Mount Lucas Management LP acquired a new stake in shares of Ares Management Corporation (NYSE:ARES - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,042 shares of the asset manager's stock, valued at approximately $446,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Huntington National Bank boosted its position in shares of Ares Management by 9.8% during the 4th quarter. Huntington National Bank now owns 704 shares of the asset manager's stock valued at $125,000 after acquiring an additional 63 shares during the last quarter. Canton Hathaway LLC boosted its position in shares of Ares Management by 9.5% during the 1st quarter. Canton Hathaway LLC now owns 865 shares of the asset manager's stock valued at $127,000 after acquiring an additional 75 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Ares Management by 1.8% during the 1st quarter. Bessemer Group Inc. now owns 4,360 shares of the asset manager's stock valued at $639,000 after acquiring an additional 78 shares during the last quarter. First Manhattan CO. LLC. boosted its position in shares of Ares Management by 0.5% during the 4th quarter. First Manhattan CO. LLC. now owns 17,628 shares of the asset manager's stock valued at $3,121,000 after acquiring an additional 83 shares during the last quarter. Finally, Johnson Financial Group Inc. boosted its position in shares of Ares Management by 104.8% during the 4th quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager's stock valued at $30,000 after acquiring an additional 87 shares during the last quarter. 50.03% of the stock is currently owned by institutional investors and hedge funds.
Ares Management Stock Up 2.1%
Ares Management stock traded up $3.90 during mid-day trading on Friday, hitting $186.24. The company had a trading volume of 1,320,319 shares, compared to its average volume of 1,358,686. The stock has a market cap of $60.82 billion, a price-to-earnings ratio of 109.56, a PEG ratio of 1.52 and a beta of 1.37. Ares Management Corporation has a 1 year low of $110.63 and a 1 year high of $200.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average of $171.68 and a 200 day moving average of $166.46.
Ares Management (NYSE:ARES - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The asset manager reported $1.09 EPS for the quarter, beating the consensus estimate 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 prior year, the firm posted $0.80 earnings per share. On average, sell-side analysts expect that Ares Management Corporation will post 5.28 earnings per share for the current fiscal year.
Ares Management Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 2.41%. The ex-dividend date was Monday, June 16th. Ares Management's payout ratio is currently 263.53%.
Insider Activity
In other news, Chairman Bennett Rosenthal sold 85,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $168.79, for a total value of $14,347,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Arougheti sold 107,500 shares of the stock in a transaction that occurred on 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 directly 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. Over the last ninety days, insiders sold 873,145 shares of company stock valued at $146,204,353. 36.86% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several research analysts have recently weighed in on ARES shares. TD Cowen lowered their price target on shares of Ares Management from $216.00 to $161.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. 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. The Goldman Sachs Group cut their price target on shares of Ares Management from $188.00 to $166.00 and set a "buy" rating on the stock in a research note on Thursday, April 3rd. Bank of America cut their price target on shares of Ares Management from $221.00 to $201.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. Finally, Morgan Stanley cut their price target on shares of Ares Management from $197.00 to $152.00 and set an "equal weight" rating on the stock in a research note on Monday, April 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $177.50.
Check Out Our Latest Stock Analysis on Ares Management
About Ares Management
(
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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