Beverly Hills Private Wealth LLC acquired a new position in Ares Management Corporation (NYSE:ARES - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,416 shares of the asset manager's stock, valued at approximately $501,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Ares Management during the 4th quarter valued at approximately $381,365,000. TD Asset Management Inc. grew its stake in Ares Management by 4,557.2% during the 4th quarter. TD Asset Management Inc. now owns 1,304,759 shares of the asset manager's stock valued at $230,981,000 after purchasing an additional 1,276,743 shares in the last quarter. Vanguard Group Inc. grew its stake in Ares Management by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 18,807,718 shares of the asset manager's stock valued at $3,329,530,000 after purchasing an additional 907,757 shares in the last quarter. FMR LLC grew its stake in Ares Management by 12.8% during the 4th quarter. FMR LLC now owns 7,109,070 shares of the asset manager's stock valued at $1,258,519,000 after purchasing an additional 807,361 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Ares Management by 394.8% during the 4th quarter. Millennium Management LLC now owns 766,267 shares of the asset manager's stock valued at $135,652,000 after purchasing an additional 611,414 shares in the last quarter. 50.03% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, CEO Michael J. Arougheti sold 182,108 shares of Ares Management stock in a transaction on Friday, May 16th. The stock was sold at an average price of $170.07, for a total transaction of $30,971,107.56. Following the transaction, the chief executive officer directly owned 350,684 shares in the company, valued at approximately $59,640,827.88. This trade represents a 34.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David B. Kaplan sold 62,500 shares of Ares Management stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $169.36, for a total value of $10,585,000.00. Following the transaction, the insider owned 62,500 shares in the company, valued at approximately $10,585,000. This trade represents a 50.00% decrease in their ownership of the stock. 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. 36.86% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on ARES. JMP Securities raised their price objective on Ares Management from $165.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, May 8th. The Goldman Sachs Group reduced their target price on Ares Management from $188.00 to $166.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. Morgan Stanley reduced their target price on Ares Management from $197.00 to $152.00 and set an "equal weight" rating on the stock in a report on Monday, April 14th. Bank of America reduced their target price on Ares Management from $221.00 to $201.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Finally, Citizens Jmp raised Ares Management from a "market perform" rating to an "outperform" rating and set a $165.00 target price on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $176.88.
Read Our Latest Stock Analysis on ARES
Ares Management Stock Performance
Shares of NYSE ARES traded down $2.73 during mid-day trading on Friday, hitting $177.40. The company had a trading volume of 713,906 shares, compared to its average volume of 1,428,369. The stock has a market cap of $57.94 billion, a price-to-earnings ratio of 104.35, a PEG ratio of 1.47 and a beta of 1.37. Ares Management Corporation has a 12 month low of $110.63 and a 12 month high of $200.49. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.07 and a quick ratio of 1.07. The firm's 50 day simple moving average is $168.99 and its two-hundred day simple moving average is $166.48.
Ares Management (NYSE:ARES - Get Free Report) last announced its earnings results on Monday, May 5th. The asset manager reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.15. The firm had revenue of $951.96 million for the quarter, compared to the consensus estimate of $914.00 million. Ares Management had a return on equity of 16.29% and a net margin of 9.73%. During the same quarter in the previous year, the business earned $0.80 EPS. As a group, equities research analysts forecast that Ares Management Corporation will post 5.28 earnings per share for the current year.
Ares Management Dividend Announcement
The firm also recently announced 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 annualized dividend and a yield of 2.53%. The ex-dividend date was Monday, June 16th. Ares Management's payout ratio is currently 263.53%.
About Ares Management
(
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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