Peregrine Capital Management LLC Has $100.92 Million Stock Position in Ares Management Corporation (NYSE:ARES)

Peregrine Capital Management LLC reduced its position in Ares Management Corporation (NYSE:ARES - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 688,321 shares of the asset manager's stock after selling 24,838 shares during the period. Ares Management comprises approximately 3.3% of Peregrine Capital Management LLC's holdings, making the stock its 2nd largest position. Peregrine Capital Management LLC owned approximately 0.22% of Ares Management worth $100,915,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in ARES. Transce3nd LLC acquired a new position in Ares Management during the fourth quarter worth $29,000. Johnson Financial Group Inc. raised its holdings in Ares Management by 104.8% in the 4th quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager's stock valued at $30,000 after acquiring an additional 87 shares in the last quarter. Elequin Capital LP bought a new position in Ares Management in the fourth quarter worth $33,000. Noble Wealth Management PBC acquired a new stake in shares of Ares Management during the 4th quarter valued at about $36,000. Finally, Global Financial Private Client LLC grew its stake in shares of Ares Management by 125.6% in the 1st quarter. Global Financial Private Client LLC now owns 264 shares of the asset manager's stock valued at $39,000 after purchasing an additional 147 shares during the period. 50.03% of the stock is owned by institutional investors and hedge funds.

Ares Management Stock Performance

Shares of ARES traded up $1.63 during mid-day trading on Tuesday, hitting $174.83. 2,485,442 shares of the company's stock were exchanged, compared to its average volume of 1,419,424. The business's 50 day moving average is $164.40 and its two-hundred day moving average is $166.32. Ares Management Corporation has a fifty-two week low of $110.63 and a fifty-two week high of $200.49. 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 firm has a market capitalization of $57.10 billion, a P/E ratio of 102.84, a P/E/G ratio of 1.36 and a beta of 1.37.

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

Ares Management Dividend Announcement

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

Analyst Ratings Changes

Several research firms have weighed in on ARES. Bank of America lowered their price objective on shares of Ares Management from $221.00 to $201.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Citizens Jmp upgraded Ares Management from a "market perform" rating to an "outperform" rating and set a $165.00 price objective for the company in a research report on Tuesday, April 8th. Barclays raised their price target on shares of Ares Management from $142.00 to $182.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Oppenheimer cut Ares Management from an "outperform" rating to a "market perform" rating in a report on Thursday, May 15th. Finally, Wells Fargo & Company raised their price objective on shares of Ares Management from $182.00 to $189.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $174.94.

Insiders Place Their Bets

In other news, CEO Michael J. Arougheti sold 182,108 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $170.07, for a total value of $30,971,107.56. Following the sale, the chief executive officer directly owned 350,684 shares in the company, valued at approximately $59,640,827.88. This represents a 34.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Bennett Rosenthal sold 85,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $168.79, for a total value of $14,347,150.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 873,145 shares of company stock worth $146,204,353. 0.52% of the stock is owned by insiders.

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.