Ares Management (NYSE:ARES)‘s stock had its “buy” rating reissued by investment analysts at Goldman Sachs Group in a report released on Friday. They currently have a price objective on the asset manager’s stock, up from their previous price objective of .
Other analysts also recently issued research reports about the stock. Royal Bank of Canada reaffirmed a “buy” rating and set a $38.00 price target on shares of Ares Management in a research note on Monday, January 6th. Barclays set a $33.00 price target on shares of Ares Management and gave the company a “buy” rating in a research note on Friday, November 1st. Wells Fargo & Co lifted their price target on shares of Ares Management from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Oppenheimer downgraded shares of Ares Management from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 14th. Finally, Zacks Investment Research raised shares of Ares Management from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research note on Monday, January 13th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $38.63.
Shares of Ares Management stock traded down $1.09 on Friday, hitting $40.01. 1,099,467 shares of the company traded hands, compared to its average volume of 494,482. The stock’s 50 day moving average price is $36.93 and its 200-day moving average price is $31.74. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.35. Ares Management has a 52 week low of $22.17 and a 52 week high of $41.88. The company has a market cap of $4.50 billion, a PE ratio of 45.99, a PEG ratio of 1.45 and a beta of 1.61.
Ares Management (NYSE:ARES) last posted its quarterly earnings results on Thursday, February 13th. The asset manager reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.17. Ares Management had a net margin of 7.76% and a return on equity of 18.98%. The firm had revenue of $484.45 million during the quarter, compared to the consensus estimate of $424.84 million. As a group, research analysts anticipate that Ares Management will post 1.51 EPS for the current fiscal year.
Large investors have recently modified their holdings of the stock. State Street Corp raised its stake in Ares Management by 8.1% in the third quarter. State Street Corp now owns 1,331,484 shares of the asset manager’s stock worth $35,697,000 after buying an additional 99,553 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Ares Management during the third quarter worth $3,437,000. Metropolitan Life Insurance Co NY acquired a new position in shares of Ares Management during the third quarter worth $593,000. Comerica Bank increased its position in shares of Ares Management by 12.3% during the third quarter. Comerica Bank now owns 8,067 shares of the asset manager’s stock worth $228,000 after purchasing an additional 884 shares in the last quarter. Finally, Penserra Capital Management LLC acquired a new position in shares of Ares Management during the third quarter worth $1,544,000. 67.12% of the stock is owned by institutional investors.
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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