Ares Management Corporation $ARES Shares Sold by EFG Asset Management North America Corp.

Key Points

• EFG Asset Management has reduced its stake in Ares Management Corporation by 17.1%, selling 6,724 shares and now holding a total of 32,616 shares worth approximately $4.78 million.
• Multiple institutional investors increased their holdings in Ares Management, with Millennium Management LLC boosting its stake by 394.8% during Q4.
• Ares Management recently reported earnings of $1.03 per share, missing expectations, and announced a quarterly dividend of $1.12 per share, translating to an annualized yield of 2.5%.

EFG Asset Management North America Corp. lowered its stake in shares of Ares Management Corporation (NYSE:ARES - Free Report) by 17.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,616 shares of the asset manager's stock after selling 6,724 shares during the period. EFG Asset Management North America Corp.'s holdings in Ares Management were worth $4,779,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Elequin Capital LP purchased a new position in Ares Management during the fourth quarter worth approximately $33,000. Redmont Wealth Advisors LLC purchased a new position in Ares Management during the first quarter worth approximately $28,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Ares Management in the 1st quarter valued at $31,000. Global Financial Private Client LLC raised 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 acquiring an additional 147 shares during the period. Finally, Rakuten Securities Inc. raised its stake in shares of Ares Management by 3,262.5% in the 1st quarter. Rakuten Securities Inc. now owns 269 shares of the asset manager's stock valued at $39,000 after acquiring an additional 261 shares during the period. Hedge funds and other institutional investors own 50.03% of the company's stock.

Insider Buying and Selling at Ares Management

In other Ares Management news, CEO Michael J. Arougheti sold 136,516 shares of the firm'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 completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Antony P. Ressler sold 196,197 shares of the firm's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $178.79, for a total transaction of $35,078,061.63. Following the transaction, the chairman directly owned 1,424,538 shares of the company's stock, valued at approximately $254,693,149.02. This represents a 12.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,274,422 shares of company stock valued at $408,064,869. 0.52% of the stock is owned by company insiders.

Ares Management Stock Down 0.6%

Ares Management stock traded down $1.05 during midday trading on Monday, hitting $176.26. 1,731,099 shares of the stock were exchanged, compared to its average volume of 1,619,565. Ares Management Corporation has a 1 year low of $110.63 and a 1 year high of $200.49. The firm has a market cap of $57.59 billion, a P/E ratio of 101.88, a P/E/G ratio of 1.39 and a beta of 1.44. 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 company has a 50 day moving average price of $181.89 and a two-hundred day moving average price of $165.26.

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

Ares Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 16th. Ares Management's dividend payout ratio (DPR) is currently 258.96%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ARES shares. Barclays raised their target price on shares of Ares Management from $182.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Raymond James Financial started coverage on shares of Ares Management in a research note on Monday, July 28th. They issued a "market perform" rating on the stock. Wells Fargo & Company raised their target price 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. JMP Securities raised their target price on shares of Ares Management from $195.00 to $205.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 6th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Ares Management from $193.00 to $203.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $182.73.

Ares Management 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.