Ares Management LP Unit (ARES) Holdings Raised by Cubist Systematic Strategies LLC
Cubist Systematic Strategies LLC raised its holdings in shares of Ares Management LP Unit (NYSE:ARES) by 785.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,313 shares of the asset manager’s stock after purchasing an additional 4,713 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Ares Management LP Unit were worth $110,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of ARES. Dimensional Fund Advisors LP acquired a new stake in Ares Management LP Unit during the 2nd quarter valued at approximately $328,000. BlueMountain Capital Management LLC acquired a new stake in Ares Management LP Unit during the 2nd quarter valued at approximately $451,000. Alpine Global Management LLC acquired a new stake in Ares Management LP Unit during the 1st quarter valued at approximately $535,000. Jane Street Group LLC acquired a new stake in Ares Management LP Unit during the 1st quarter valued at approximately $666,000. Finally, Raymond James & Associates grew its stake in Ares Management LP Unit by 81.7% during the 2nd quarter. Raymond James & Associates now owns 38,801 shares of the asset manager’s stock valued at $803,000 after purchasing an additional 17,444 shares in the last quarter. Hedge funds and other institutional investors own 39.55% of the company’s stock.
ARES has been the subject of a number of recent analyst reports. Wells Fargo & Co upgraded Ares Management LP Unit from a “market perform” rating to an “outperform” rating in a research note on Tuesday, August 21st. Zacks Investment Research lowered Ares Management LP Unit from a “hold” rating to a “sell” rating in a research note on Wednesday, July 11th. Morgan Stanley raised their price objective on Ares Management LP Unit from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Tuesday. Bank of America raised their price objective on Ares Management LP Unit from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, September 17th. Finally, ValuEngine upgraded Ares Management LP Unit from a “hold” rating to a “buy” rating in a research note on Wednesday, September 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $27.00.
NYSE:ARES opened at $20.72 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.04 and a current ratio of 1.04. Ares Management LP Unit has a 52 week low of $18.00 and a 52 week high of $25.95. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 1.85 and a beta of 1.25.
Ares Management LP Unit (NYSE:ARES) last released its earnings results on Thursday, August 2nd. The asset manager reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). Ares Management LP Unit had a return on equity of 30.98% and a net margin of 8.70%. The firm had revenue of $204.20 million for the quarter, compared to the consensus estimate of $320.11 million. During the same period in the prior year, the business earned $0.69 EPS. The company’s quarterly revenue was down 63.1% on a year-over-year basis. On average, research analysts forecast that Ares Management LP Unit will post 1.55 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 14th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date was Thursday, September 13th. Ares Management LP Unit’s dividend payout ratio is presently 58.03%.
Ares Management LP Unit Company Profile
Ares Management, L.P. 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: Diversification in Investing
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