Mackenzie Financial Corp Has $11 Million Stake in Ares Management Co. (NYSE:ARES)

Mackenzie Financial Corp increased its stake in Ares Management Co. (NYSE:ARES - Free Report) by 349.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,154 shares of the asset manager's stock after buying an additional 48,334 shares during the period. Mackenzie Financial Corp's holdings in Ares Management were worth $11,003,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Transce3nd LLC bought a new stake in shares of Ares Management in the fourth quarter worth $29,000. Johnson Financial Group Inc. increased its stake in shares of 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 buying an additional 87 shares during the last quarter. Elequin Capital LP bought a new stake in shares of Ares Management in the fourth quarter worth $33,000. Noble Wealth Management PBC bought a new stake in shares of Ares Management in the fourth quarter worth $36,000. Finally, Avalon Trust Co bought a new stake in shares of Ares Management in the fourth quarter worth $53,000. Institutional investors own 50.03% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on ARES. Wolfe Research set a $193.00 price target on shares of Ares Management and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Bank of America lowered their target price on shares of Ares Management from $221.00 to $201.00 and set a "buy" rating for the company in a research note on Friday, April 4th. The Goldman Sachs Group lowered their target price on shares of Ares Management from $188.00 to $166.00 and set a "buy" rating for the company in a research note on Thursday, April 3rd. Oppenheimer lowered shares of Ares Management from an "outperform" rating to a "market perform" rating in a research note on Thursday, May 15th. Finally, Citizens Jmp upgraded shares of Ares Management from a "market perform" rating to an "outperform" rating and set a $165.00 target price for the company in a research note on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.94.

Insider Buying and Selling at Ares Management

In related news, Director Ashish Bhutani acquired 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $141.33 per share, for a total transaction of $1,413,300.00. Following the acquisition, the director now owns 22,905 shares in the company, valued at approximately $3,237,163.65. This represents a 77.49% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David B. Kaplan sold 69,526 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $160.99, for a total value of $11,192,990.74. Following the sale, the insider now owns 30,474 shares in the company, valued at approximately $4,906,009.26. The trade was a 69.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 972,035 shares of company stock valued at $160,322,465. 36.86% of the stock is owned by insiders.

Ares Management Price Performance

ARES stock traded up $0.67 during trading on Friday, hitting $165.57. The company had a trading volume of 3,004,163 shares, compared to its average volume of 1,427,415. Ares Management Co. 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 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $54.07 billion, a price-to-earnings ratio of 81.56, a P/E/G ratio of 1.28 and a beta of 1.40. The business has a 50 day moving average of $151.71 and a 200 day moving average of $167.30.

Ares Management (NYSE:ARES - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The asset manager reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.94 by $0.15. Ares Management had a net margin of 11.35% and a return on equity of 16.64%. The company had revenue of $951.96 million during the quarter, compared to the consensus estimate of $914.00 million. During the same period in the prior year, the company earned $0.80 EPS. As a group, research analysts predict that Ares Management Co. will post 5.28 earnings per share for the current year.

Ares Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Monday, June 16th. Ares Management's payout ratio is 263.53%.

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.