Genesee Capital Advisors LLC lessened its holdings in Ares Management Corporation (NYSE:ARES - Free Report) by 37.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,302 shares of the asset manager's stock after selling 3,747 shares during the period. Genesee Capital Advisors LLC's holdings in Ares Management were worth $924,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Ares Management in the 4th quarter valued at $381,365,000. Raymond James Financial Inc. acquired a new stake in shares of Ares Management in the 4th quarter valued at $335,858,000. TD Asset Management Inc. raised its holdings in shares of Ares Management by 4,557.2% in 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. raised its holdings in shares of Ares Management by 5.1% in 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. Finally, FMR LLC raised its holdings in shares of Ares Management by 12.8% in 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. Hedge funds and other institutional investors own 50.03% of the company's stock.
Insider Buying and Selling at Ares Management
In other news, CEO Michael J. Arougheti sold 182,108 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $170.07, for a total transaction of $30,971,107.56. Following the transaction, the chief executive officer now directly owns 350,684 shares in the company, valued at $59,640,827.88. The trade was a 34.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David B. Kaplan sold 62,500 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $169.36, for a total transaction of $10,585,000.00. Following the transaction, the insider now owns 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. Over the last three months, insiders have sold 983,990 shares of company stock worth $163,182,482. 36.86% of the stock is owned by company insiders.
Ares Management Price Performance
Shares of NYSE:ARES opened at $165.93 on Friday. The company's fifty day moving average price is $160.75 and its 200 day moving average price is $166.78. 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 has a market capitalization of $54.19 billion, a P/E ratio of 97.60, a P/E/G ratio of 1.30 and a beta of 1.38.
Ares Management (NYSE:ARES - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The asset manager reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $0.94 by $0.15. The company had revenue of $951.96 million for the quarter, compared to analyst estimates of $914.00 million. Ares Management had a net margin of 9.73% and a return on equity of 16.29%. During the same period in the previous year, the business posted $0.80 earnings per share. As a group, sell-side analysts predict that Ares Management Corporation will post 5.28 earnings per share for the current fiscal year.
Ares Management Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $1.12 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $4.48 dividend on an annualized basis and a yield of 2.70%. Ares Management's dividend payout ratio is presently 263.53%.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on ARES. Citizens Jmp upgraded shares of Ares Management from a "market perform" rating to an "outperform" rating and set a $165.00 price objective on the stock in a report on Tuesday, April 8th. Bank of America reduced their price objective on shares of Ares Management from $221.00 to $201.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Wells Fargo & Company raised their price objective on shares of Ares Management from $182.00 to $189.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. JMP Securities raised their price objective on shares of Ares Management from $165.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, May 8th. Finally, The Goldman Sachs Group reduced their price objective 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 investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $174.94.
View Our Latest Research Report on Ares Management
Ares Management Company Profile
(
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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