Zacks Investment Research downgraded shares of Ares Management LP Unit (NYSE:ARES) from a hold rating to a strong sell rating in a report published on Tuesday morning.
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 several other research reports. Bank of America upped their target price on Ares Management LP Unit from $26.00 to $27.00 and gave the company a buy rating in a research report on Monday, September 17th. ValuEngine upgraded Ares Management LP Unit from a hold rating to a buy rating in a research report on Saturday, November 10th. Wells Fargo & Co upgraded Ares Management LP Unit from a market perform rating to an outperform rating in a research report on Tuesday, August 21st. Morgan Stanley upped their target price on Ares Management LP Unit from $24.00 to $25.00 and gave the company a hold rating in a research report on Tuesday, October 9th. Finally, Oppenheimer set a $28.00 target price on Ares Management LP Unit and gave the company a buy rating in a research report on Friday, November 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $26.38.
Ares Management LP Unit (NYSE:ARES) last announced its earnings results on Thursday, November 1st. The asset manager reported $0.30 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.08). Ares Management LP Unit had a net margin of 7.93% and a return on equity of 29.05%. The business had revenue of $240.78 million for the quarter, compared to the consensus estimate of $240.75 million. During the same quarter in the previous year, the company earned $0.40 EPS. The firm’s revenue for the quarter was down 16.5% on a year-over-year basis. Equities research analysts expect that Ares Management LP Unit will post 1.52 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 17th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 14th. This represents a $1.12 annualized dividend and a yield of 5.04%. Ares Management LP Unit’s payout ratio is currently 58.03%.
Large investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC boosted its holdings in Ares Management LP Unit by 785.5% in the second quarter. Cubist Systematic Strategies LLC now owns 5,313 shares of the asset manager’s stock worth $110,000 after acquiring an additional 4,713 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Ares Management LP Unit in the third quarter worth approximately $112,000. Stelac Advisory Services LLC bought a new position in Ares Management LP Unit in the third quarter worth approximately $126,000. Belpointe Asset Management LLC bought a new position in Ares Management LP Unit in the third quarter worth approximately $162,000. Finally, Cowen Prime Services LLC bought a new position in Ares Management LP Unit in the third quarter worth approximately $313,000. Institutional investors and hedge funds own 55.25% of the company’s stock.
Ares Management LP Unit Company Profile
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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