Holderness Investments Co. Raises Stock Position in Blackstone Group LP (NYSE:BX)

Holderness Investments Co. boosted its holdings in Blackstone Group LP (NYSE:BX) by 1.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 34,194 shares of the asset manager’s stock after buying an additional 450 shares during the period. Holderness Investments Co.’s holdings in Blackstone Group were worth $1,519,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BX. Resources Investment Advisors Inc. grew its position 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 valued at $25,000 after purchasing an additional 606 shares in the last quarter. Investors Research Corp purchased a new position in shares of Blackstone Group during the first quarter valued at about $28,000. Centaurus Financial Inc. grew its position in shares of Blackstone Group by 194.0% during the first quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 683 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Blackstone Group during the first quarter valued at about $32,000. Finally, Coastal Capital Group Inc. purchased a new position in shares of Blackstone Group during the second quarter valued at about $35,000. Institutional investors and hedge funds own 45.54% of the company’s stock.

Shares of NYSE:BX traded up $1.51 during trading on Friday, reaching $47.23. The company’s stock had a trading volume of 3,688,200 shares, compared to its average volume of 6,941,010. The company has a current ratio of 0.89, a quick ratio of 0.98 and a debt-to-equity ratio of 0.82. Blackstone Group LP has a 12 month low of $26.88 and a 12 month high of $49.81. The firm’s 50 day simple moving average is $46.79 and its two-hundred day simple moving average is $39.83. The stock has a market capitalization of $30.33 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 1.00 and a beta of 1.47.

Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.07. Blackstone Group had a net margin of 20.51% and a return on equity of 11.30%. The firm had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was down 43.5% compared to the same quarter last year. Research analysts anticipate that Blackstone Group LP will post 2.32 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend was Friday, July 26th. Blackstone Group’s payout ratio is 84.96%.

BX has been the subject of a number of research analyst reports. Oppenheimer set a $52.00 price objective on Blackstone Group and gave the company a “buy” rating in a research report on Friday, July 19th. Barclays initiated coverage on Blackstone Group in a research report on Monday, August 5th. They set an “overweight” rating and a $56.00 price objective for the company. JMP Securities lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a research report on Monday, July 8th. Zacks Investment Research upgraded Blackstone Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 25th. Finally, Deutsche Bank raised their price objective on Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $48.10.

In other news, major shareholder Blackstone Group Inc acquired 46,500 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was acquired at an average price of $7.98 per share, with a total value of $371,070.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher Striano sold 7,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $48.23, for a total transaction of $337,610.00. Following the completion of the sale, the insider now directly owns 36,186 shares of the company’s stock, valued at approximately $1,745,250.78. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 290,576 shares of company stock valued at $2,232,218. 1.00% of the stock is owned by insiders.

Blackstone Group 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.

Read More: Moving Average – How it Helps Investors in Stock Selection

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Group LP (NYSE:BX).

Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

Receive News & Ratings for Blackstone Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone Group and related companies with MarketBeat.com's FREE daily email newsletter.