$1.63 Billion in Sales Expected for Blackstone Group LP (NYSE:BX) This Quarter

Equities analysts predict that Blackstone Group LP (NYSE:BX) will post $1.63 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Blackstone Group’s earnings. The lowest sales estimate is $1.58 billion and the highest is $1.65 billion. Blackstone Group reported sales of $504.98 million during the same quarter last year, which indicates a positive year-over-year growth rate of 222.8%. The business is scheduled to issue its next earnings results before the market opens on Thursday, January 30th.

On average, analysts expect that Blackstone Group will report full year sales of $5.43 billion for the current financial year, with estimates ranging from $5.37 billion to $5.49 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $7.23 billion, with estimates ranging from $6.68 billion to $7.58 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Blackstone Group.

Blackstone Group (NYSE:BX) last released its quarterly earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.31 billion. Blackstone Group had a net margin of 27.05% and a return on equity of 7.61%. The business’s revenue was down 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 EPS.

BX has been the subject of several analyst reports. S&P Equity Research cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 24th. Morgan Stanley reiterated an “overweight” rating and set a $60.00 price target (up previously from $57.00) on shares of Blackstone Group in a report on Friday, October 25th. Wells Fargo & Co boosted their price target on shares of Blackstone Group from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday, December 19th. Bank of America cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $54.00 to $52.00 in a report on Monday, October 14th. Finally, BMO Capital Markets initiated coverage on shares of Blackstone Group in a report on Monday, October 7th. They set a “market perform” rating and a $44.00 price target for the company. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $55.13.

In related news, major shareholder Clarus Gp L.P. Blackstone bought 250,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was acquired at an average price of $12.00 per share, for a total transaction of $3,000,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Blackstone Group Inc sold 8,875,211 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $2.50, for a total transaction of $22,188,027.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,608,103 shares of company stock valued at $311,151,291. Company insiders own 1.00% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Allworth Financial LP raised its position in Blackstone Group by 359.8% in the 4th quarter. Allworth Financial LP now owns 469 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 367 shares during the last quarter. Burt Wealth Advisors purchased a new stake in Blackstone Group in the 3rd quarter valued at $26,000. Lenox Wealth Advisors LLC purchased a new stake in Blackstone Group in the 3rd quarter valued at $28,000. Hartford Financial Management Inc. purchased a new stake in Blackstone Group in the 3rd quarter valued at $30,000. Finally, TCI Wealth Advisors Inc. purchased a new stake in Blackstone Group in the 3rd quarter valued at $32,000. Institutional investors and hedge funds own 53.37% of the company’s stock.

Shares of BX stock traded up $0.61 during trading on Monday, reaching $60.76. The company’s stock had a trading volume of 4,276,545 shares, compared to its average volume of 2,679,199. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $39.66 billion, a price-to-earnings ratio of 38.31, a P/E/G ratio of 1.19 and a beta of 1.44. The stock’s 50-day moving average price is $55.59 and its 200 day moving average price is $50.93. Blackstone Group has a 1-year low of $32.17 and a 1-year high of $61.39.

Blackstone Group Company Profile

The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.

See Also: Diluted Earnings Per Share

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