Mirae Asset Global Investments Co. Ltd. Decreases Stock Position in Ares Management Corporation $ARES

Mirae Asset Global Investments Co. Ltd. cut its holdings in Ares Management Corporation (NYSE:ARES - Free Report) by 12.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,220 shares of the asset manager's stock after selling 3,014 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Ares Management were worth $3,675,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new stake in shares of Ares Management in the 1st quarter worth about $28,000. Financial Network Wealth Advisors LLC acquired a new position in Ares Management in the 1st quarter valued at about $31,000. Rakuten Securities Inc. raised its stake in 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 purchasing an additional 261 shares during the last quarter. Banque Transatlantique SA acquired a new position in Ares Management in the 1st quarter valued at about $39,000. Finally, SouthState Corp acquired a new position in Ares Management in the 1st quarter valued at about $48,000. 50.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ARES. Royal Bank Of Canada reissued an "outperform" rating and issued a $215.00 target price on shares of Ares Management in a research note on Monday, September 29th. Citigroup reissued an "outperform" rating on shares of Ares Management in a research note on Monday, July 14th. BMO Capital Markets began coverage on shares of Ares Management in a research note on Friday, October 3rd. They issued a "market perform" rating and a $156.00 target price for the company. Keefe, Bruyette & Woods boosted 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. Finally, Wells Fargo & Company upped their price objective 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. Thirteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Ares Management currently has an average rating of "Moderate Buy" and a consensus price target of $180.81.

Insider Transactions at Ares Management

In other Ares Management news, Chairman Antony P. Ressler sold 128,837 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $178.30, for a total value of $22,971,637.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 2,590,000 shares of company stock worth $464,430,639. 0.52% of the stock is currently owned by corporate insiders.

Ares Management Stock Down 0.9%

ARES opened at $148.78 on Wednesday. The firm has a 50 day moving average price of $177.64 and a 200 day moving average price of $167.38. The company has a market cap of $48.61 billion, a PE ratio of 86.00, a price-to-earnings-growth ratio of 1.18 and a beta of 1.43. Ares Management Corporation has a 1 year low of $110.63 and a 1 year high of $200.49. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.08 and a current ratio of 1.08.

Ares Management (NYSE:ARES - Get Free Report) last posted 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 business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.02 billion. Ares Management had a return on equity of 15.81% and a net margin of 9.47%.During the same period last year, the company posted $0.99 EPS. Sell-side analysts expect 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 Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, September 16th. Ares Management's dividend payout ratio is 258.96%.

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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