Ares Management LP Unit (NYSE:ARES) has been given an average recommendation of “Buy” by the fifteen ratings firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $26.86.
Several equities research analysts have recently weighed in on the company. ValuEngine downgraded Ares Management LP Unit from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Bank of America upped their target price on Ares Management LP Unit from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, September 17th. JPMorgan Chase & Co. reaffirmed a “$21.50” rating and issued a $23.00 target price on shares of Ares Management LP Unit in a research report on Monday, July 23rd. Zacks Investment Research downgraded Ares Management LP Unit from a “hold” rating to a “sell” rating in a research report on Wednesday, July 11th. Finally, Wells Fargo & Co raised Ares Management LP Unit from a “market perform” rating to an “outperform” rating in a research report on Tuesday, August 21st.
In other Ares Management LP Unit news, CFO Michael R. Mcferran purchased 7,500 shares of Ares Management LP Unit stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average price of $21.21 per share, with a total value of $159,075.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Institutional investors and hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC lifted its holdings in Ares Management LP Unit by 785.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 5,313 shares of the asset manager’s stock worth $110,000 after buying an additional 4,713 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in Ares Management LP Unit during the 2nd quarter worth approximately $328,000. Bank of Montreal Can bought a new position in Ares Management LP Unit during the 3rd quarter worth approximately $464,000. BlueMountain Capital Management LLC bought a new position in Ares Management LP Unit during the 2nd quarter worth approximately $451,000. Finally, California Public Employees Retirement System bought a new position in Ares Management LP Unit during the 2nd quarter worth approximately $475,000. 39.55% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE ARES traded up $0.03 on Wednesday, hitting $20.72. The company had a trading volume of 535,619 shares, compared to its average volume of 455,354. Ares Management LP Unit has a 12-month low of $18.00 and a 12-month high of $25.95. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 1.85 and a beta of 1.25.
Ares Management LP Unit (NYSE:ARES) last issued its earnings results on Thursday, August 2nd. The asset manager reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.06). Ares Management LP Unit had a return on equity of 30.98% and a net margin of 8.70%. The company had revenue of $204.20 million during the quarter, compared to analysts’ expectations of $320.11 million. During the same period in the previous year, the company earned $0.69 EPS. Ares Management LP Unit’s quarterly revenue was down 63.1% on a year-over-year basis. Research analysts expect that Ares Management LP Unit will post 1.55 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 14th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date was Thursday, September 13th. Ares Management LP Unit’s dividend payout ratio is currently 58.03%.
About Ares Management LP Unit
Ares Management, L.P. operates as an alternative asset manager in the United States, Europe, and Asia. The company's Tradable Credit Group segment manages various types of investment funds, such as commingled and separately managed accounts for institutional investors, and publicly traded vehicles and sub-advised funds for retail investors in the tradable and non-investment grade corporate credit markets.
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