Janney Montgomery Scott LLC boosted its position in shares of Ares Management Co. (NYSE:ARES - Free Report) by 8.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 121,159 shares of the asset manager's stock after acquiring an additional 9,038 shares during the period. Janney Montgomery Scott LLC's holdings in Ares Management were worth $18,881,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Norden Group LLC increased its holdings in shares of Ares Management by 47.0% in the 1st quarter. Norden Group LLC now owns 3,702 shares of the asset manager's stock valued at $492,000 after acquiring an additional 1,183 shares during the last quarter. Private Advisor Group LLC raised its holdings in Ares Management by 6.9% during the first quarter. Private Advisor Group LLC now owns 2,618 shares of the asset manager's stock worth $348,000 after purchasing an additional 170 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Ares Management by 41.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,821 shares of the asset manager's stock worth $6,033,000 after buying an additional 13,482 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Ares Management by 26.2% in the 1st quarter. BNP Paribas Financial Markets now owns 79,639 shares of the asset manager's stock valued at $10,590,000 after buying an additional 16,554 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of Ares Management by 13.8% in the 1st quarter. Nordea Investment Management AB now owns 12,492 shares of the asset manager's stock valued at $1,666,000 after buying an additional 1,519 shares in the last quarter. 50.03% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Ares Management
In other Ares Management news, insider Ryan Berry sold 40,000 shares of Ares Management stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $167.99, for a total value of $6,719,600.00. Following the completion of the sale, the insider now directly owns 304,202 shares of the company's stock, valued at approximately $51,102,893.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Ryan Berry sold 40,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $167.99, for a total transaction of $6,719,600.00. Following the transaction, the insider now directly owns 304,202 shares in the company, valued at $51,102,893.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Bennett Rosenthal sold 75,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $143.05, for a total transaction of $10,728,750.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 622,640 shares of company stock worth $91,378,848. Corporate insiders own 41.89% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on ARES. Redburn Atlantic started coverage on Ares Management in a research report on Tuesday, August 27th. They issued a "neutral" rating and a $140.00 target price for the company. Morgan Stanley increased their price objective on Ares Management from $136.00 to $162.00 and gave the company an "equal weight" rating in a report on Thursday, October 10th. TD Cowen lifted their target price on shares of Ares Management from $184.00 to $187.00 and gave the company a "buy" rating in a report on Monday. UBS Group increased their price target on shares of Ares Management from $158.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Ares Management from $148.00 to $146.00 and set a "hold" rating on the stock in a research note on Monday. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $166.00.
Check Out Our Latest Stock Analysis on Ares Management
Ares Management Price Performance
NYSE ARES traded up $8.05 during mid-day trading on Wednesday, hitting $172.49. The stock had a trading volume of 2,848,400 shares, compared to its average volume of 1,159,528. The company has a 50 day simple moving average of $157.04 and a 200 day simple moving average of $146.19. The company has a market cap of $53.99 billion, a price-to-earnings ratio of 79.49, a P/E/G ratio of 1.56 and a beta of 1.20. Ares Management Co. has a 52-week low of $101.44 and a 52-week high of $175.74. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.52.
Ares Management (NYSE:ARES - Get Free Report) last issued its quarterly earnings data on Friday, November 1st. The asset manager reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.94 by $0.01. The firm had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $833.58 million. Ares Management had a net margin of 12.51% and a return on equity of 20.51%. During the same period in the prior year, the company earned $0.83 EPS. Equities analysts forecast that Ares Management Co. will post 4.11 EPS for the current fiscal year.
Ares Management Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 2.16%. The ex-dividend date is Tuesday, December 17th. Ares Management's payout ratio is 171.43%.
Ares Management Company Profile
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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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