Ares Management LP Unit (NYSE:ARES) issued its quarterly earnings results on Thursday. The asset manager reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.08), MarketWatch Earnings reports. The business had revenue of $240.78 million for the quarter, compared to the consensus estimate of $240.75 million. Ares Management LP Unit had a return on equity of 30.98% and a net margin of 8.70%. Ares Management LP Unit’s revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.40 earnings per share.
Shares of NYSE ARES traded up $0.46 during trading hours on Friday, hitting $21.03. The company had a trading volume of 670,671 shares, compared to its average volume of 505,252. The company has a market cap of $1.93 billion, a PE ratio of 10.90, a PEG ratio of 1.60 and a beta of 1.36. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.41. Ares Management LP Unit has a 1-year low of $18.00 and a 1-year high of $25.95.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 5.33%. The ex-dividend date is Friday, December 14th. Ares Management LP Unit’s payout ratio is presently 58.03%.
ARES has been the subject of several research reports. JPMorgan Chase & Co. reaffirmed a “$21.50” rating and set a $23.00 price target on shares of Ares Management LP Unit in a research note on Monday, July 23rd. ValuEngine raised shares of Ares Management LP Unit from a “hold” rating to a “buy” rating in a research note on Wednesday, September 19th. Bank of America raised their price target on shares of Ares Management LP Unit from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. Oppenheimer set a $28.00 price target on shares of Ares Management LP Unit and gave the stock a “buy” rating in a research note on Friday. Finally, Morgan Stanley raised their price target on shares of Ares Management LP Unit from $24.00 to $25.00 and gave the stock a “hold” rating in a research note on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $26.75.
In related news, CFO Michael R. Mcferran acquired 7,500 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was bought 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 SEC, which is available at this hyperlink.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARES. Russell Investments Group Ltd. acquired a new stake in Ares Management LP Unit during the 3rd quarter valued at $112,000. 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 valued at $110,000 after purchasing an additional 4,713 shares during the last quarter. Cowen Prime Services LLC acquired a new stake in Ares Management LP Unit during the 3rd quarter valued at $313,000. Dimensional Fund Advisors LP acquired a new stake in Ares Management LP Unit during the 2nd quarter valued at $328,000. Finally, Bank of Montreal Can acquired a new stake in Ares Management LP Unit during the 3rd quarter valued at $464,000. 40.18% of the stock is owned by institutional investors.
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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