The Blackstone Group L.P. (BX) Stake Boosted by Renaissance Technologies LLC

Renaissance Technologies LLC raised its position in The Blackstone Group L.P. (NYSE:BX) by 58.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,798,700 shares of the asset manager’s stock after buying an additional 664,400 shares during the period. Renaissance Technologies LLC owned 0.28% of The Blackstone Group L.P. worth $53,421,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Morgan Stanley increased its stake in shares of The Blackstone Group L.P. by 6.0% in the first quarter. Morgan Stanley now owns 32,790,651 shares of the asset manager’s stock valued at $973,884,000 after buying an additional 1,859,744 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of The Blackstone Group L.P. by 6.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 12,972,178 shares of the asset manager’s stock valued at $385,275,000 after buying an additional 841,476 shares in the last quarter. Fred Alger Management Inc. increased its stake in shares of The Blackstone Group L.P. by 33.6% in the fourth quarter. Fred Alger Management Inc. now owns 6,238,023 shares of the asset manager’s stock valued at $168,614,000 after buying an additional 1,569,210 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of The Blackstone Group L.P. by 64.9% in the first quarter. Wellington Management Group LLP now owns 3,642,621 shares of the asset manager’s stock valued at $108,186,000 after buying an additional 1,433,649 shares in the last quarter. Finally, Beck Mack & Oliver LLC increased its stake in shares of The Blackstone Group L.P. by 1.6% in the first quarter. Beck Mack & Oliver LLC now owns 3,357,774 shares of the asset manager’s stock valued at $99,726,000 after buying an additional 54,122 shares in the last quarter. Hedge funds and other institutional investors own 49.16% of the company’s stock.

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

Shares of The Blackstone Group L.P. (BX) traded down 0.45% during trading on Tuesday, reaching $32.92. 2,676,218 shares of the company traded hands. The firm’s 50 day moving average is $31.70 and its 200-day moving average is $30.20. The stock has a market capitalization of $21.29 billion, a P/E ratio of 16.26 and a beta of 1.34. The Blackstone Group L.P. has a 12-month low of $22.45 and a 12-month high of $33.93.

The Blackstone Group L.P. (NYSE:BX) last announced its quarterly earnings data on Thursday, April 20th. The asset manager reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.13. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.60 billion. The Blackstone Group L.P. had a net margin of 21.87% and a return on equity of 17.90%. The business’s revenue was up 108.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.31 earnings per share. On average, equities research analysts anticipate that The Blackstone Group L.P. will post $2.91 earnings per share for the current fiscal year.

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Several analysts have recently commented on BX shares. Vetr downgraded The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 target price for the company. in a research note on Thursday, April 6th. Deutsche Bank AG started coverage on The Blackstone Group L.P. in a research note on Monday, February 27th. They issued a “buy” rating for the company. Zacks Investment Research downgraded The Blackstone Group L.P. from a “hold” rating to a “sell” rating in a research note on Friday, April 7th. Jefferies Group LLC restated a “buy” rating on shares of The Blackstone Group L.P. in a research note on Thursday, April 27th. Finally, Credit Suisse Group raised their target price on The Blackstone Group L.P. from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, May 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $37.07.

In other news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the company’s stock in a transaction that occurred on 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 filing with the SEC, which is accessible through this link. Also, insider Joan Solotar sold 30,500 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $33.31, for a total transaction of $1,015,955.00. Following the completion of the transaction, the insider now owns 150,281 shares in the company, valued at approximately $5,005,860.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,050,500 shares of company stock worth $392,416,555. 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.

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