Brokerages Anticipate Blackstone Group LP (NYSE:BX) Will Post Earnings of $0.58 Per Share

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Equities analysts forecast that Blackstone Group LP (NYSE:BX) will post earnings per share of $0.58 for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Blackstone Group’s earnings, with the highest EPS estimate coming in at $0.66 and the lowest estimate coming in at $0.44. Blackstone Group posted earnings of $0.76 per share in the same quarter last year, which indicates a negative year over year growth rate of 23.7%. The firm is scheduled to issue its next quarterly earnings results on Thursday, October 17th.

According to Zacks, analysts expect that Blackstone Group will report full-year earnings of $2.31 per share for the current fiscal year, with EPS estimates ranging from $2.20 to $2.47. For the next year, analysts forecast that the business will report earnings of $3.03 per share, with EPS estimates ranging from $2.42 to $3.33. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for Blackstone Group.

Blackstone Group (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.15 billion. Blackstone Group had a net margin of 20.51% and a return on equity of 11.30%. The business’s quarterly revenue was down 43.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 earnings per share.

A number of research firms recently weighed in on BX. Barclays began coverage on Blackstone Group in a report on Monday, August 5th. They set an “overweight” rating and a $56.00 target price on the stock. JMP Securities lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Morgan Stanley boosted their target price on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Citigroup lowered Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 target price on the stock. in a report on Wednesday. They noted that the move was a valuation call. Finally, Oppenheimer set a $52.00 target price on Blackstone Group and gave the stock a “buy” rating in a report on Friday, July 19th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $48.10.

In other Blackstone Group news, major shareholder Blackstone Group Inc acquired 64,708 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average cost of $7.82 per share, for a total transaction of $506,016.56. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Joan Solotar sold 25,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $53.83, for a total value of $1,345,750.00. Following the sale, the insider now owns 235,803 shares of the company’s stock, valued at $12,693,275.49. The disclosure for this sale can be found here. Over the last three months, insiders have bought 694,319 shares of company stock worth $5,581,544. 1.00% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC raised its position in shares of Blackstone Group by 127.5% during the second quarter. Janus Henderson Group PLC now owns 16,212,003 shares of the asset manager’s stock worth $720,137,000 after acquiring an additional 9,085,152 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Blackstone Group during the second quarter worth about $234,576,000. Artemis Investment Management LLP grew its stake in Blackstone Group by 92.0% during the second quarter. Artemis Investment Management LLP now owns 2,050,040 shares of the asset manager’s stock worth $90,868,000 after purchasing an additional 982,153 shares during the period. Sandler Capital Management acquired a new stake in Blackstone Group during the second quarter worth approximately $25,941,000. Finally, Wells Fargo & Company MN grew its stake in Blackstone Group by 16.4% during the second quarter. Wells Fargo & Company MN now owns 3,885,997 shares of the asset manager’s stock worth $172,616,000 after purchasing an additional 546,418 shares during the period. Institutional investors and hedge funds own 47.07% of the company’s stock.

Shares of BX stock traded up $0.08 during trading on Thursday, reaching $52.93. 122,848 shares of the company’s stock were exchanged, compared to its average volume of 5,010,552. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $35.43 billion, a PE ratio of 23.42, a PEG ratio of 1.13 and a beta of 1.47. Blackstone Group has a twelve month low of $26.88 and a twelve month high of $55.17. The firm’s fifty day moving average price is $48.96 and its 200-day moving average price is $42.36.

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.

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