Analysts forecast that Blackstone Group LP (NYSE:BX) will post sales of $1.14 billion for the current quarter, according to Zacks. Four analysts have issued estimates for Blackstone Group’s earnings, with the lowest sales estimate coming in at $1.09 billion and the highest estimate coming in at $1.27 billion. Blackstone Group posted sales of $1.32 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 13.6%. The company is scheduled to report its next quarterly earnings results on Thursday, July 16th.
On average, analysts expect that Blackstone Group will report full-year sales of $5.19 billion for the current year, with estimates ranging from $4.81 billion to $5.62 billion. For the next fiscal year, analysts expect that the business will post sales of $7.01 billion, with estimates ranging from $6.16 billion to $8.01 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Blackstone Group.
Blackstone Group (NYSE:BX) last posted its quarterly earnings results on Thursday, April 23rd. The asset manager reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Blackstone Group had a return on equity of 14.62% and a net margin of 27.93%. During the same period in the prior year, the business earned $0.71 EPS.
A number of equities analysts have recently commented on the stock. Morgan Stanley raised their target price on shares of Blackstone Group from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. William Blair reaffirmed a “buy” rating on shares of Blackstone Group in a research note on Friday, April 24th. Wells Fargo & Co lifted their price target on shares of Blackstone Group from $58.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. Deutsche Bank raised their price objective on shares of Blackstone Group from $43.00 to $47.00 and gave the stock a “hold” rating in a report on Friday, May 15th. Finally, Bank of America decreased their price objective on shares of Blackstone Group from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Blackstone Group has an average rating of “Hold” and a consensus target price of $58.95.
Shares of BX stock traded up $1.46 during mid-day trading on Monday, reaching $55.81. The company’s stock had a trading volume of 2,658,649 shares, compared to its average volume of 5,768,239. The company’s 50 day simple moving average is $55.71 and its 200-day simple moving average is $54.22. Blackstone Group has a 12-month low of $33.00 and a 12-month high of $64.97. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $37.37 billion, a PE ratio of 76.45, a price-to-earnings-growth ratio of 13.55 and a beta of 1.46.
In other news, insider John G. Finley sold 50,000 shares of Blackstone Group stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $53.11, for a total value of $2,655,500.00. Following the transaction, the insider now directly owns 218,663 shares of the company’s stock, valued at $11,613,191.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in BX. Wellington Management Group LLP raised its position in shares of Blackstone Group by 69.4% in the 1st quarter. Wellington Management Group LLP now owns 26,841,950 shares of the asset manager’s stock valued at $1,223,190,000 after acquiring an additional 10,996,707 shares during the period. Bessemer Group Inc. raised its position in shares of Blackstone Group by 202.2% in the 1st quarter. Bessemer Group Inc. now owns 7,453,381 shares of the asset manager’s stock valued at $339,652,000 after acquiring an additional 4,986,613 shares during the period. Capital World Investors raised its position in shares of Blackstone Group by 7.2% in the 4th quarter. Capital World Investors now owns 33,010,804 shares of the asset manager’s stock valued at $1,846,624,000 after acquiring an additional 2,214,993 shares during the period. Capital International Investors raised its position in shares of Blackstone Group by 16.2% in the 1st quarter. Capital International Investors now owns 15,799,469 shares of the asset manager’s stock valued at $719,982,000 after acquiring an additional 2,199,153 shares during the period. Finally, BlackRock Inc. raised its position in shares of Blackstone Group by 8.3% in the 1st quarter. BlackRock Inc. now owns 19,220,238 shares of the asset manager’s stock valued at $875,864,000 after acquiring an additional 1,468,185 shares during the period. 56.73% of the stock is currently owned by hedge funds and other institutional investors.
About Blackstone Group
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.
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