Trade Report: The Zacks Investment Research Lowers Blackstone Group L.P. (BX) to Hold

The Zacks Investment Research Lowers Blackstone Group L.P. (BX) to Hold

Zacks Investment Research lowered shares of Blackstone Group L.P. (NYSE:BX) from a buy rating to a hold rating in a report published on Friday morning.

According to Zacks, “Estimates have been falling ahead of Blackstone’s third-quarter 2016 earnings release. Further, expenses are expected to remain elevated owing to the company’s well performing funds that require more headcount. Moreover, increased dependence on management and advisory fees can adversely affect the company’s financials in the near term. Also, high dependence on commitment from investors for the alternative investment funds can adversely affect revenue growth. Nonetheless, the company remains well positioned to capitalize on the changing investment landscape by making long-term investments and augmenting its fund-raising ability. In addition, current dislocation in the credit markets and increased liquidity pressure are anticipated to create more investment opportunities for the company. Further, the company continues to benefit from the changing investor preference for alternative assets and other risk management strategies.”

A number of other equities research analysts have also recently issued reports on BX. Deutsche Bank AG restated a hold rating on shares of Blackstone Group L.P. in a report on Sunday, July 10th. Vetr upgraded Blackstone Group L.P. from a buy rating to a strong-buy rating and set a $31.48 price objective for the company in a report on Monday, July 25th. Keefe, Bruyette & Woods reduced their price objective on Blackstone Group L.P. from $34.00 to $33.00 and set a market perform rating for the company in a report on Monday, July 11th. TheStreet cut Blackstone Group L.P. to a hold rating in a report on Wednesday, June 15th. Finally, Barclays PLC boosted their price objective on Blackstone Group L.P. from $29.00 to $33.00 and gave the stock an overweight rating in a report on Tuesday, August 9th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $33.95.

Blackstone Group L.P. (NYSE:BX) opened at 24.16 on Friday. The firm has a market cap of $15.17 billion, a PE ratio of 50.97 and a beta of 1.57. The firm has a 50-day moving average price of $25.99 and a 200 day moving average price of $26.42. Blackstone Group L.P. has a 12-month low of $22.31 and a 12-month high of $35.00.

Blackstone Group L.P. (NYSE:BX) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. Blackstone Group L.P. had a return on equity of 6.15% and a net margin of 15.50%. The company earned $1.17 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company posted $0.43 earnings per share. The business’s revenue was down 2.7% on a year-over-year basis. Equities research analysts forecast that Blackstone Group L.P. will post $2.06 EPS for the current year.

In other news, insider Kathleen Skero sold 11,500 shares of the company’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $26.51, for a total transaction of $304,865.00. Following the completion of the transaction, the insider now directly owns 42,967 shares in the company, valued at $1,139,055.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc increased its position in shares of Blackstone Group L.P. by 29.0% in the first quarter. Legal & General Group Plc now owns 750,668 shares of the company’s stock valued at $21,052,000 after buying an additional 168,959 shares during the period. Mariner Wealth Advisors LLC increased its position in shares of Blackstone Group L.P. by 2.9% in the first quarter. Mariner Wealth Advisors LLC now owns 7,210 shares of the company’s stock valued at $202,000 after buying an additional 200 shares during the period. Grand Jean Capital Management Inc. increased its position in shares of Blackstone Group L.P. by 108.3% in the first quarter. Grand Jean Capital Management Inc. now owns 405,875 shares of the company’s stock valued at $11,385,000 after buying an additional 210,992 shares during the period. Barr E S & Co. increased its position in shares of Blackstone Group L.P. by 12.8% in the first quarter. Barr E S & Co. now owns 555,776 shares of the company’s stock valued at $15,590,000 after buying an additional 63,259 shares during the period. Finally, Edmond DE Rothschild Holding S.A. increased its position in shares of Blackstone Group L.P. by 571.8% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 14,510 shares of the company’s stock valued at $407,000 after buying an additional 12,350 shares during the period. Institutional investors own 49.11% of the company’s stock.

Blackstone Group L.P. Company Profile

The Blackstone Group L.P. (Blackstone) is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds and other multi-asset class strategies.

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