StockNews.com Upgrades Blackstone (NYSE:BX) to Hold

Blackstone (NYSE:BXGet Rating) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley decreased their price objective on shares of Blackstone from $154.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. The Goldman Sachs Group decreased their price objective on shares of Blackstone from $136.00 to $112.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Keefe, Bruyette & Woods cut shares of Blackstone from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $127.00 to $115.00 in a research report on Wednesday, August 3rd. Barclays began coverage on shares of Blackstone in a research report on Wednesday, August 31st. They set an “overweight” rating and a $120.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Blackstone from $147.00 to $153.00 and gave the stock a “buy” rating in a research report on Friday, August 12th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $131.33.

Blackstone Stock Down 3.8 %

NYSE BX traded down $3.37 during trading hours on Thursday, hitting $85.40. The company had a trading volume of 7,460,174 shares, compared to its average volume of 4,609,303. Blackstone has a fifty-two week low of $84.11 and a fifty-two week high of $149.78. The company has a market capitalization of $59.92 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 1.73 and a beta of 1.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.92 and a quick ratio of 0.92. The firm’s 50 day moving average is $98.89 and its 200 day moving average is $105.50.

Blackstone (NYSE:BXGet Rating) last posted its quarterly earnings data on Thursday, July 21st. The asset manager reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The firm’s revenue for the quarter was up 96.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.82 EPS. Sell-side analysts anticipate that Blackstone will post 5.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Blackstone news, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $32.68, for a total value of $235,296.00. Following the sale, the insider now owns 862,800 shares in the company, valued at $28,196,304. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the sale, the director now owns 1,141,965 shares in the company, valued at $107,287,611.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $32.68, for a total transaction of $235,296.00. Following the transaction, the insider now owns 862,800 shares in the company, valued at approximately $28,196,304. The disclosure for this sale can be found here. Insiders have sold 161,423 shares of company stock valued at $9,660,717 over the last quarter. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BX. Destiny Wealth Partners LLC bought a new stake in Blackstone during the second quarter worth approximately $25,000. Financial Advantage Inc. bought a new position in shares of Blackstone in the first quarter valued at $26,000. Western Pacific Wealth Management LP bought a new position in shares of Blackstone in the fourth quarter valued at $27,000. Landmark Wealth Management LLC bought a new position in shares of Blackstone in the first quarter valued at $27,000. Finally, Providence Capital Advisors LLC increased its holdings in shares of Blackstone by 1,137.6% in the first quarter. Providence Capital Advisors LLC now owns 2,995 shares of the asset manager’s stock valued at $31,000 after buying an additional 2,753 shares in the last quarter. Institutional investors and hedge funds own 61.87% of the company’s stock.

Blackstone Company Profile

(Get Rating)

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

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Analyst Recommendations for Blackstone (NYSE:BX)

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