Ares Management Corp (NYSE:ARES) Expected to Announce Quarterly Sales of $321.72 Million
Brokerages predict that Ares Management Corp (NYSE:ARES) will announce sales of $321.72 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Ares Management’s earnings, with estimates ranging from $313.00 million to $328.66 million. Ares Management reported sales of $194.03 million in the same quarter last year, which would suggest a positive year over year growth rate of 65.8%. The business is scheduled to issue its next earnings results before the market opens on Wednesday, July 31st.
According to Zacks, analysts expect that Ares Management will report full-year sales of $1.31 billion for the current financial year, with estimates ranging from $1.29 billion to $1.32 billion. For the next fiscal year, analysts expect that the company will post sales of $1.55 billion, with estimates ranging from $1.51 billion to $1.59 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Ares Management.
Ares Management (NYSE:ARES) last announced its quarterly earnings data on Thursday, May 2nd. The asset manager reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02). Ares Management had a net margin of 5.22% and a return on equity of 25.86%. The company had revenue of $224.66 million for the quarter, compared to analyst estimates of $228.42 million. During the same quarter last year, the company posted $0.39 EPS.
Shares of ARES traded down $0.30 during mid-day trading on Friday, reaching $28.13. The company’s stock had a trading volume of 429,600 shares, compared to its average volume of 828,192. The company has a fifty day moving average price of $26.94. The company has a market cap of $2.91 billion, a P/E ratio of 19.81, a price-to-earnings-growth ratio of 1.45 and a beta of 1.38. Ares Management has a 1 year low of $16.18 and a 1 year high of $28.63. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.12 and a current ratio of 0.12.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.32 per share. The ex-dividend date was Thursday, June 13th. This represents a $1.28 annualized dividend and a dividend yield of 4.55%. Ares Management’s dividend payout ratio is 90.14%.
In related news, EVP Michael D. Weiner sold 3,600 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $26.01, for a total transaction of $93,636.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Arougheti sold 48,299 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $27.31, for a total value of $1,319,045.69. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,370,709 shares of company stock valued at $37,208,269. 151.62% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in ARES. Lido Advisors LLC increased its position in Ares Management by 8.1% during the fourth quarter. Lido Advisors LLC now owns 17,772 shares of the asset manager’s stock worth $315,000 after buying an additional 1,326 shares during the last quarter. Two Sigma Advisers LP grew its position in shares of Ares Management by 13.6% in the fourth quarter. Two Sigma Advisers LP now owns 11,700 shares of the asset manager’s stock valued at $208,000 after purchasing an additional 1,400 shares during the last quarter. Raymond James & Associates grew its position in shares of Ares Management by 4.0% in the fourth quarter. Raymond James & Associates now owns 56,579 shares of the asset manager’s stock valued at $1,006,000 after purchasing an additional 2,201 shares during the last quarter. Cordasco Financial Network acquired a new stake in shares of Ares Management in the first quarter valued at about $70,000. Finally, Stifel Financial Corp grew its position in shares of Ares Management by 21.5% in the fourth quarter. Stifel Financial Corp now owns 21,163 shares of the asset manager’s stock valued at $376,000 after purchasing an additional 3,744 shares during the last quarter. Institutional investors and hedge funds own 60.08% of the company’s stock.
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.
Further Reading: Neutral Rating
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