TD Cowen Cuts Blackstone (NYSE:BX) Price Target to $133.00

Key Points

• TD Cowen lowered its price target on Blackstone from $140 to $133 while keeping a buy rating, implying about 14% upside from the prior close.
• Other analysts have also been mixed on BX, with recent target cuts from Goldman Sachs, Barclays, HSBC, and Argus, though Jefferies raised its target. The stock currently carries a consensus Hold rating and an average target price of $151.05.
• Blackstone recently reported better-than-expected quarterly EPS of $1.36 on revenue of $3.43 billion, with revenue up 10% year over year. The company also has seen notable insider selling and remains heavily owned by institutional investors.

Blackstone (NYSE:BX - Get Free Report) had its price objective reduced by equities research analysts at TD Cowen from $140.00 to $133.00 in a report released on Monday,MarketScreener reports. The firm presently has a "buy" rating on the asset manager's stock. TD Cowen's price objective would indicate a potential upside of 13.96% from the company's previous close.

Several other brokerages have also recently issued reports on BX. The Goldman Sachs Group reduced their price objective on Blackstone from $118.00 to $116.00 and set a "neutral" rating for the company in a report on Friday, April 24th. Jefferies Financial Group lifted their target price on Blackstone from $143.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Barclays lowered their target price on Blackstone from $126.00 to $124.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 8th. HSBC cut their target price on Blackstone from $164.00 to $131.00 and set a "hold" rating on the stock in a research report on Friday, April 10th. Finally, Argus decreased their price objective on Blackstone from $163.00 to $146.00 and set a "buy" rating for the company in a report on Tuesday, April 28th. Eleven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Blackstone presently has a consensus rating of "Hold" and an average target price of $151.05.

Blackstone Price Performance

BX stock opened at $116.70 on Monday. The business's fifty day moving average price is $117.10 and its 200 day moving average price is $134.63. Blackstone has a 12-month low of $101.73 and a 12-month high of $190.09. The company has a market capitalization of $86.70 billion, a PE ratio of 29.84, a P/E/G ratio of 1.29 and a beta of 1.63. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter in the prior year, the firm earned $1.11 EPS. Blackstone's revenue for the quarter was up 10.0% on a year-over-year basis. On average, sell-side analysts anticipate that Blackstone will post 5.89 EPS for the current year.

Insiders Place Their Bets

In other Blackstone news, major shareholder Holdings I. L.P. Blackstone sold 25,000 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $19.00, for a total transaction of $475,000.00. Following the completion of the transaction, the insider owned 125,000 shares in the company, valued at $2,375,000. This trade represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $3.51, for a total transaction of $26,246,039.04. Following the sale, the insider directly owned 25,832 shares in the company, valued at $90,670.32. This trade represents a 99.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have purchased 4,015,297 shares of company stock valued at $105,053,996 and have sold 9,128,660 shares valued at $46,457,920. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Blackstone

A number of large investors have recently bought and sold shares of the company. Jain Global LLC bought a new stake in shares of Blackstone during the 3rd quarter worth about $9,116,000. Fayez Sarofim & Co increased its position in Blackstone by 1.9% during the 3rd quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager's stock worth $217,083,000 after buying an additional 24,237 shares during the period. Natixis Advisors LLC boosted its position in shares of Blackstone by 20.4% in the third quarter. Natixis Advisors LLC now owns 840,401 shares of the asset manager's stock valued at $143,582,000 after acquiring an additional 142,479 shares during the period. Close Asset Management Ltd raised its stake in Blackstone by 16,035.1% in the third quarter. Close Asset Management Ltd now owns 1,140,264 shares of the asset manager's stock valued at $194,746,000 after purchasing an additional 1,133,197 shares in the last quarter. Finally, Whittier Trust Co. raised its position in Blackstone by 2.1% in the third quarter. Whittier Trust Co. now owns 346,318 shares of the asset manager's stock valued at $58,337,000 after purchasing an additional 7,053 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Company Profile

Blackstone Inc NYSE: BX is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone's business is organized around several principal investment platforms.

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