TD Cowen Issues Pessimistic Forecast for Blackstone (NYSE:BX) Stock Price

Blackstone (NYSE:BX) had its price objective lowered by equities research analysts at TD Cowen from $205.00 to $183.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the asset manager’s stock. TD Cowen’s price objective points to a potential upside of 17.13% from the company’s previous close.

A number of other research analysts have also recently weighed in on the company. HSBC cut their price objective on Blackstone from $179.00 to $178.00 in a research note on Monday, October 27th. Jefferies Financial Group reduced their price objective on Blackstone from $199.00 to $187.00 in a research note on Monday, November 10th. Evercore ISI lowered their price objective on Blackstone from $197.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, October 22nd. BMO Capital Markets dropped their target price on Blackstone from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, October 27th. Finally, Morgan Stanley raised their target price on shares of Blackstone from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 21st. Ten equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.58.

Blackstone Stock Up 0.6%

Shares of NYSE:BX traded up $0.99 during midday trading on Wednesday, reaching $156.24. The company’s stock had a trading volume of 617,573 shares, compared to its average volume of 3,597,844. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $115.38 billion, a P/E ratio of 44.60, a PEG ratio of 1.10 and a beta of 1.75. The firm has a 50 day moving average of $150.04 and a 200-day moving average of $161.18. Blackstone has a 12-month low of $115.66 and a 12-month high of $190.09.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, October 23rd. The asset manager reported $1.52 EPS for the quarter, beating the consensus estimate of $1.23 by $0.29. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.14 billion. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. Blackstone’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 EPS. On average, research analysts anticipate that Blackstone will post 5.87 earnings per share for the current year.

Insider Activity

In other Blackstone news, major shareholder Holdings Iv Gp Mana Blackstone acquired 385,208 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average cost of $25.96 per share, for a total transaction of $9,999,999.68. Following the completion of the transaction, the insider owned 16,332,883 shares of the company’s stock, valued at approximately $424,001,642.68. The trade was a 2.42% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ruth Porat acquired 324 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $146.92 per share, for a total transaction of $47,602.08. Following the acquisition, the director directly owned 39,077 shares in the company, valued at approximately $5,741,192.84. This trade represents a 0.84% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 797,148 shares of company stock valued at $24,050,153. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Blackstone

Several hedge funds and other institutional investors have recently made changes to their positions in BX. REAP Financial Group LLC acquired a new stake in shares of Blackstone during the third quarter worth $26,000. Traub Capital Management LLC acquired a new stake in Blackstone in the 2nd quarter valued at about $27,000. Family CFO Inc bought a new position in shares of Blackstone in the second quarter valued at $28,000. Redmont Wealth Advisors LLC acquired a new position in shares of Blackstone in the third quarter worth about $30,000. Finally, Strive Asset Management LLC purchased a new position in shares of Blackstone during the third quarter valued at $30,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.