The Blackstone Group L.P. (NYSE:BX) Given New $38.00 Price Target at Oppenheimer Holdings, Inc.

The Blackstone Group L.P. (NYSE:BX) had its target price upped by Oppenheimer Holdings, Inc. from $34.00 to $38.00 in a research report report published on Friday. They currently have an outperform rating on the asset manager’s stock.

A number of other research analysts also recently commented on BX. Vetr downgraded The Blackstone Group L.P. from a strong-buy rating to a buy rating and set a $37.57 target price on the stock. in a report on Wednesday, July 12th. Zacks Investment Research downgraded The Blackstone Group L.P. from a buy rating to a hold rating in a report on Tuesday, July 4th. Morgan Stanley reaffirmed an overweight rating and set a $37.00 target price (up previously from $36.00) on shares of The Blackstone Group L.P. in a report on Monday, July 10th. Jefferies Group LLC reaffirmed a buy rating and set a $38.00 target price on shares of The Blackstone Group L.P. in a report on Wednesday, June 28th. Finally, BidaskClub downgraded The Blackstone Group L.P. from a buy rating to a hold rating in a report on Thursday, June 15th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The Blackstone Group L.P. currently has an average rating of Buy and a consensus price target of $37.56.

The Blackstone Group L.P. (BX) traded up 0.32% during midday trading on Friday, reaching $34.55. The company had a trading volume of 3,304,025 shares. The Blackstone Group L.P. has a 12 month low of $23.33 and a 12 month high of $34.81. The firm has a market capitalization of $22.34 billion, a PE ratio of 17.06 and a beta of 1.32. The firm’s 50-day moving average price is $32.32 and its 200 day moving average price is $30.47.

The Blackstone Group L.P. (NYSE:BX) last released its earnings results on Thursday, April 20th. The asset manager reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The Blackstone Group L.P. had a return on equity of 17.90% and a net margin of 21.87%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the business posted $0.31 EPS. The Blackstone Group L.P.’s quarterly revenue was up 108.1% compared to the same quarter last year. Equities analysts anticipate that The Blackstone Group L.P. will post $2.89 earnings per share for the current fiscal year.

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In related news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total value of $390,750,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John G. Finley sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $32.53, for a total value of $650,600.00. Following the completion of the sale, the insider now owns 121,556 shares in the company, valued at $3,954,216.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,050,500 shares of company stock worth $392,416,555. 1.00% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its stake in The Blackstone Group L.P. by 52.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,663 shares of the asset manager’s stock valued at $208,000 after buying an additional 2,623 shares in the last quarter. Guggenheim Capital LLC purchased a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at about $200,000. Israel Discount Bank of New York GFN purchased a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at about $135,000. River & Mercantile Asset Management LLP purchased a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at about $2,826,000. Finally, Quadrature Capital Ltd purchased a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at about $5,316,000. Hedge funds and other institutional investors own 49.99% of the company’s stock.

About The Blackstone Group L.P.

The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.

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