Ares Management Corporation (NYSE:ARES) Shares Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its position in Ares Management Corporation (NYSE:ARES - Free Report) by 1,462.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,552 shares of the asset manager's stock after acquiring an additional 25,789 shares during the quarter. Teacher Retirement System of Texas' holdings in Ares Management were worth $4,039,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new stake in shares of Ares Management in the first quarter valued at $28,000. DAVENPORT & Co LLC raised its stake in shares of Ares Management by 41.4% in the first quarter. DAVENPORT & Co LLC now owns 5,070 shares of the asset manager's stock valued at $743,000 after acquiring an additional 1,485 shares during the period. Summit Trail Advisors LLC raised its stake in shares of Ares Management by 101.9% in the first quarter. Summit Trail Advisors LLC now owns 2,570 shares of the asset manager's stock valued at $377,000 after acquiring an additional 1,297 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Ares Management by 92.8% in the first quarter. Vontobel Holding Ltd. now owns 4,727 shares of the asset manager's stock valued at $693,000 after acquiring an additional 2,275 shares during the period. Finally, Sage Advisors LLC grew its holdings in shares of Ares Management by 186.3% in the first quarter. Sage Advisors LLC now owns 4,211 shares of the asset manager's stock worth $617,000 after purchasing an additional 2,740 shares during the last quarter. Hedge funds and other institutional investors own 50.03% of the company's stock.

Analyst Ratings Changes

ARES has been the topic of a number of research analyst reports. Barclays upped their price target on shares of Ares Management from $142.00 to $182.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Citizens Jmp upgraded shares of Ares Management from a "market perform" rating to an "outperform" rating and set a $165.00 price target on the stock in a report on Tuesday, April 8th. JMP Securities upped their price target on shares of Ares Management from $165.00 to $185.00 and gave the stock a "market outperform" rating in a report on Thursday, May 8th. Morgan Stanley cut their price target on shares of Ares Management from $197.00 to $152.00 and set an "equal weight" rating on the stock in a report on Monday, April 14th. Finally, The Goldman Sachs Group cut their price target on shares of Ares Management from $188.00 to $166.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $174.94.

Ares Management Stock Up 0.2%

Shares of ARES traded up $0.35 during mid-day trading on Tuesday, hitting $175.21. The company's stock had a trading volume of 1,033,572 shares, compared to its average volume of 1,704,882. Ares Management Corporation has a 52-week low of $110.63 and a 52-week high of $200.49. The firm has a market capitalization of $57.22 billion, a price-to-earnings ratio of 103.06, a PEG ratio of 1.40 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.61. The company's 50-day moving average is $167.11 and its 200-day moving average is $166.36.

Ares Management (NYSE:ARES - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The asset manager reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.94 by $0.15. Ares Management had a net margin of 9.73% and a return on equity of 16.29%. The business had revenue of $951.96 million for the quarter, compared to analysts' expectations of $914.00 million. During the same period last year, the business earned $0.80 EPS. On average, equities research analysts forecast that Ares Management Corporation will post 5.28 EPS for the current fiscal year.

Ares Management Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Monday, June 16th. Ares Management's dividend payout ratio is currently 263.53%.

Insider Activity

In related news, insider David B. Kaplan sold 33,145 shares of Ares Management stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $165.12, for a total value of $5,472,902.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Bennett Rosenthal sold 85,000 shares of Ares Management stock in a transaction that occurred 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. In the last ninety days, insiders have sold 873,145 shares of company stock worth $146,204,353. Corporate insiders own 0.52% of the company's stock.

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.