Guinness Asset Management Ltd lessened its holdings in shares of Blackstone Group LP (NYSE:BX) by 22.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,340 shares of the asset manager’s stock after selling 1,800 shares during the period. Guinness Asset Management Ltd’s holdings in Blackstone Group were worth $282,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Resources Investment Advisors Inc. lifted its holdings in shares of Blackstone Group by 606.0% during the first quarter. Resources Investment Advisors Inc. now owns 706 shares of the asset manager’s stock worth $25,000 after purchasing an additional 606 shares during the period. Investors Research Corp acquired a new position in Blackstone Group in the first quarter valued at $28,000. Meridian Wealth Management LLC acquired a new position in Blackstone Group in the first quarter valued at $32,000. Centaurus Financial Inc. lifted its holdings in Blackstone Group by 194.0% in the first quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock valued at $30,000 after buying an additional 683 shares during the period. Finally, Brand Asset Management Group Inc. acquired a new position in Blackstone Group in the second quarter valued at $46,000. Institutional investors own 46.85% of the company’s stock.
BX traded up $0.98 during midday trading on Tuesday, hitting $45.51. The company had a trading volume of 3,330,370 shares, compared to its average volume of 6,639,462. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $49.81. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.77. The stock has a market cap of $29.71 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 1.02 and a beta of 1.47. The stock’s 50 day simple moving average is $46.30.
The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Friday, July 26th. Blackstone Group’s dividend payout ratio (DPR) is currently 84.96%.
Several research firms recently issued reports on BX. ValuEngine upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating in a report on Friday, April 19th. Morgan Stanley boosted their target price on shares of Blackstone Group from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Barclays began coverage on shares of Blackstone Group in a report on Monday. They issued an “overweight” rating and a $56.00 target price on the stock. Deutsche Bank boosted their target price on shares of Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a report on Friday, July 19th. Finally, Citigroup set a $52.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a report on Friday, July 19th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $48.10.
In related news, major shareholder Holdings L.P. Blackstone III purchased 120,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was purchased at an average cost of $24.22 per share, with a total value of $2,906,400.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.00% of the company’s stock.
Blackstone Group Company Profile
The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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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