Ares Management Corporation (NYSE:ARES - Get Free Report) CEO Michael J. Arougheti sold 136,516 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $182.74, for a total transaction of $24,946,933.84. Following the completion of the sale, the chief executive officer directly owned 311,728 shares of the company's stock, valued at $56,965,174.72. This trade represents a 30.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Ares Management Stock Up 1.5%
Shares of NYSE ARES traded up $2.5950 during mid-day trading on Friday, reaching $180.8550. The company had a trading volume of 1,500,347 shares, compared to its average volume of 1,350,245. The stock has a fifty day moving average of $179.73 and a two-hundred day moving average of $165.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $59.09 billion, a price-to-earnings ratio of 104.54, a PEG ratio of 1.42 and a beta of 1.40. Ares Management Corporation has a 12-month low of $110.63 and a 12-month high of $200.49.
Ares Management (NYSE:ARES - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The asset manager reported $1.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.15 by ($0.12). The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.02 billion. Ares Management had a return on equity of 15.81% and a net margin of 9.47%.During the same period last year, the company earned $0.99 earnings per share. As a group, equities research analysts expect that Ares Management Corporation will post 5.28 EPS for the current year.
Ares Management Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 16th. Ares Management's dividend payout ratio is 258.96%.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on ARES. Wells Fargo & Company increased their price target on shares of Ares Management from $189.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. JMP Securities raised their price objective on shares of Ares Management from $195.00 to $205.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 6th. Barclays raised their price objective on shares of Ares Management from $182.00 to $200.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Royal Bank Of Canada raised their price objective on shares of Ares Management from $195.00 to $215.00 and gave the company an "outperform" rating in a research report on Monday, August 18th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Ares Management in a research report on Monday, July 14th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $180.06.
Check Out Our Latest Research Report on Ares Management
Hedge Funds Weigh In On Ares Management
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Transce3nd LLC acquired a new position in Ares Management during the fourth quarter valued at approximately $29,000. Johnson Financial Group Inc. grew its stake in shares of Ares Management by 104.8% in the fourth quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager's stock worth $30,000 after acquiring an additional 87 shares during the last quarter. Elequin Capital LP acquired a new stake in shares of Ares Management in the fourth quarter worth $33,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Ares Management in the first quarter worth $28,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Ares Management in the second quarter worth $35,000. Institutional investors and hedge funds own 50.03% of the company's stock.
About Ares Management
(
Get Free Report)
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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