JPMorgan Chase & Co. Cuts Blackstone (NYSE:BX) Price Target to $100.00

Blackstone (NYSE:BX) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $105.00 to $100.00 in a report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 16.86% from the company’s current price.

A number of other research analysts have also weighed in on BX. TD Cowen began coverage on Blackstone in a report on Thursday, January 4th. They issued a “market perform” rating and a $118.00 price objective on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Blackstone in a report on Tuesday, April 9th. Citigroup lowered Blackstone from a “buy” rating to a “neutral” rating and raised their target price for the stock from $116.00 to $124.00 in a report on Friday, January 19th. Oppenheimer lowered Blackstone from an “outperform” rating to a “market perform” rating in a report on Thursday, January 11th. Finally, Wells Fargo & Company raised their target price on Blackstone from $127.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $120.19.

Blackstone Trading Down 2.4 %

Blackstone stock opened at $120.28 on Friday. The stock has a 50-day moving average of $126.66 and a two-hundred day moving average of $117.66. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $85.96 billion, a PE ratio of 65.73, a price-to-earnings-growth ratio of 1.01 and a beta of 1.51. Blackstone has a one year low of $79.92 and a one year high of $133.56.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.02). The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.56 billion. Blackstone had a net margin of 17.34% and a return on equity of 17.30%. The firm’s revenue for the quarter was up 166.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.97 earnings per share. On average, research analysts anticipate that Blackstone will post 4.88 EPS for the current fiscal year.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the business’s stock in a transaction on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the transaction, the insider now owns 12,802 shares of the company’s stock, valued at $142,102.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Ruth Porat acquired 232 shares of the stock in a transaction on Monday, February 12th. The shares were bought at an average price of $127.08 per share, with a total value of $29,482.56. Following the completion of the purchase, the director now owns 34,225 shares of the company’s stock, valued at approximately $4,349,313. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the company’s stock in a transaction on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the transaction, the insider now directly owns 12,802 shares in the company, valued at approximately $142,102.20. The disclosure for this sale can be found here. Insiders have sold 2,587,168 shares of company stock valued at $37,816,476 over the last ninety days. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Blackstone

Several large investors have recently modified their holdings of the business. Carret Asset Management LLC lifted its stake in shares of Blackstone by 20.9% in the 1st quarter. Carret Asset Management LLC now owns 46,645 shares of the asset manager’s stock valued at $6,128,000 after purchasing an additional 8,050 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Blackstone by 0.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,698,822 shares of the asset manager’s stock valued at $223,174,000 after buying an additional 5,145 shares during the period. Hedeker Wealth LLC raised its holdings in shares of Blackstone by 2.7% in the 1st quarter. Hedeker Wealth LLC now owns 40,540 shares of the asset manager’s stock valued at $5,326,000 after buying an additional 1,077 shares during the period. State of Michigan Retirement System raised its holdings in shares of Blackstone by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 197,100 shares of the asset manager’s stock valued at $25,893,000 after buying an additional 2,600 shares during the period. Finally, Cullinan Associates Inc. increased its holdings in Blackstone by 10.0% during the 1st quarter. Cullinan Associates Inc. now owns 26,442 shares of the asset manager’s stock worth $3,474,000 after purchasing an additional 2,400 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Company Profile

Blackstone 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.