grew its stake in shares of Blackstone Group by 5.2% during the first quarter. Hollencrest Capital Management now owns 62,978 shares of the asset manager’s stock worth $2,203,000 after buying an additional 3,096 shares during the last quarter. National Asset Management Inc. grew its stake in shares of Blackstone Group by 15.7% during the first quarter. National Asset Management Inc. now owns 27,818 shares of the asset manager’s stock worth $973,000 after buying an additional 3,775 shares during the last quarter. Meitav Dash Investments Ltd. bought a new stake in shares of Blackstone Group during the first quarter worth $738,000. Finally, B. Riley Wealth Management Inc. grew its stake in shares of Blackstone Group by 13.3% during the first quarter. B. Riley Wealth Management Inc. now owns 15,628 shares of the asset manager’s stock worth $547,000 after buying an additional 1,840 shares during the last quarter. 47.20% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on BX. Barclays began coverage on shares of Blackstone Group in a report on Monday, August 5th. They set an “overweight” rating and a $56.00 price target on the stock. Morgan Stanley lifted their price target on shares of Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Deutsche Bank lifted their price target on shares of Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a report on Friday, July 19th. JMP Securities lowered shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Finally, Oppenheimer set a $52.00 price target on shares of Blackstone Group and gave the stock a “buy” rating in a report on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $48.10.
Shares of NYSE:BX traded up $1.61 during mid-day trading on Friday, reaching $53.85. 2,177,013 shares of the company’s stock were exchanged, compared to its average volume of 4,130,844. The firm has a market capitalization of $32.83 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 1.05 and a beta of 1.47. The business’s fifty day moving average price is $48.44 and its 200-day moving average price is $41.76. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.89. Blackstone Group LP has a twelve month low of $26.88 and a twelve month high of $52.90.
Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.15 billion. Blackstone Group had a net margin of 20.51% and a return on equity of 11.30%. Blackstone Group’s revenue was down 43.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 earnings per share. Analysts predict that Blackstone Group LP will post 2.32 EPS for the current fiscal year.
In related news, insider Christopher Striano sold 7,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $48.23, for a total value of $337,610.00. Following the transaction, the insider now owns 36,186 shares in the company, valued at $1,745,250.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Blackstone Group Inc bought 64,708 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $7.82 per share, for a total transaction of $506,016.56. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 694,319 shares of company stock worth $5,581,544. 1.00% of the stock is owned by company insiders.
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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