Zacks Investment Research upgraded shares of Ares Management LP (NYSE:ARES) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $21.00 price objective on the stock.
According to Zacks, “Ares Management, L.P. is a global alternative asset manager. It manages four investment groups that invest in the tradable credit, direct lending, and private equity and real estate markets. The company’s Tradable Credit Group segment manages various types of investment funds, such as commingled and separately managed accounts. Its Direct Lending Group segment provides financing solutions to small-to-medium sized companies. The company’s Private Equity Group segment focuses on majority or shared-control investments primarily in under-capitalized companies. Its Real Estate Group segment invests in new developments and the repositioning of assets; and originates and invests in a range of self-originated financing opportunities for middle-market owners and operators of commercial real estate. Ares Management, L.P. is headquartered in Los Angeles. “
ARES has been the topic of a number of other reports. Bank of America Corp. cut Ares Management from a buy rating to a neutral rating in a research note on Wednesday, August 10th. They noted that the move was a valuation call. Morgan Stanley set a $15.00 price objective on Ares Management and gave the company a hold rating in a research note on Thursday, August 11th. TheStreet upgraded Ares Management from a sell rating to a hold rating in a research note on Wednesday, August 10th. Finally, Keefe, Bruyette & Woods reiterated an outperform rating on shares of Ares Management in a research note on Tuesday, September 20th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $17.92.
Shares of Ares Management (NYSE:ARES) opened at 18.95 on Tuesday. The stock has a market cap of $4.06 billion, a P/E ratio of 67.44 and a beta of 1.13. The firm’s 50-day moving average price is $18.43 and its 200 day moving average price is $15.87. Ares Management has a 1-year low of $10.72 and a 1-year high of $19.54.
Ares Management (NYSE:ARES) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. Ares Management had a return on equity of 15.65% and a net margin of 2.88%. The company had revenue of $369 million for the quarter, compared to analysts’ expectations of $164.13 million. During the same period in the prior year, the firm earned $0.32 earnings per share. The firm’s revenue was up 53.0% compared to the same quarter last year. On average, equities analysts expect that Ares Management will post $1.21 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its stake in Ares Management by 34.2% in the first quarter. Goldman Sachs Group Inc. now owns 81,011 shares of the company’s stock worth $1,248,000 after buying an additional 20,651 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Ares Management by 16.9% in the second quarter. PNC Financial Services Group Inc. now owns 103,673 shares of the company’s stock worth $1,460,000 after buying an additional 14,999 shares in the last quarter. Raymond James & Associates acquired a new stake in Ares Management during the second quarter worth $184,000. Royce & Associates LP boosted its stake in Ares Management by 1.0% in the second quarter. Royce & Associates LP now owns 3,774,217 shares of the company’s stock worth $53,179,000 after buying an additional 36,061 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Ares Management by 4.2% in the second quarter. American Century Companies Inc. now owns 1,001,565 shares of the company’s stock worth $14,112,000 after buying an additional 40,361 shares in the last quarter. Institutional investors own 10.20% of the company’s stock.
About Ares Management
Ares Management, L.P. is an alternative asset manager. The Company operates through four segments: Tradable Credit Group, Direct Lending Group, Private Equity Group and Real Estate Group. Its Tradable Credit Group is a participant in the tradable, non-investment grade corporate credit markets and manages various types of investment funds, ranging from commingled and separately managed accounts for institutional investors to publicly traded vehicles and sub-advised funds for retail investors.
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