Fred Alger Management LLC Sells 3,116 Shares of Ares Management Co. (NYSE:ARES)

Fred Alger Management LLC lowered its holdings in Ares Management Co. (NYSE:ARES - Free Report) by 3.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,543 shares of the asset manager's stock after selling 3,116 shares during the period. Fred Alger Management LLC's holdings in Ares Management were worth $14,967,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Transce3nd LLC acquired a new position in shares of Ares Management in the 4th quarter worth approximately $29,000. Johnson Financial Group Inc. grew its stake in shares of Ares Management by 104.8% in the 4th 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. Noble Wealth Management PBC acquired a new position in shares of Ares Management in the 4th quarter worth approximately $36,000. GAMMA Investing LLC grew its stake in shares of Ares Management by 53.4% in the 4th quarter. GAMMA Investing LLC now owns 227 shares of the asset manager's stock worth $40,000 after purchasing an additional 79 shares during the last quarter. Finally, Avalon Trust Co acquired a new position in shares of Ares Management in the 4th quarter worth approximately $53,000. Institutional investors and hedge funds own 50.03% of the company's stock.

Ares Management Stock Down 0.6%

ARES traded down $0.92 on Friday, reaching $164.93. 1,659,104 shares of the company traded hands, compared to its average volume of 1,409,920. The stock's 50 day moving average price is $146.41 and its 200-day moving average price is $167.51. Ares Management Co. has a 52-week low of $110.63 and a 52-week high of $200.49. The company has a market cap of $52.02 billion, a price-to-earnings ratio of 81.25, a PEG ratio of 1.28 and a beta of 1.40. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.05 and a quick ratio of 1.05.

Ares Management (NYSE:ARES - Get Free Report) last announced 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. Ares Management had a net margin of 11.35% and a return on equity of 16.64%. The firm had revenue of $951.96 million for the quarter, compared to the consensus estimate of $914.00 million. During the same period in the previous year, the firm posted $0.80 earnings per share. On average, sell-side analysts expect that Ares Management Co. will post 5.28 EPS for the current fiscal year.

Ares Management Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Monday, June 16th. Ares Management's payout ratio is presently 263.53%.

Wall Street Analysts Forecast Growth

ARES has been the topic of several recent research reports. Citizens Jmp raised 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 research note on Tuesday, April 8th. Bank of America dropped their target price on shares of Ares Management from $221.00 to $201.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. Oppenheimer raised shares of Ares Management from a "market perform" rating to an "outperform" rating and set a $159.00 target price on the stock in a research report on Wednesday, April 16th. JMP Securities lifted their target price on shares of Ares Management from $165.00 to $185.00 and gave the stock a "market outperform" rating in a research report on Thursday. Finally, TD Cowen dropped their target price 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Ares Management currently has a consensus rating of "Moderate Buy" and a consensus target price of $174.50.

Insider Activity at Ares Management

In other Ares Management news, Chairman Bennett Rosenthal sold 69,809 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $161.01, for a total value of $11,239,947.09. Following the completion of the sale, the chairman now directly owns 30,191 shares of the company's stock, valued at $4,861,052.91. The trade was a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Arougheti sold 110,845 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $153.17, for a total transaction of $16,978,128.65. Following the completion of the sale, the chief executive officer now directly owns 1,400,000 shares of the company's stock, valued at $214,438,000. This represents a 7.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 250,180 shares of company stock valued at $39,411,066. Corporate insiders own 0.52% of the company's stock.

Ares Management Company 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.