Cresset Asset Management LLC Grows Stock Position in Ares Management Corporation $ARES

Key Points

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Cresset Asset Management LLC raised its holdings in shares of Ares Management Corporation (NYSE:ARES - Free Report) by 40.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,409 shares of the asset manager's stock after acquiring an additional 6,970 shares during the period. Cresset Asset Management LLC's holdings in Ares Management were worth $3,579,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Redmont Wealth Advisors LLC acquired a new position in shares of Ares Management in the 1st quarter valued at $28,000. Transce3nd LLC purchased a new stake in shares of Ares Management during the fourth quarter worth $29,000. Johnson Financial Group Inc. grew its holdings in shares of Ares Management by 104.8% during the fourth quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager's stock worth $30,000 after buying an additional 87 shares in the last quarter. Financial Network Wealth Advisors LLC purchased a new stake in shares of Ares Management during the first quarter worth $31,000. Finally, Elequin Capital LP purchased a new stake in shares of Ares Management in the fourth quarter valued at about $33,000. 50.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ares Management

In other news, CEO Michael J. Arougheti sold 136,516 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $182.74, for a total transaction of $24,946,933.84. Following the transaction, the chief executive officer directly owned 311,728 shares of the company's stock, valued at $56,965,174.72. This represents a 30.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Bennett Rosenthal sold 85,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $168.79, for a total transaction of $14,347,150.00. The disclosure for this sale can be found here. Insiders have sold a total of 992,628 shares of company stock worth $177,736,922 in the last three months. Insiders own 36.86% of the company's stock.

Ares Management Stock Performance

Shares of ARES traded up $2.5950 during mid-day trading on Friday, reaching $180.8550. 1,500,347 shares of the company's stock were exchanged, compared to its average volume of 1,350,245. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $59.09 billion, a PE ratio of 104.54, a price-to-earnings-growth ratio of 1.40 and a beta of 1.40. The business's fifty day simple moving average is $179.73 and its 200-day simple moving average is $166.10. Ares Management Corporation has a 52-week low of $110.63 and a 52-week high of $200.49.

Ares Management (NYSE:ARES - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $1.03 earnings per share for the quarter, missing analysts' consensus estimates of $1.15 by ($0.12). Ares Management had a net margin of 9.47% and a return on equity of 15.81%. The firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.02 billion. During the same quarter last year, the business earned $0.99 earnings per share. On average, equities research analysts expect that Ares Management Corporation will post 5.28 earnings per share for the current year.

Ares Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 yield of 2.5%. The ex-dividend date is Tuesday, September 16th. Ares Management's dividend payout ratio (DPR) is 258.96%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ARES shares. Keefe, Bruyette & Woods upped their price objective on shares of Ares Management from $193.00 to $203.00 and gave the company an "outperform" rating in a report on Monday, August 4th. JMP Securities upped their target price on shares of Ares Management from $195.00 to $205.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 6th. Oppenheimer lowered shares of Ares Management from an "outperform" rating to a "market perform" rating in a research note on Thursday, May 15th. Raymond James Financial initiated coverage on shares of Ares Management in a research note on Monday, July 28th. They issued a "market perform" rating on the stock. Finally, Wells Fargo & Company increased their price target on shares of Ares Management from $189.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Ares Management has an average rating of "Moderate Buy" and an average price target of $180.06.

Ares Management Company Profile

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.