Millennium Management LLC Grows Position in Ares Management Co. (NYSE:ARES)

Millennium Management LLC increased its position in Ares Management Co. (NYSE:ARES - Free Report) by 394.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 766,267 shares of the asset manager's stock after buying an additional 611,414 shares during the quarter. Millennium Management LLC owned 0.24% of Ares Management worth $135,652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Transce3nd LLC acquired a new stake in shares of Ares Management during the 4th quarter worth approximately $29,000. Johnson Financial Group Inc. raised its stake 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 worth $30,000 after purchasing an additional 87 shares during the period. Noble Wealth Management PBC bought a new stake in shares of Ares Management during the 4th quarter worth $36,000. GAMMA Investing LLC raised its stake in shares of Ares Management by 53.4% during 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 period. Finally, Avalon Trust Co purchased a new stake in Ares Management in the 4th quarter worth about $53,000. Institutional investors and hedge funds own 50.03% of the company's stock.

Ares Management Stock Up 1.0%

ARES stock traded up $1.63 during midday trading on Friday, hitting $170.33. The stock had a trading volume of 1,700,541 shares, compared to its average volume of 1,423,520. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50-day moving average of $148.51 and a two-hundred day moving average of $167.60. Ares Management Co. has a 52-week low of $110.63 and a 52-week high of $200.49. The firm has a market cap of $55.63 billion, a price-to-earnings ratio of 83.91, a price-to-earnings-growth ratio of 1.28 and a beta of 1.40.

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

Ares Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Monday, June 16th. Ares Management's payout ratio is currently 263.53%.

Insider Buying and Selling at Ares Management

In other Ares Management news, Chairman Bennett Rosenthal sold 69,809 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was 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 owns 30,191 shares in the company, valued at $4,861,052.91. This represents a 69.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider David B. Kaplan sold 69,526 shares of the company'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 completion of the sale, the insider now owns 30,474 shares of the company's stock, 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. Over the last 90 days, insiders have sold 250,180 shares of company stock valued at $39,411,066. 36.86% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wells Fargo & Company lifted their price objective on Ares Management from $156.00 to $182.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Morgan Stanley dropped their price target on Ares Management from $197.00 to $152.00 and set an "equal weight" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group dropped their target price on Ares Management from $188.00 to $166.00 and set a "buy" rating for the company in a research report on Thursday, April 3rd. TD Cowen lowered their price objective on Ares Management from $216.00 to $161.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Finally, Oppenheimer downgraded Ares Management from an "outperform" rating to a "market perform" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $174.50.

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.