Beech Hill Advisors Inc. Has $734,000 Stake in The Blackstone Group L.P. (NYSE:BX)

Beech Hill Advisors Inc. raised its position in The Blackstone Group L.P. (NYSE:BX) by 8.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,000 shares of the asset manager’s stock after buying an additional 1,800 shares during the period. Beech Hill Advisors Inc.’s holdings in The Blackstone Group L.P. were worth $734,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BX. Private Capital Advisors Inc. raised its position in shares of The Blackstone Group L.P. by 7.8% in the first quarter. Private Capital Advisors Inc. now owns 294,117 shares of the asset manager’s stock worth $8,735,000 after buying an additional 21,394 shares in the last quarter. Koshinski Asset Management Inc. acquired a new position in The Blackstone Group L.P. during the first quarter valued at about $202,000. Douglass Winthrop Advisors LLC acquired a new position in The Blackstone Group L.P. during the first quarter valued at about $362,000. Raymond James Trust N.A. raised its position in The Blackstone Group L.P. by 60.1% in the first quarter. Raymond James Trust N.A. now owns 20,765 shares of the asset manager’s stock valued at $617,000 after buying an additional 7,797 shares during the period. Finally, Renaissance Investment Group LLC raised its position in The Blackstone Group L.P. by 10.4% in the first quarter. Renaissance Investment Group LLC now owns 158,050 shares of the asset manager’s stock valued at $4,695,000 after buying an additional 14,894 shares during the period. Hedge funds and other institutional investors own 45.89% of the company’s stock.

Shares of The Blackstone Group L.P. (NYSE BX) traded down 1.08% during trading on Friday, hitting $31.95. 4,904,890 shares of the stock were exchanged. The stock has a market cap of $20.73 billion, a P/E ratio of 14.37 and a beta of 1.32. The Blackstone Group L.P. has a 52 week low of $23.33 and a 52 week high of $35.09. The firm’s 50 day moving average price is $33.59 and its 200-day moving average price is $31.43.

The Blackstone Group L.P. (NYSE:BX) last released its quarterly earnings results on Thursday, July 20th. The asset manager reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.62 by $0.03. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.49 billion. The Blackstone Group L.P. had a net margin of 22.88% and a return on equity of 18.97%. During the same quarter last year, the firm earned $0.44 EPS. On average, analysts predict that The Blackstone Group L.P. will post $2.85 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 31st were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date of this dividend was Thursday, July 27th. The Blackstone Group L.P.’s dividend payout ratio (DPR) is presently 97.30%.

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BX has been the subject of several recent research reports. Vetr lowered shares of The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 price target for the company. in a research report on Wednesday, April 19th. Citigroup Inc. raised shares of The Blackstone Group L.P. from a “neutral” rating to a “buy” rating and increased their price target for the stock from $32.00 to $40.00 in a research report on Monday, May 22nd. BidaskClub raised shares of The Blackstone Group L.P. from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Jefferies Group LLC raised their price objective on shares of The Blackstone Group L.P. from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, May 23rd. Finally, Oppenheimer Holdings, Inc. raised their price objective on shares of The Blackstone Group L.P. from $34.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, July 14th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $37.34.

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

Institutional Ownership by Quarter for The Blackstone Group L.P. (NYSE:BX)

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