JPMorgan Chase & Co. Cuts Blackstone (NYSE:BX) Price Target to $100.00

Blackstone (NYSE:BX) had its price objective lowered by equities research analysts at JPMorgan Chase & Co. from $105.00 to $100.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 15.54% from the company’s previous close.

Several other research analysts have also recently commented on BX. Citigroup cut shares of Blackstone from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $116.00 to $124.00 in a report on Friday, January 19th. JMP Securities restated a “market perform” rating on shares of Blackstone in a research note on Tuesday, April 9th. TD Cowen assumed coverage on Blackstone in a report on Thursday, January 4th. They issued a “market perform” rating and a $118.00 price objective on the stock. TheStreet cut Blackstone from a “b” rating to a “c+” rating in a research note on Thursday, January 25th. Finally, Oppenheimer cut shares of Blackstone from an “outperform” rating to a “market perform” rating in a report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Blackstone currently has an average rating of “Hold” and a consensus price target of $118.92.

Blackstone Stock Performance

Shares of BX stock opened at $118.40 on Friday. Blackstone has a 52 week low of $79.92 and a 52 week high of $133.56. The firm has a 50 day moving average of $126.47 and a two-hundred day moving average of $117.84. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $84.61 billion, a PE ratio of 41.84, a P/E/G ratio of 0.99 and a beta of 1.51.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share for the quarter, hitting the consensus estimate of $0.98. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the business earned $0.97 EPS. Blackstone’s revenue was up 166.9% on a year-over-year basis. On average, research analysts predict that Blackstone will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Ruth Porat acquired 232 shares of the business’s stock in a transaction on Monday, February 12th. The stock was purchased at an average price of $127.08 per share, for a total transaction of $29,482.56. Following the completion of the transaction, the director now owns 34,225 shares of the company’s stock, valued at approximately $4,349,313. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Ruth Porat bought 232 shares of the company’s stock in a transaction on Monday, February 12th. The stock was bought at an average cost of $127.08 per share, with a total value of $29,482.56. Following the completion of the acquisition, the director now owns 34,225 shares in the company, valued at approximately $4,349,313. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the company’s stock in a transaction that occurred on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the sale, the insider now owns 12,802 shares in the company, valued at approximately $142,102.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,587,168 shares of company stock valued at $37,816,476. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Northwest Financial Advisors acquired a new stake in Blackstone in the 4th quarter worth about $25,000. Coppell Advisory Solutions LLC purchased a new stake in Blackstone in the second quarter valued at approximately $25,000. Bourgeon Capital Management LLC raised its stake in Blackstone by 86.2% during the fourth quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager’s stock worth $28,000 after purchasing an additional 100 shares during the period. Roble Belko & Company Inc purchased a new stake in shares of Blackstone during the 4th quarter valued at $30,000. Finally, Advantage Trust Co purchased a new position in shares of Blackstone in the 4th quarter worth $30,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Company Profile

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.