Meyer Handelman Co. Purchases 27,500 Shares of Blackstone Group LP (NYSE:BX)

Meyer Handelman Co. lifted its holdings in Blackstone Group LP (NYSE:BX) by 343.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,500 shares of the asset manager’s stock after buying an additional 27,500 shares during the quarter. Meyer Handelman Co.’s holdings in Blackstone Group were worth $1,189,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Bank of Montreal Can grew its position in Blackstone Group by 49.9% during the 1st quarter. Bank of Montreal Can now owns 21,124,981 shares of the asset manager’s stock valued at $738,740,000 after purchasing an additional 7,030,805 shares during the last quarter. Ellis Investment Partners LLC grew its position in Blackstone Group by 3,640.1% during the 1st quarter. Ellis Investment Partners LLC now owns 2,870,039 shares of the asset manager’s stock valued at $2,870,000 after purchasing an additional 2,793,303 shares during the last quarter. Vantage Investment Partners LLC grew its position in Blackstone Group by 151.7% during the 4th quarter. Vantage Investment Partners LLC now owns 2,302,246 shares of the asset manager’s stock valued at $68,630,000 after purchasing an additional 1,387,663 shares during the last quarter. Fairview Capital Investment Management LLC grew its position in Blackstone Group by 29.1% during the 4th quarter. Fairview Capital Investment Management LLC now owns 3,751,400 shares of the asset manager’s stock valued at $111,829,000 after purchasing an additional 844,750 shares during the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in Blackstone Group during the 3rd quarter valued at about $17,889,000. 49.87% of the stock is currently owned by hedge funds and other institutional investors.

BX has been the topic of several research analyst reports. ValuEngine upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating in a research note on Friday, April 19th. Morgan Stanley upped their target price on shares of Blackstone Group from $40.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of Blackstone Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $43.29.

In other news, Director Bennett J. Goodman sold 115,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $39.58, for a total value of $4,551,700.00. Following the transaction, the director now owns 250,000 shares in the company, valued at approximately $9,895,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holdings L.P. Blackstone III acquired 2,720 shares of the stock in a transaction dated Wednesday, April 17th. The stock was acquired at an average price of $24.49 per share, for a total transaction of $66,612.80. The disclosure for this purchase can be found here. Insiders bought a total of 1,254,188 shares of company stock worth $30,201,534 in the last quarter. Company insiders own 1.00% of the company’s stock.

BX traded down $0.50 during midday trading on Friday, hitting $40.65. 5,156,627 shares of the company traded hands, compared to its average volume of 3,739,166. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market capitalization of $26.95 billion, a P/E ratio of 17.99, a P/E/G ratio of 4.46 and a beta of 1.47. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $42.12.

Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.08). Blackstone Group had a return on equity of 12.79% and a net margin of 23.35%. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the company earned $0.53 EPS. Blackstone Group’s revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts forecast that Blackstone Group LP will post 2.35 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Stockholders of record on Monday, April 29th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.64%. The ex-dividend date was Friday, April 26th. Blackstone Group’s dividend payout ratio (DPR) is presently 65.49%.

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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.

Read More: Understanding each part of a balance sheet

Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

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