Ares Management LP (ARES) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Ares Management LP (NYSE:ARES) from a hold rating to a buy rating in a report issued on Tuesday morning. Zacks Investment Research currently has $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. “
Several other equities research analysts also recently weighed in on the company. TheStreet raised Ares Management from a sell rating to a hold rating in a report on Wednesday, August 10th. Morgan Stanley set a $15.00 price objective on Ares Management and gave the company a hold rating in a report on Thursday, August 11th. Bank of America Corp. downgraded Ares Management from a buy rating to a neutral rating in a report on Wednesday, August 10th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods reissued an outperform rating on shares of Ares Management in a report on Tuesday, September 20th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Ares Management presently has a consensus rating of Hold and an average target price of $17.92.
Shares of Ares Management (NYSE:ARES) opened at 18.55 on Tuesday. The company has a market capitalization of $3.97 billion, a PE ratio of 66.01 and a beta of 1.13. Ares Management has a 12-month low of $10.72 and a 12-month high of $19.54. The stock has a 50 day moving average of $18.36 and a 200-day moving average of $15.83.
Ares Management (NYSE:ARES) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.02. The company had revenue of $369 million for the quarter, compared to analyst estimates of $164.13 million. Ares Management had a net margin of 2.88% and a return on equity of 15.65%. The firm’s revenue was up 53.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 earnings per share. Analysts predict that Ares Management will post $1.21 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates purchased a new position in shares of Ares Management during the second quarter worth $184,000. Goldman Sachs Group Inc. boosted its position in shares of 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 position in shares of 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. American Century Companies Inc. boosted its position in shares of 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. Finally, Royce & Associates LP boosted its position in shares of 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. Institutional investors and hedge funds 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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