Rothschild & Co Redburn Has Lowered Expectations for Blackstone (NYSE:BX) Stock Price

Blackstone (NYSE:BX) had its price objective decreased by Rothschild & Co Redburn from $134.00 to $130.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has a “neutral” rating on the asset manager’s stock. Rothschild & Co Redburn’s price target points to a potential upside of 8.77% from the company’s previous close.

Several other research firms also recently commented on BX. Jefferies Financial Group upped their price objective on Blackstone from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Barclays reduced their price objective on Blackstone from $126.00 to $124.00 and set an “equal weight” rating for the company in a report on Wednesday, April 8th. Argus cut their price target on Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a research note on Tuesday, April 28th. Zacks Research cut shares of Blackstone from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Finally, Evercore reissued an “outperform” rating and issued a $150.00 price target on shares of Blackstone in a report on Tuesday, April 21st. Thirteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $150.86.

Blackstone Stock Performance

NYSE BX opened at $119.52 on Tuesday. The company has a fifty day moving average of $119.31 and a two-hundred day moving average of $131.52. The company has a market capitalization of $88.79 billion, a PE ratio of 30.47, a P/E/G ratio of 1.25 and a beta of 1.59. Blackstone has a 1 year low of $101.73 and a 1 year high of $190.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The firm had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.45 billion. During the same period in the prior year, the firm earned $1.11 EPS. The business’s revenue was up 10.0% on a year-over-year basis. As a group, analysts expect that Blackstone will post 5.9 earnings per share for the current year.

Insider Activity

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $3.51, for a total transaction of $26,246,039.04. Following the completion of the transaction, the insider directly owned 25,832 shares in the company, valued at $90,670.32. The trade was a 99.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holdings Iv Gp Mana Blackstone bought 2,868,069 shares of the stock in a transaction on Friday, March 20th. The shares were acquired at an average cost of $26.15 per share, with a total value of $75,000,004.35. Following the purchase, the insider owned 18,628,295 shares of the company’s stock, valued at approximately $487,129,914.25. This represents a 18.20% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 12,355,303 shares of company stock worth $264,789,896. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Blackstone

Several hedge funds have recently added to or reduced their stakes in the business. Jain Global LLC purchased a new stake in Blackstone during the 3rd quarter worth about $9,116,000. Fayez Sarofim & Co increased its holdings in Blackstone by 1.9% in the 3rd quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager’s stock worth $217,083,000 after buying an additional 24,237 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of Blackstone by 20.4% in the third quarter. Natixis Advisors LLC now owns 840,401 shares of the asset manager’s stock worth $143,582,000 after acquiring an additional 142,479 shares during the period. Close Asset Management Ltd boosted its stake in shares of Blackstone by 16,035.1% in the 3rd quarter. Close Asset Management Ltd now owns 1,140,264 shares of the asset manager’s stock worth $194,746,000 after buying an additional 1,133,197 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in Blackstone by 2.1% in the third quarter. Mackenzie Financial Corp now owns 904,237 shares of the asset manager’s stock worth $154,489,000 after purchasing an additional 18,339 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

About Blackstone

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.