Ares Management (NYSE:ARES) had its price objective increased by investment analysts at Wells Fargo & Co from $33.00 to $37.00 in a research report issued to clients and investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has an “outperform” rating on the asset manager’s stock. Wells Fargo & Co‘s target price would suggest a potential upside of 24.04% from the company’s current price.
A number of other brokerages also recently weighed in on ARES. UBS Group boosted their target price on shares of Ares Management from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Morgan Stanley boosted their target price on shares of Ares Management from $26.00 to $28.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. TheStreet upgraded shares of Ares Management from a “c+” rating to a “b” rating in a report on Friday, August 16th. Finally, Barclays assumed coverage on shares of Ares Management in a report on Monday, August 5th. They set an “overweight” rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $29.38.
Shares of ARES opened at $29.83 on Thursday. The company has a market cap of $3.14 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.65 and a beta of 1.45. Ares Management has a 1-year low of $16.18 and a 1-year high of $30.57. The company’s fifty day simple moving average is $28.66 and its 200 day simple moving average is $26.13. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.67.
Ares Management (NYSE:ARES) last issued its earnings results on Wednesday, July 31st. The asset manager reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.02). The firm had revenue of $384.80 million for the quarter, compared to analyst estimates of $300.41 million. Ares Management had a return on equity of 22.54% and a net margin of 7.77%. Ares Management’s quarterly revenue was up 88.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 earnings per share. As a group, research analysts forecast that Ares Management will post 1.51 earnings per share for the current year.
In other Ares Management news, insider R. Kipp Deveer sold 36,487 shares of Ares Management stock in a transaction on Monday, June 24th. The shares were sold at an average price of $27.18, for a total transaction of $991,716.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Arougheti sold 127,400 shares of Ares Management stock in a transaction on Monday, July 15th. The stock was sold at an average price of $28.30, for a total transaction of $3,605,420.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,292,805 shares of company stock valued at $37,507,784. Company insiders own 151.62% of the company’s stock.
Several institutional investors have recently made changes to their positions in ARES. BlackRock Inc. boosted its position in shares of Ares Management by 548.5% in the second quarter. BlackRock Inc. now owns 4,430,549 shares of the asset manager’s stock valued at $115,950,000 after acquiring an additional 3,747,319 shares during the period. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Ares Management in the first quarter valued at about $29,366,000. Vanguard Group Inc. boosted its position in shares of Ares Management by 26.6% in the second quarter. Vanguard Group Inc. now owns 5,765,644 shares of the asset manager’s stock valued at $150,887,000 after acquiring an additional 1,213,194 shares during the period. Invesco Ltd. boosted its position in shares of Ares Management by 138.1% in the second quarter. Invesco Ltd. now owns 1,561,807 shares of the asset manager’s stock valued at $40,872,000 after acquiring an additional 905,733 shares during the period. Finally, FMR LLC boosted its position in shares of Ares Management by 16.5% in the first quarter. FMR LLC now owns 2,808,368 shares of the asset manager’s stock valued at $65,182,000 after acquiring an additional 396,792 shares during the period. 64.86% 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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