Traders Buy Blackstone Group L.P. (BX) on Weakness
Traders bought shares of Blackstone Group L.P. (NYSE:BX) on weakness during trading hours on Thursday. $43.47 million flowed into the stock on the tick-up and $12.51 million flowed out of the stock on the tick-down, for a money net flow of $30.96 million into the stock. Of all equities tracked, Blackstone Group L.P. had the 5th highest net in-flow for the day. Blackstone Group L.P. traded down ($0.03) for the day and closed at $26.63
A number of equities analysts have recently commented on BX shares. Vetr lowered Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $29.89 price target for the company. in a report on Thursday, July 21st. Jefferies Group raised their price target on Blackstone Group L.P. from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday. Deutsche Bank AG reaffirmed a “hold” rating and issued a $29.00 price target on shares of Blackstone Group L.P. in a report on Tuesday, April 19th. Zacks Investment Research lowered Blackstone Group L.P. from a “buy” rating to a “hold” rating in a report on Wednesday, April 13th. Finally, TheStreet lowered Blackstone Group L.P. to a “hold” rating in a report on Wednesday, June 15th. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $35.08.
The stock’s 50-day moving average price is $25.35 and its 200 day moving average price is $26.39. The firm has a market cap of $16.63 billion and a P/E ratio of 56.42.
Blackstone Group L.P. (NYSE:BX) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.05. The business 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 EPS. The company’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts forecast that Blackstone Group L.P. will post $2.08 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 8th. Shareholders of record on Monday, August 1st will be paid a $0.36 dividend. This is a positive change from Blackstone Group L.P.’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Thursday, July 28th. This represents a $1.44 dividend on an annualized basis and a yield of 5.41%.
Other hedge funds and institutional investors recently added to or reduced their stakes in the company. Marshall Wace LLP bought a new position in Blackstone Group L.P. during the fourth quarter valued at approximately $1,009,000. Atlantic Trust Group LLC increased its position in Blackstone Group L.P. by 2.2% in the fourth quarter. Atlantic Trust Group LLC now owns 35,117 shares of the company’s stock valued at $1,026,000 after buying an additional 744 shares during the period. Highlander Capital Management LLC increased its position in Blackstone Group L.P. by 50.4% in the fourth quarter. Highlander Capital Management LLC now owns 35,800 shares of the company’s stock valued at $1,047,000 after buying an additional 12,000 shares during the period. Agran Libbie increased its position in Blackstone Group L.P. by 4.3% in the fourth quarter. Agran Libbie now owns 47,575 shares of the company’s stock valued at $1,391,000 after buying an additional 1,950 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its position in Blackstone Group L.P. by 16.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 97,128 shares of the company’s stock valued at $2,840,000 after buying an additional 13,690 shares during the period.
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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