Shares of Ares Management Corp (NYSE:ARES) have earned a consensus recommendation of “Buy” from the ten brokerages that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $28.50.
A number of brokerages have recently commented on ARES. Morgan Stanley lifted 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, August 2nd. Barclays started coverage on Ares Management in a research note on Monday, August 5th. They issued an “overweight” rating and a $33.00 price objective on the stock. UBS Group lifted their price objective on Ares Management from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research lowered Ares Management from a “buy” rating to a “hold” rating in a research note on Monday, April 29th.
Shares of ARES stock traded down $0.01 during mid-day trading on Tuesday, reaching $28.20. 335,739 shares of the stock traded hands, compared to its average volume of 574,877. The business has a fifty day moving average price of $27.83. Ares Management has a 1-year low of $16.18 and a 1-year high of $29.53. The stock has a market capitalization of $3.03 billion, a P/E ratio of 19.86, a price-to-earnings-growth ratio of 1.55 and a beta of 1.40. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.04 and a current ratio of 1.04.
Ares Management (NYSE:ARES) last announced its quarterly earnings results on Wednesday, July 31st. The asset manager reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.02). Ares Management had a net margin of 7.77% and a return on equity of 22.54%. The firm had revenue of $384.80 million for the quarter, compared to analyst estimates of $300.41 million. During the same period in the previous year, the business posted $0.34 earnings per share. The business’s revenue for the quarter was up 88.4% compared to the same quarter last year. Equities research analysts expect that Ares Management will post 1.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors 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 4.54%. The ex-dividend date is Friday, September 13th. Ares Management’s dividend payout ratio is currently 90.14%.
In other Ares Management news, CEO Michael J. Arougheti sold 127,400 shares of Ares Management stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $28.30, for a total value of $3,605,420.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R. Kipp Deveer sold 5,166 shares of Ares Management 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,370,709 shares of company stock worth $37,208,269. 151.62% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the business. BNP Paribas Arbitrage SA bought a new stake in shares of Ares Management during the second quarter valued at approximately $51,000. AGF Investments LLC bought a new stake in shares of Ares Management during the second quarter valued at approximately $53,000. Cordasco Financial Network bought a new stake in shares of Ares Management during the first quarter valued at approximately $70,000. Bank of Montreal Can bought a new stake in shares of Ares Management during the second quarter valued at approximately $140,000. Finally, Marshall Wace LLP bought a new stake in shares of Ares Management during the first quarter valued at approximately $145,000. Institutional investors and hedge funds own 59.60% 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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