Blackstone Group LP (BX) Position Lowered by California Public Employees Retirement System
California Public Employees Retirement System lessened its holdings in shares of Blackstone Group LP (NYSE:BX) by 10.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,108,020 shares of the asset manager’s stock after selling 133,007 shares during the quarter. California Public Employees Retirement System’s holdings in Blackstone Group were worth $35,645,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in BX. Natixis raised its holdings in shares of Blackstone Group by 43,717.6% during the first quarter. Natixis now owns 3,350,295 shares of the asset manager’s stock valued at $105,853,000 after acquiring an additional 3,342,649 shares in the last quarter. Cornerstone Wealth Management LLC raised its holdings in Blackstone Group by 3,337.0% in the second quarter. Cornerstone Wealth Management LLC now owns 1,846,134 shares of the asset manager’s stock worth $55,672,000 after purchasing an additional 1,792,420 shares in the last quarter. OppenheimerFunds Inc. bought a new position in Blackstone Group in the first quarter worth $34,627,000. ING Groep NV bought a new position in Blackstone Group in the second quarter worth $19,598,000. Finally, Russell Investments Group Ltd. raised its holdings in Blackstone Group by 28.9% in the first quarter. Russell Investments Group Ltd. now owns 2,692,569 shares of the asset manager’s stock worth $86,026,000 after purchasing an additional 604,211 shares in the last quarter. Institutional investors own 48.75% of the company’s stock.
In other news, insider John G. Finley sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John G. Finley sold 10,000 shares of the firm’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $35.76, for a total value of $357,600.00. Following the transaction, the insider now owns 113,003 shares of the company’s stock, valued at $4,040,987.28. The disclosure for this sale can be found here. Insiders have sold 770,677 shares of company stock valued at $28,061,444 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.
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 consensus estimate of $0.73 by $0.17. Blackstone Group had a return on equity of 22.64% and a net margin of 22.12%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period last year, the company earned $0.59 earnings per share. The company’s revenue was up 71.4% on a year-over-year basis. equities analysts predict that Blackstone Group LP will post 3.08 earnings per share for the current year.
A number of equities analysts have issued reports on BX shares. Zacks Investment Research upgraded Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Thursday, August 16th. Morgan Stanley reiterated a “buy” rating on shares of Blackstone Group in a report on Friday, September 14th. JPMorgan Chase & Co. set a $45.00 price objective on Blackstone Group and gave the stock a “buy” rating in a report on Thursday, September 20th. ValuEngine upgraded Blackstone Group from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Oppenheimer set a $42.00 price objective on Blackstone Group and gave the stock a “buy” rating in a report on Thursday, July 19th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Blackstone Group currently has an average rating of “Buy” and an average price target of $43.22.
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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