Institute for Wealth Management LLC. Purchases New Holdings in The Blackstone Group L.P. (BX)
Institute for Wealth Management LLC. purchased a new position in shares of The Blackstone Group L.P. (NYSE:BX) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 11,891 shares of the asset manager’s stock, valued at approximately $396,000.
Several other hedge funds also recently made changes to their positions in BX. HighTower Advisors LLC grew its holdings in The Blackstone Group L.P. by 13.7% in the second quarter. HighTower Advisors LLC now owns 1,205,037 shares of the asset manager’s stock worth $40,196,000 after purchasing an additional 145,076 shares during the period. Lee Capital Management LP acquired a new stake in shares of The Blackstone Group L.P. in the 2nd quarter valued at about $834,000. Balyasny Asset Management LLC increased its position in The Blackstone Group L.P. by 270.0% in the 2nd quarter. Balyasny Asset Management LLC now owns 545,107 shares of the asset manager’s stock valued at $18,179,000 after buying an additional 397,787 shares in the last quarter. EnTrustPermal Management LLC bought a new stake in The Blackstone Group L.P. in the 2nd quarter valued at about $2,849,000. Finally, Ranger International Management LP increased its position in The Blackstone Group L.P. by 3.9% in the 2nd quarter. Ranger International Management LP now owns 39,755 shares of the asset manager’s stock valued at $1,326,000 after buying an additional 1,480 shares in the last quarter. 46.58% of the stock is owned by institutional investors.
A number of research analysts recently weighed in on the company. Vetr raised The Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating and set a $37.55 price target on the stock in a research note on Wednesday, June 7th. BidaskClub downgraded shares of The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Jefferies Group LLC restated a “buy” rating and set a $38.00 price objective on shares of The Blackstone Group L.P. in a report on Wednesday, June 28th. Zacks Investment Research lowered shares of The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $37.00 price objective (up from $36.00) on shares of The Blackstone Group L.P. in a research note on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company’s stock. The Blackstone Group L.P. currently has a consensus rating of “Buy” and an average price target of $37.38.
Shares of The Blackstone Group L.P. (NYSE BX) traded down 0.03% during midday trading on Monday, reaching $33.36. 531,391 shares of the company’s stock were exchanged. The stock has a market capitalization of $21.65 billion, a P/E ratio of 15.00 and a beta of 1.33. The firm has a 50-day moving average of $32.33 and a 200-day moving average of $31.75. The Blackstone Group L.P. has a 12-month low of $23.33 and a 12-month high of $35.09.
The Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings data on Thursday, July 20th. The asset manager reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.03). The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.49 billion. The Blackstone Group L.P. had a net margin of 22.88% and a return on equity of 18.97%. During the same period last year, the business earned $0.44 EPS. Analysts anticipate that The Blackstone Group L.P. will post $2.80 EPS for the current fiscal year.
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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.
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