Ares Management (NYSE:ARES) issued its earnings results on Wednesday. The asset manager reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.02), Briefing.com reports. The company had revenue of $384.80 million during the quarter, compared to analysts’ expectations of $300.41 million. Ares Management had a return on equity of 23.26% and a net margin of 7.77%. The company’s revenue for the quarter was up 88.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 EPS.
Shares of NYSE ARES traded up $0.06 during mid-day trading on Friday, reaching $28.72. The company’s stock had a trading volume of 951,291 shares, compared to its average volume of 517,387. The company has a market cap of $3.02 billion, a price-to-earnings ratio of 20.23, a PEG ratio of 1.50 and a beta of 1.39. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.76. The firm’s fifty day simple moving average is $27.75. Ares Management has a 52 week low of $16.18 and a 52 week high of $29.53.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Friday, September 13th. Ares Management’s dividend payout ratio (DPR) is 90.14%.
A number of equities analysts have recently issued reports on ARES shares. Zacks Investment Research downgraded Ares Management from a “buy” rating to a “hold” rating in a research note on Monday, April 29th. UBS Group boosted their price target on Ares Management from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Morgan Stanley boosted their price target on Ares Management from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Ares Management currently has an average rating of “Buy” and a consensus price target of $27.50.
In other Ares Management news, insider R. Kipp Deveer sold 5,166 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $26.12, for a total value of $134,935.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Arougheti sold 274,712 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $27.67, for a total value of $7,601,281.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,370,709 shares of company stock valued at $37,208,269. Corporate insiders own 151.62% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. FMR LLC boosted its position in shares of Ares Management by 16.5% during the first quarter. FMR LLC now owns 2,808,368 shares of the asset manager’s stock worth $65,182,000 after acquiring an additional 396,792 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Ares Management by 14.3% during the fourth quarter. American Century Companies Inc. now owns 2,224,981 shares of the asset manager’s stock worth $39,560,000 after acquiring an additional 278,783 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of Ares Management during the 1st quarter valued at about $29,366,000. Hilton Capital Management LLC boosted its holdings in shares of Ares Management by 38.2% during the 1st quarter. Hilton Capital Management LLC now owns 923,611 shares of the asset manager’s stock valued at $21,437,000 after purchasing an additional 255,096 shares during the last quarter. Finally, Greenwich Investment Management Inc. boosted its holdings in shares of Ares Management by 47.1% during the 2nd quarter. Greenwich Investment Management Inc. now owns 308,776 shares of the asset manager’s stock valued at $8,081,000 after purchasing an additional 98,823 shares during the last quarter. Institutional investors and hedge funds own 59.69% of the company’s stock.
About Ares Management
Ares Management Corporation 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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