Jefferies Group Analysts Decrease Earnings Estimates for The Blackstone Group L.P. (BX)

The Blackstone Group L.P. (NYSE:BX) – Analysts at Jefferies Group dropped their Q2 2017 earnings per share (EPS) estimates for shares of The Blackstone Group L.P. in a research note issued to investors on Tuesday. Jefferies Group analyst D. Fannon now forecasts that the asset manager will post earnings per share of $0.69 for the quarter, down from their previous forecast of $0.71. Jefferies Group currently has a “Buy” rating and a $38.00 price target on the stock. Jefferies Group also issued estimates for The Blackstone Group L.P.’s Q3 2017 earnings at $0.72 EPS and Q4 2017 earnings at $0.75 EPS.

The Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings results on Thursday, April 20th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.13. The Blackstone Group L.P. had a return on equity of 17.90% and a net margin of 21.87%. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the company earned $0.31 EPS. The firm’s revenue was up 108.1% on a year-over-year basis.

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Other analysts also recently issued reports about the company. Citigroup Inc. upgraded The Blackstone Group L.P. from a “neutral” rating to a “buy” rating and increased their price objective for the company from $32.00 to $40.00 in a report on Monday, May 22nd. BidaskClub upgraded The Blackstone Group L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Credit Suisse Group increased their price objective on The Blackstone Group L.P. from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Vetr downgraded The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 price objective for the company. in a report on Wednesday, April 19th. Finally, Morgan Stanley restated an “overweight” rating and issued a $37.00 price objective (up from $36.00) on shares of The Blackstone Group L.P. in a report on Monday. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $37.57.

The Blackstone Group L.P. (NYSE BX) opened at 33.53 on Wednesday. The stock has a 50 day moving average price of $32.32 and a 200 day moving average price of $30.47. The company has a market capitalization of $21.69 billion, a price-to-earnings ratio of 16.56 and a beta of 1.32. The Blackstone Group L.P. has a 52-week low of $23.33 and a 52-week high of $33.93.

Several institutional investors have recently added to or reduced their stakes in the company. PHH Investments Ltd. bought a new position in The Blackstone Group L.P. during the first quarter worth about $134,000. Hudock Capital Group LLC boosted its position in The Blackstone Group L.P. by 20.2% in the first quarter. Hudock Capital Group LLC now owns 4,726 shares of the asset manager’s stock worth $140,000 after buying an additional 793 shares during the period. Israel Discount Bank of New York GFN bought a new position in The Blackstone Group L.P. during the fourth quarter worth about $135,000. Archford Capital Strategies LLC boosted its position in The Blackstone Group L.P. by 72.1% in the first quarter. Archford Capital Strategies LLC now owns 5,088 shares of the asset manager’s stock worth $151,000 after buying an additional 2,131 shares during the period. Finally, Kernodle & Katon Asset Management Group LLC bought a new position in The Blackstone Group L.P. during the first quarter worth about $174,000. 49.04% of the stock is currently owned by institutional investors.

In other news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $26.05, for a total transaction of $390,750,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joan Solotar sold 30,500 shares of the stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $33.31, for a total transaction of $1,015,955.00. Following the transaction, the insider now directly owns 150,281 shares in the company, valued at approximately $5,005,860.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,050,500 shares of company stock valued at $392,416,555. Company insiders own 1.00% of the company’s stock.

The Blackstone Group L.P. Company Profile

The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.

Earnings History and Estimates for The Blackstone Group L.P. (NYSE:BX)

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