Piper Sandler Initiates Coverage on Carlyle Group (NASDAQ:CG)

Equities research analysts at Piper Sandler started coverage on shares of Carlyle Group (NASDAQ:CG) in a research note issued to investors on Thursday, Marketbeat.com reports. The firm set an “overweight” rating and a $54.00 price target on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 34.90% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. BMO Capital Markets restated an “outperform” rating and set a $52.00 price target on shares of Carlyle Group in a research note on Monday, July 13th. Citigroup restated an “outperform” rating on shares of Carlyle Group in a research report on Thursday, August 6th. TD Cowen reiterated a “hold” rating on shares of Carlyle Group in a research report on Thursday, August 6th. Royal Bank Of Canada cut their price objective on shares of Carlyle Group from $58.00 to $56.00 and set a “sector perform” rating for the company in a research report on Monday, July 13th. Finally, UBS Group raised their target price on Carlyle Group from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $58.93.

Carlyle Group Stock Performance

CG stock traded up $0.61 on Thursday, hitting $40.03. The company had a trading volume of 1,974,126 shares, compared to its average volume of 3,416,244. The stock has a market cap of $14.26 billion, a price-to-earnings ratio of 41.70, a P/E/G ratio of 1.26 and a beta of 1.84. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 1.91. The stock’s 50-day simple moving average is $46.03 and its 200 day simple moving average is $46.36. Carlyle Group has a 12-month low of $38.76 and a 12-month high of $67.30.

Carlyle Group (NASDAQ:CG) last released its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.16. Carlyle Group had a return on equity of 22.52% and a net margin of 10.08%.The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $923.50 million. During the same period in the prior year, the firm earned $0.87 EPS. The company’s revenue was down 28.6% compared to the same quarter last year. As a group, equities research analysts expect that Carlyle Group will post 3.61 earnings per share for the current fiscal year.

Insider Transactions at Carlyle Group

In other Carlyle Group news, Director David Rubenstein sold 400,000 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $42.74, for a total value of $17,096,000.00. Following the completion of the sale, the director owned 26,899,644 shares in the company, valued at approximately $1,149,690,784.56. This represents a 1.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 25.40% of the company’s stock.

Hedge Funds Weigh In On Carlyle Group

A number of hedge funds have recently made changes to their positions in CG. BlackRock Inc. bought a new stake in shares of Carlyle Group during the second quarter valued at approximately $1,346,848,000. Geode Capital Management LLC increased its holdings in Carlyle Group by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,999,880 shares of the financial services provider’s stock valued at $294,817,000 after acquiring an additional 79,134 shares during the last quarter. Norges Bank purchased a new stake in Carlyle Group in the 4th quarter worth $288,257,000. William Blair Investment Management LLC bought a new position in shares of Carlyle Group during the 2nd quarter valued at about $249,077,000. Finally, Legal & General Group Plc bought a new stake in shares of Carlyle Group in the second quarter worth about $162,984,000. Institutional investors own 55.88% of the company’s stock.

About Carlyle Group

The Carlyle Group Inc (NASDAQ:CG) is a global investment firm that manages alternative assets for institutional investors, private wealth clients and other investors. The company invests across private equity, global credit and investment solutions, with strategies spanning corporate, real estate and infrastructure investments.

Carlyle’s investment activities include acquiring and supporting companies through its corporate private equity platform, providing loans and other financing through its credit business, and managing portfolios of private market investments through its investment solutions platform.