The Blackstone Group L.P. (NYSE:BX) Expected to Announce Quarterly Sales of $1.43 Billion

Brokerages expect that The Blackstone Group L.P. (NYSE:BX) will report sales of $1.43 billion for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for The Blackstone Group L.P.’s earnings, with the lowest sales estimate coming in at $1.28 billion and the highest estimate coming in at $1.58 billion. The Blackstone Group L.P. posted sales of $1.19 billion during the same quarter last year, which would indicate a positive year over year growth rate of 20.2%. The company is expected to issue its next quarterly earnings results before the market opens on Thursday, July 20th.

On average, analysts expect that The Blackstone Group L.P. will report full-year sales of $1.43 billion for the current fiscal year, with estimates ranging from $6.09 billion to $6.76 billion. For the next year, analysts forecast that the firm will post sales of $7.28 billion per share, with estimates ranging from $6.63 billion to $8.41 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow The Blackstone Group L.P..

The Blackstone Group L.P. (NYSE:BX) last released its quarterly earnings data on Thursday, April 20th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, beating the 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 return on equity of 17.90% and a net margin of 21.87%. The firm’s quarterly revenue was up 108.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.31 EPS.

BX has been the topic of several analyst 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 on the stock. in a report on Wednesday, April 19th. Citigroup Inc. raised shares of The Blackstone Group L.P. from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $32.00 to $40.00 in a report on Monday, May 22nd. Jefferies Group LLC lifted their price target 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. Zacks Investment Research lowered shares of The Blackstone Group L.P. from a “hold” rating to a “sell” rating in a report on Friday, April 7th. Finally, Credit Suisse Group boosted their price objective on shares of The Blackstone Group L.P. from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $37.07.

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The Blackstone Group L.P. (NYSE BX) traded down 0.69% during trading on Friday, reaching $33.12. The company had a trading volume of 3,893,562 shares. The stock has a market capitalization of $21.42 billion, a P/E ratio of 16.36 and a beta of 1.32. The Blackstone Group L.P. has a 12-month low of $22.45 and a 12-month high of $33.93. The stock has a 50 day moving average of $32.32 and a 200-day moving average of $30.47.

In related news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $26.05, for a total transaction of $390,750,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John G. Finley sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $32.53, for a total transaction of $650,600.00. Following the transaction, the insider now owns 121,556 shares of the company’s stock, valued at $3,954,216.68. The disclosure for this sale can be found here. Insiders have sold 15,050,500 shares of company stock worth $392,416,555 over the last three months. Corporate insiders own 1.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of BX. Cacti Asset Management LLC increased its position in The Blackstone Group L.P. by 12.9% in the second quarter. Cacti Asset Management LLC now owns 1,051,392 shares of the asset manager’s stock worth $34,980,000 after buying an additional 119,905 shares in the last quarter. Nuveen Asset Management LLC increased its position in The Blackstone Group L.P. by 1.5% in the first quarter. Nuveen Asset Management LLC now owns 8,689 shares of the asset manager’s stock worth $258,000 after buying an additional 126 shares in the last quarter. Clearbridge Investments LLC increased its position in The Blackstone Group L.P. by 2.0% in the first quarter. Clearbridge Investments LLC now owns 6,422,392 shares of the asset manager’s stock worth $190,745,000 after buying an additional 125,477 shares in the last quarter. PHH Investments Ltd. acquired a new position in The Blackstone Group L.P. during the first quarter worth about $134,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in The Blackstone Group L.P. by 21.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 280,688 shares of the asset manager’s stock worth $8,336,000 after buying an additional 50,074 shares in the last quarter. Institutional investors own 49.16% of the company’s stock.

The Blackstone Group L.P. Company Profile

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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Earnings History and Estimates for The Blackstone Group L.P. (NYSE:BX)

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