Ares Management’s Quiet Period Will Expire Tomorrow (NASDAQ:ARES)
Ares Management’s (NASDAQ:ARES) quiet period will expire on Wednesday, June 11th. Ares Management had issued 11,363,636 shares in its IPO on May 2nd, American Banking and Market News reports. The total size of the offering was $215,909,084 based on an initial share price of $19.00. During Ares Management’s quiet period, insiders and any underwriters that worked on the IPO are prevented from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.
Several analysts have recently commented on the stock. Analysts at JPMorgan Chase & Co. initiated coverage on shares of Ares Management in a research note on Tuesday, May 27th. They set an “overweight” rating and a $23.00 price target on the stock. Separately, analysts at SunTrust initiated coverage on shares of Ares Management in a research note on Tuesday, May 27th. They set a “buy” rating and a $22.00 price target on the stock. Finally, analysts at Wells Fargo & Co. initiated coverage on shares of Ares Management in a research note on Tuesday, May 27th. They set an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $21.80.
Ares Management (NASDAQ:ARES) traded down 0.59% during mid-day trading on Tuesday, hitting $18.59. 10,035 shares of the company’s stock traded hands. Ares Management has a one year low of $16.68 and a one year high of $19.10. The stock’s 50-day moving average is $18.15 and its 200-day moving average is $18.15. The company has a market cap of $3.980 billion and a P/E ratio of 7.82.
Ares Management (NASDAQ:ARES) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. The company had revenue of $139.90 million for the quarter, compared to the consensus estimate of $162.50 million. On average, analysts predict that Ares Management will post $1.58 earnings per share for the current fiscal year.
Ares Management, L.P. is a global alternative asset manager. The company operates in four segments: Tradable Credit Group, Direct Lending Group, Private Equity Group and Real Estate Group.
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