NEW YORK (TheStreet) -- KKR (KKR) - Get Report stock is declining 3.07% to $17.06 in midday trading on Wednesday, after the company released its 2015 third quarter financial results on Tuesday after the market close.
The global investment firm reported a loss of 37 cents per share, down from earnings of 50 cents per share for the year ago period. This quarter represents the company's first quarterly loss since 2011, as a stock-market slump weighed on its holdings, Bloomberg reports.
Analysts surveyed by Thomson Reuters had forecast for a loss of 30 cents per share.
KKR reported assets under management of $98.7 billion, higher than $96.1 billion in the 2014 third quarter.
The company announced a $500 million stock repurchase, and noted it is changing its distribution policy to a fixed 16 cents per share each quarter. This is the lowest amount paid out by the firm since 2012, according to the Wall Street Journal.
"Our announcements today, including the introductions of a fixed distribution per quarter and a share buyback program, reflect important changes to our capital management strategy," co-CEOs Henry R. Kravis and George R. Roberts said in a statement. "Our strong balance sheet, with approximately $14 billion in assets, allows us to support a meaningful fixed quarterly distribution."
Separately, TheStreet Ratings team rates KKR & CO LP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
We rate KKR & CO LP (KKR) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels, increase in net income, expanding profit margins and growth in earnings per share. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: KKR