Griffin Asset Management Inc. cut its holdings in shares of Blackstone Group LP (NYSE:BX) by 7.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,406 shares of the asset manager’s stock after selling 6,031 shares during the period. Griffin Asset Management Inc.’s holdings in Blackstone Group were worth $2,361,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Cozad Asset Management Inc. acquired a new stake in Blackstone Group in the second quarter worth approximately $4,835,000. Toscafund Asset Management LLP lifted its position in Blackstone Group by 12.8% in the second quarter. Toscafund Asset Management LLP now owns 265,000 shares of the asset manager’s stock worth $8,525,000 after purchasing an additional 30,000 shares during the period. Centaurus Financial Inc. lifted its position in Blackstone Group by 1,402.2% in the second quarter. Centaurus Financial Inc. now owns 56,076 shares of the asset manager’s stock worth $1,804,000 after purchasing an additional 52,343 shares during the period. Macquarie Group Ltd. lifted its position in Blackstone Group by 40.0% in the second quarter. Macquarie Group Ltd. now owns 72,086 shares of the asset manager’s stock worth $2,319,000 after purchasing an additional 20,596 shares during the period. Finally, Wealthsource Partners LLC lifted its position in Blackstone Group by 50.8% in the second quarter. Wealthsource Partners LLC now owns 13,304 shares of the asset manager’s stock worth $428,000 after purchasing an additional 4,480 shares during the period. Institutional investors and hedge funds own 48.80% of the company’s stock.

NYSE BX opened at $35.94 on Friday. The firm has a market capitalization of $23.88 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.10 and a beta of 1.37. Blackstone Group LP has a 1 year low of $29.57 and a 1 year high of $37.52. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.72.

Blackstone Group (NYSE:BX) last posted its quarterly earnings results on Thursday, July 19th. The asset manager reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.17. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $1.74 billion. Blackstone Group had a return on equity of 22.64% and a net margin of 22.12%. The firm’s revenue was up 71.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. analysts anticipate that Blackstone Group LP will post 3.08 EPS for the current year.

In other Blackstone Group news, Vice Chairman J Tomilson Hill sold 674,257 shares of the business’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $36.48, for a total transaction of $24,596,895.36. Following the sale, the insider now directly owns 928,884 shares of the company’s stock, valued at approximately $33,885,688.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John G. Finley sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $35.98, for a total transaction of $179,900.00. Following the sale, the insider now directly owns 113,003 shares in the company, valued at $4,065,847.94. The disclosure for this sale can be found here. Insiders sold 770,677 shares of company stock worth $28,061,444 in the last ninety days. 1.00% of the stock is owned by corporate insiders.

A number of equities research analysts have weighed in on the company. Credit Suisse Group cut their target price on Blackstone Group from $48.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, July 20th. Oppenheimer set a $42.00 price target on Blackstone Group and gave the company a “buy” rating in a report on Thursday, July 19th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $40.00 price target on shares of Blackstone Group in a report on Friday, July 20th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $42.00 price target on shares of Blackstone Group in a report on Friday, July 20th. Finally, Citigroup upped their price target on Blackstone Group from $41.50 to $43.00 and gave the company a “buy” rating in a report on Friday, July 20th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Blackstone Group currently has an average rating of “Buy” and an average target price of $41.50.

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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Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

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