Renaissance Investment Group LLC Cuts Stake in Blackstone Group LP (NYSE:BX)

Renaissance Investment Group LLC reduced its stake in shares of Blackstone Group LP (NYSE:BX) by 2.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,835 shares of the asset manager’s stock after selling 3,288 shares during the quarter. Blackstone Group comprises approximately 2.5% of Renaissance Investment Group LLC’s holdings, making the stock its 15th largest position. Renaissance Investment Group LLC’s holdings in Blackstone Group were worth $6,536,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BX. Janus Henderson Group PLC grew its holdings in shares of Blackstone Group by 127.5% in the second quarter. Janus Henderson Group PLC now owns 16,212,003 shares of the asset manager’s stock valued at $720,137,000 after purchasing an additional 9,085,152 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Blackstone Group in the second quarter valued at $234,576,000. CIBC Private Wealth Group LLC grew its holdings in shares of Blackstone Group by 2,994.1% in the third quarter. CIBC Private Wealth Group LLC now owns 4,099,714 shares of the asset manager’s stock valued at $200,230,000 after purchasing an additional 3,967,214 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of Blackstone Group by 92.0% in the second quarter. Artemis Investment Management LLP now owns 2,050,040 shares of the asset manager’s stock valued at $90,868,000 after purchasing an additional 982,153 shares in the last quarter. Finally, Sandler Capital Management purchased a new position in shares of Blackstone Group in the second quarter valued at $25,941,000. 47.10% of the stock is owned by institutional investors and hedge funds.

In related news, major shareholder Holdings L.P. Blackstone III sold 9,129,966 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $32.75, for a total value of $299,006,386.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Blackstone Group Inc bought 64,708 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were acquired at an average price of $7.82 per share, with a total value of $506,016.56. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 694,319 shares of company stock valued at $5,581,544 and sold 9,161,966 shares valued at $300,689,747. 1.00% of the stock is owned by company insiders.

BX has been the subject of a number of recent research reports. BMO Capital Markets initiated coverage on shares of Blackstone Group in a report on Monday, October 7th. They issued a “market perform” rating and a $44.00 target price for the company. Bank of America lowered shares of Blackstone Group from a “buy” rating to a “neutral” rating and cut their target price for the company from $54.00 to $52.00 in a report on Monday. S&P Equity Research lowered shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 24th. Morgan Stanley raised their target price on shares of Blackstone Group from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, JMP Securities lowered shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $50.44.

BX traded up $1.00 during trading on Thursday, reaching $47.81. The company had a trading volume of 1,292,647 shares, compared to its average volume of 10,239,889. The stock has a market cap of $30.76 billion, a P/E ratio of 21.15, a PEG ratio of 1.03 and a beta of 1.45. The business has a 50 day simple moving average of $49.79 and a 200-day simple moving average of $44.44. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $55.17. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.82.

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 during 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 was down 43.5% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. As a group, equities research analysts expect that Blackstone Group LP will post 2.27 EPS for the current fiscal year.

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

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