Zacks: Brokerages Expect Ares Management L.P. (ARES) Will Post Quarterly Sales of $190.50 Million
Brokerages expect Ares Management L.P. (NYSE:ARES) to post sales of $190.50 million for the current quarter, Zacks reports. Two analysts have made estimates for Ares Management L.P.’s earnings, with the highest sales estimate coming in at $192.00 million and the lowest estimate coming in at $189.00 million. Ares Management L.P. reported sales of $163.61 million in the same quarter last year, which indicates a positive year-over-year growth rate of 16.4%. The business is expected to announce its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that Ares Management L.P. will report full year sales of $190.50 million for the current financial year, with estimates ranging from $744.00 million to $748.00 million. For the next year, analysts anticipate that the firm will post sales of $809.50 million per share, with estimates ranging from $800.00 million to $819.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Ares Management L.P..
Ares Management L.P. (NYSE:ARES) last posted its earnings results on Friday, August 4th. The asset manager reported $0.69 EPS for the quarter, meeting the consensus estimate of $0.69. Ares Management L.P. had a return on equity of 40.94% and a net margin of 5.86%. The firm had revenue of $554.00 million for the quarter, compared to analysts’ expectations of $442.10 million. During the same period last year, the firm earned $0.40 EPS. The firm’s revenue was up 49.9% compared to the same quarter last year.
Several analysts have commented on ARES shares. TheStreet cut shares of Ares Management L.P. from a “b-” rating to a “c” rating in a research report on Monday, June 5th. BidaskClub cut shares of Ares Management L.P. from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 17th. Royal Bank Of Canada began coverage on shares of Ares Management L.P. in a research report on Thursday, June 29th. They issued an “outperform” rating and a $21.00 price objective for the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Ares Management L.P. in a research note on Tuesday, July 4th. Finally, Zacks Investment Research raised shares of Ares Management L.P. from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Tuesday, July 11th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Ares Management L.P. currently has a consensus rating of “Buy” and an average target price of $20.88.
Shares of Ares Management L.P. (NYSE:ARES) traded up 1.92% during trading on Wednesday, hitting $18.60. The stock had a trading volume of 94,331 shares. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of 24.90 and a beta of 1.25. Ares Management L.P. has a 52 week low of $14.75 and a 52 week high of $23.25. The stock’s 50 day moving average is $18.07 and its 200 day moving average is $18.43.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.67%. The ex-dividend date of this dividend was Wednesday, August 16th. This is a positive change from Ares Management L.P.’s previous quarterly dividend of $0.13. Ares Management L.P.’s payout ratio is 169.86%.
Several large investors have recently modified their holdings of the company. Intrinsic Edge Capital Management LLC bought a new position in Ares Management L.P. during the second quarter worth $3,267,000. Royal Bank of Canada increased its stake in Ares Management L.P. by 359.8% in the second quarter. Royal Bank of Canada now owns 9,840 shares of the asset manager’s stock valued at $177,000 after purchasing an additional 7,700 shares in the last quarter. Capital World Investors bought a new stake in Ares Management L.P. in the second quarter valued at $9,649,000. Goldman Sachs Group Inc. increased its stake in Ares Management L.P. by 37.9% in the second quarter. Goldman Sachs Group Inc. now owns 14,483 shares of the asset manager’s stock valued at $261,000 after purchasing an additional 3,982 shares in the last quarter. Finally, Clinton Group Inc. bought a new stake in Ares Management L.P. in the second quarter valued at $264,000. Institutional investors own 14.68% of the company’s stock.
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About Ares Management L.P.
Ares Management, L.P. is an alternative asset manager. The Company offers its investors a range of investment strategies. It operates through three segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment manages credit strategies across the non-investment grade credit universe in the United States and Europe.
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