LGT Fund Management Co Ltd. Buys 2,600 Shares of Ares Management Corporation (NYSE:ARES)

Key Points

• LGT Fund Management Co Ltd. has increased its stake in Ares Management Corporation by 53.1%, owning 7,500 shares worth approximately $1.1 million after purchasing an additional 2,600 shares.
• Ares Management's stock has experienced a 3.3% increase, currently trading at $192.68, with a market capitalization of $62.92 billion.
• The company declared a quarterly dividend of $1.12 per share, resulting in an annualized dividend of $4.48 and a dividend yield of 2.3%.

LGT Fund Management Co Ltd. grew its stake in shares of Ares Management Corporation (NYSE:ARES - Free Report) by 53.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,500 shares of the asset manager's stock after buying an additional 2,600 shares during the period. LGT Fund Management Co Ltd.'s holdings in Ares Management were worth $1,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Redmont Wealth Advisors LLC bought a new stake in Ares Management in the first quarter worth $28,000. Transce3nd LLC bought a new stake in Ares Management in the fourth quarter worth $29,000. Johnson Financial Group Inc. increased its position in Ares Management by 104.8% in the fourth quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager's stock worth $30,000 after purchasing an additional 87 shares during the last quarter. Elequin Capital LP bought a new stake in Ares Management in the fourth quarter worth $33,000. Finally, Global Financial Private Client LLC increased its position in Ares Management by 125.6% in the first quarter. Global Financial Private Client LLC now owns 264 shares of the asset manager's stock worth $39,000 after purchasing an additional 147 shares during the last quarter. Institutional investors own 50.03% of the company's stock.

Ares Management Stock Up 3.3%

Shares of ARES opened at $192.68 on Wednesday. The firm has a market capitalization of $62.92 billion, a P/E ratio of 111.37, a P/E/G ratio of 1.46 and a beta of 1.40. Ares Management Corporation has a 12-month low of $110.63 and a 12-month high of $200.49. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 0.64. The firm has a fifty day moving average price of $177.37 and a 200-day moving average price of $166.47.

Ares Management (NYSE:ARES - Get Free Report) last issued its earnings results on Friday, August 1st. The asset manager reported $1.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.15 by ($0.12). The company had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.02 billion. Ares Management had a net margin of 9.47% and a return on equity of 15.81%. During the same period in the prior year, the firm posted $0.99 earnings per share. Equities research 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Tuesday, September 16th. Ares Management's payout ratio is presently 258.96%.

Wall Street Analysts Forecast Growth

ARES has been the topic of several research reports. Barclays boosted their price target on shares of Ares Management from $182.00 to $200.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Wolfe Research set a $193.00 price objective on shares of Ares Management and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Wells Fargo & Company lifted their price objective on shares of Ares Management from $189.00 to $202.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Oppenheimer lowered shares of Ares Management from an "outperform" rating to a "market perform" rating in a research note on Thursday, May 15th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Ares Management in a research note on Monday, July 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $178.19.

Insider Activity at Ares Management

In related news, insider David B. Kaplan sold 33,145 shares of Ares Management stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $165.12, for a total value of $5,472,902.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Arougheti sold 107,500 shares of Ares Management stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $161.34, for a total value of $17,344,050.00. Following the completion of the sale, the chief executive officer owned 1,400,000 shares of the company's stock, valued at $225,876,000. The trade was a 7.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 873,145 shares of company stock worth $146,204,353 over the last three months. 0.52% of the stock is owned by corporate insiders.

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.

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