Sterling Investment Advisors Ltd. Sells 2,070 Shares of Blackstone Group LP (NYSE:BX)

Sterling Investment Advisors Ltd. lessened its position in Blackstone Group LP (NYSE:BX) by 6.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 31,052 shares of the asset manager’s stock after selling 2,070 shares during the period. Sterling Investment Advisors Ltd.’s holdings in Blackstone Group were worth $1,379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Belpointe Asset Management LLC increased its holdings in Blackstone Group by 43.5% in the 1st quarter. Belpointe Asset Management LLC now owns 31,832 shares of the asset manager’s stock valued at $1,113,000 after purchasing an additional 9,645 shares in the last quarter. Hollencrest Capital Management boosted its stake in shares of Blackstone Group by 5.2% in the first quarter. Hollencrest Capital Management now owns 62,978 shares of the asset manager’s stock worth $2,203,000 after buying an additional 3,096 shares during the last quarter. National Asset Management Inc. boosted its stake in shares of Blackstone Group by 15.7% in the first quarter. National Asset Management Inc. now owns 27,818 shares of the asset manager’s stock worth $973,000 after buying an additional 3,775 shares during the last quarter. Meitav Dash Investments Ltd. purchased a new stake in shares of Blackstone Group in the first quarter worth about $738,000. Finally, B. Riley Wealth Management Inc. boosted its stake in shares of Blackstone Group by 13.3% in the first quarter. B. Riley Wealth Management Inc. now owns 15,628 shares of the asset manager’s stock worth $547,000 after buying an additional 1,840 shares during the last quarter. Hedge funds and other institutional investors own 45.05% of the company’s stock.

BX has been the topic of a number of recent research reports. Morgan Stanley upped their target price on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. JMP Securities downgraded Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. Deutsche Bank upped their target price on Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Citigroup set a $52.00 target price on Blackstone Group and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Oppenheimer set a $52.00 target price on Blackstone Group and gave the stock a “buy” rating in a research note on Friday, July 19th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Blackstone Group currently has an average rating of “Buy” and a consensus price target of $48.10.

In other news, major shareholder Blackstone Group Inc bought 100,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average price of $8.37 per share, for a total transaction of $837,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher Striano sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $48.23, for a total value of $337,610.00. Following the completion of the transaction, the insider now owns 36,186 shares in the company, valued at approximately $1,745,250.78. The disclosure for this sale can be found here. Insiders have acquired 468,319 shares of company stock worth $3,675,614 in the last quarter. 1.00% of the stock is currently owned by company insiders.

BX stock traded down $0.99 during mid-day trading on Friday, reaching $48.81. 3,753,590 shares of the company’s stock were exchanged, compared to its average volume of 6,222,952. The company has a market cap of $32.71 billion, a price-to-earnings ratio of 21.60, a price-to-earnings-growth ratio of 1.04 and a beta of 1.47. The stock’s 50 day moving average is $47.15 and its 200 day moving average is $40.25. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.89 and a quick ratio of 0.89. Blackstone Group LP has a 12-month low of $26.88 and a 12-month high of $50.08.

Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.15 billion. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. Blackstone Group’s revenue for the quarter was down 43.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 earnings per share. On average, research analysts forecast that Blackstone Group LP will post 2.32 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were given a dividend of $0.48 per share. The ex-dividend date was Friday, July 26th. This represents a $1.92 dividend on an annualized basis and a yield of 3.93%. Blackstone Group’s dividend payout ratio is currently 84.96%.

About Blackstone Group

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.

Featured Story: What is a Stop Order?

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.