Ruggie Capital Group trimmed its stake in Blackstone Group LP (NYSE:BX) by 75.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,583 shares of the asset manager’s stock after selling 4,747 shares during the quarter. Ruggie Capital Group’s holdings in Blackstone Group were worth $70,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Resources Investment Advisors Inc. boosted its stake in shares of Blackstone Group by 606.0% during the 1st quarter. Resources Investment Advisors Inc. now owns 706 shares of the asset manager’s stock worth $25,000 after acquiring an additional 606 shares during the period. Coastal Capital Group Inc. bought a new position in shares of Blackstone Group during the 2nd quarter worth approximately $35,000. Investors Research Corp bought a new position in shares of Blackstone Group during the 1st quarter worth approximately $28,000. Meridian Wealth Management LLC bought a new position in shares of Blackstone Group during the 1st quarter worth approximately $32,000. Finally, Centaurus Financial Inc. boosted its stake in shares of Blackstone Group by 194.0% during the 1st quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock worth $30,000 after acquiring an additional 683 shares during the period. Hedge funds and other institutional investors own 45.05% of the company’s stock.

NYSE:BX traded up $0.84 during mid-day trading on Wednesday, hitting $49.69. 3,365,590 shares of the stock were exchanged, compared to its average volume of 6,624,278. The stock has a market capitalization of $31.24 billion, a price-to-earnings ratio of 21.98, a price-to-earnings-growth ratio of 1.03 and a beta of 1.47. The firm’s 50-day simple moving average is $47.02 and its 200 day simple moving average is $40.02. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.89. Blackstone Group LP has a fifty-two week low of $26.88 and a fifty-two week high of $49.81.

Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.07. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. The company’s quarterly revenue was down 43.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 EPS. On average, analysts predict that Blackstone Group LP will post 2.32 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were issued a $0.48 dividend. The ex-dividend date was Friday, July 26th. This represents a $1.92 annualized dividend and a yield of 3.86%. Blackstone Group’s dividend payout ratio is presently 84.96%.

In other Blackstone Group news, insider Christopher Striano sold 7,000 shares of Blackstone Group stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $48.23, for a total value of $337,610.00. Following the completion of the transaction, the insider now directly owns 36,186 shares of the company’s stock, valued at approximately $1,745,250.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Blackstone Group Inc acquired 100,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $7.94 per share, with a total value of $794,000.00. The disclosure for this purchase can be found here. Insiders acquired a total of 368,319 shares of company stock valued at $2,838,614 over the last ninety days. Insiders own 1.00% of the company’s stock.

Several analysts recently weighed in on BX shares. Morgan Stanley lifted their price target on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Oppenheimer set a $52.00 price target on Blackstone Group and gave the stock a “buy” rating in a report on Friday, July 19th. JMP Securities cut Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Citigroup set a $52.00 price target on Blackstone Group and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Deutsche Bank lifted their price target on Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Blackstone Group currently has an average rating of “Buy” and an average target price of $48.10.

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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