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 stocks 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
Several research firms have issued reports on BX. 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. Vetr lowered shares of Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $30.94 price objective on the stock. in a report on Wednesday, April 13th. Zacks Investment Research raised shares of Blackstone Group L.P. from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 26th. Bank of America Corp. reissued a “hold” rating on shares of Blackstone Group L.P. in a report on Friday, July 22nd. Finally, Jefferies Group boosted their price objective on shares of Blackstone Group L.P. from $28.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday. Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Blackstone Group L.P. currently has an average rating of “Buy” and an average price target of $35.08.
The company has a market capitalization of $16.98 billion and a PE ratio of 57.61. The firm has a 50-day moving average of $25.41 and a 200-day moving average of $26.39.
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 the Thomson Reuters’ consensus estimate of $0.39 by $0.05. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the business posted $0.43 earnings per share. The company’s revenue for the quarter 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 disclosed a quarterly dividend, which will be paid on Monday, August 8th. Shareholders of record on Monday, August 1st will be given a dividend of $0.36 per share. This is a positive change from Blackstone Group L.P.’s previous quarterly dividend of $0.28. This represents a $1.44 annualized dividend and a yield of 5.30%. The ex-dividend date is Thursday, July 28th.
Other hedge funds have recently modified their holdings of the company. Highlander Capital Management LLC increased its stake in shares of 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 last quarter. Atlantic Trust Group LLC increased its stake in shares of 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 last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Blackstone Group L.P. during the fourth quarter valued at $1,009,000.
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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