Fred Alger Management Inc. grew its holdings in The Blackstone Group L.P. (NYSE:BX) by 23.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,289,738 shares of the asset manager’s stock after acquiring an additional 1,211,146 shares during the quarter. The Blackstone Group L.P. accounts for approximately 1.0% of Fred Alger Management Inc.’s investment portfolio, making the stock its 23rd biggest position. Fred Alger Management Inc. owned about 0.97% of The Blackstone Group L.P. worth $209,763,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Omnia Family Wealth LLC increased its position in The Blackstone Group L.P. by 0.5% during the second quarter. Omnia Family Wealth LLC now owns 4,020 shares of the asset manager’s stock worth $134,000 after acquiring an additional 20 shares during the period. Mosaic Family Wealth LLC raised its holdings in The Blackstone Group L.P. by 0.6% in the 2nd quarter. Mosaic Family Wealth LLC now owns 7,108 shares of the asset manager’s stock valued at $237,000 after acquiring an additional 45 shares in the last quarter. Winslow Evans & Crocker Inc. raised its holdings in The Blackstone Group L.P. by 1.4% in the 2nd quarter. Winslow Evans & Crocker Inc. now owns 3,500 shares of the asset manager’s stock valued at $117,000 after acquiring an additional 50 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in The Blackstone Group L.P. by 1.5% in the 1st quarter. Nuveen Asset Management LLC now owns 8,689 shares of the asset manager’s stock valued at $258,000 after acquiring an additional 126 shares in the last quarter. Finally, Joel Isaacson & Co. LLC raised its holdings in The Blackstone Group L.P. by 0.3% in the 2nd quarter. Joel Isaacson & Co. LLC now owns 42,088 shares of the asset manager’s stock valued at $1,404,000 after acquiring an additional 143 shares in the last quarter. 46.58% of the stock is owned by institutional investors.

WARNING: “Fred Alger Management Inc. Acquires 1,211,146 Shares of The Blackstone Group L.P. (BX)” was first reported by Watch List News and is the sole property of of Watch List News. If you are viewing this piece of content on another publication, it was illegally stolen and reposted in violation of United States & international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.watchlistnews.com/fred-alger-management-inc-acquires-1211146-shares-of-the-blackstone-group-l-p-bx/1605681.html.

Shares of The Blackstone Group L.P. (BX) traded up 0.55% during mid-day trading on Tuesday, hitting $33.18. 1,774,321 shares of the stock traded hands. The Blackstone Group L.P. has a 1-year low of $23.33 and a 1-year high of $35.09. The company has a market capitalization of $21.53 billion, a PE ratio of 14.92 and a beta of 1.33. The company’s 50-day moving average price is $32.28 and its 200 day moving average price is $31.96.

The Blackstone Group L.P. (NYSE:BX) last released its quarterly earnings data on Thursday, July 20th. The asset manager reported $0.59 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.03). The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.49 billion. The Blackstone Group L.P. had a return on equity of 18.97% and a net margin of 22.88%. During the same quarter in the previous year, the business posted $0.44 earnings per share. Equities research analysts forecast that The Blackstone Group L.P. will post $2.80 EPS for the current fiscal year.

Several research firms recently issued reports on BX. BidaskClub upgraded shares of The Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. Morgan Stanley reiterated an “overweight” rating and issued a $40.00 target price (up previously from $37.00) on shares of The Blackstone Group L.P. in a research report on Tuesday, July 25th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $37.00 target price on shares of The Blackstone Group L.P. in a research note on Friday, July 14th. Deutsche Bank AG increased their target price on shares of The Blackstone Group L.P. from $32.00 to $33.00 and gave the stock a “hold” rating in a report on Friday, July 21st. Finally, Oppenheimer Holdings, Inc. raised their price target on shares of The Blackstone Group L.P. from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $37.38.

The Blackstone Group L.P. 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.

Institutional Ownership by Quarter for The Blackstone Group L.P. (NYSE:BX)

Receive News & Ratings for The Blackstone Group L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Blackstone Group L.P. and related companies with Analyst Ratings Network's FREE daily email newsletter.