Clinton Group Inc. reduced its stake in shares of Blackstone Group LP (NYSE:BX) by 29.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 6,859 shares of the asset manager’s stock after selling 2,899 shares during the period. Clinton Group Inc.’s holdings in Blackstone Group were worth $261,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Blackstone Group during the 1st quarter worth about $5,369,000. PNC Financial Services Group Inc. grew its position in shares of Blackstone Group by 2.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 708,399 shares of the asset manager’s stock valued at $22,790,000 after acquiring an additional 19,278 shares during the period. Independent Advisor Alliance grew its position in shares of Blackstone Group by 7.8% during the 2nd quarter. Independent Advisor Alliance now owns 59,405 shares of the asset manager’s stock valued at $1,911,000 after acquiring an additional 4,304 shares during the period. OppenheimerFunds Inc. grew its position in shares of Blackstone Group by 1.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 1,098,800 shares of the asset manager’s stock valued at $35,348,000 after acquiring an additional 15,000 shares during the period. Finally, Clarus Wealth Advisors grew its position in shares of Blackstone Group by 180.1% during the 3rd quarter. Clarus Wealth Advisors now owns 8,534 shares of the asset manager’s stock valued at $325,000 after acquiring an additional 5,487 shares during the period. 48.75% of the stock is currently owned by institutional investors.

BX has been the topic of a number of analyst reports. Morgan Stanley dropped their target price on Blackstone Group from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, July 12th. Jefferies Financial Group restated a “buy” rating and set a $42.00 target price on shares of Blackstone Group in a research report on Friday, July 20th. Keefe, Bruyette & Woods restated a “buy” rating and set a $40.00 target price on shares of Blackstone Group in a research report on Friday, July 20th. Oppenheimer set a $42.00 target price on Blackstone Group and gave the company a “buy” rating in a research report on Thursday, July 19th. Finally, Citigroup raised their target price on Blackstone Group from $41.50 to $43.00 and gave the company a “buy” rating in a research report on Friday, July 20th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Blackstone Group currently has an average rating of “Buy” and an average price target of $43.54.

In related news, Vice Chairman J Tomilson Hill sold 674,257 shares of the firm’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $36.48, for a total value of $24,596,895.36. Following the transaction, the insider now directly owns 928,884 shares of the company’s stock, valued at approximately $33,885,688.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John G. Finley sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $35.98, for a total transaction of $179,900.00. Following the completion of the transaction, the insider now directly owns 113,003 shares in the company, valued at $4,065,847.94. The disclosure for this sale can be found here. Insiders sold a total of 770,677 shares of company stock worth $28,061,444 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

NYSE:BX opened at $34.85 on Friday. The stock has a market cap of $25.41 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 1.17 and a beta of 1.32. Blackstone Group LP has a 52 week low of $29.57 and a 52 week high of $40.60. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.97 and a current ratio of 0.97.

Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Thursday, July 19th. The asset manager reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.17. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $1.74 billion. Blackstone Group had a net margin of 22.12% and a return on equity of 22.64%. Blackstone Group’s quarterly revenue was up 71.4% compared to the same quarter last year. During the same period last year, the company posted $0.59 EPS. As a group, analysts expect that Blackstone Group LP will post 3.08 EPS for the current fiscal year.

Blackstone Group Company Profile

The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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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Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

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