Diversified Trust Co bought a new position in Ares Management Co. (NYSE:ARES - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,788 shares of the asset manager's stock, valued at approximately $2,460,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of ARES. Curated Wealth Partners LLC grew its position in shares of Ares Management by 199.7% during the 2nd quarter. Curated Wealth Partners LLC now owns 1,658,217 shares of the asset manager's stock worth $221,007,000 after buying an additional 3,321,434 shares in the last quarter. LRI Investments LLC bought a new position in shares of Ares Management during the 1st quarter worth $264,729,000. Massachusetts Financial Services Co. MA grew its position in shares of Ares Management by 58.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,058,394 shares of the asset manager's stock worth $674,183,000 after buying an additional 1,867,933 shares in the last quarter. Lone Pine Capital LLC bought a new position in shares of Ares Management during the 2nd quarter worth $209,884,000. Finally, Millennium Management LLC grew its position in shares of Ares Management by 722.6% during the 2nd quarter. Millennium Management LLC now owns 1,738,148 shares of the asset manager's stock worth $231,660,000 after buying an additional 1,526,856 shares in the last quarter. Hedge funds and other institutional investors own 50.03% of the company's stock.
Ares Management Stock Down 4.4 %
NYSE ARES traded down $7.08 during trading on Tuesday, hitting $153.48. The company's stock had a trading volume of 2,060,500 shares, compared to its average volume of 1,111,308. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $47.55 billion, a PE ratio of 70.22, a P/E/G ratio of 1.47 and a beta of 1.22. The business's 50 day simple moving average is $147.04 and its 200-day simple moving average is $141.01. Ares Management Co. has a fifty-two week low of $96.00 and a fifty-two week high of $161.56.
Ares Management (NYSE:ARES - Get Free Report) last announced its quarterly earnings data on Friday, August 2nd. The asset manager reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.01. Ares Management had a return on equity of 20.46% and a net margin of 12.53%. The firm had revenue of $788.68 million during the quarter, compared to analysts' expectations of $860.09 million. During the same period last year, the business posted $0.90 earnings per share. On average, equities analysts anticipate that Ares Management Co. will post 4.15 EPS for the current fiscal year.
Ares Management Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Monday, September 16th. Ares Management's payout ratio is 166.82%.
Analyst Upgrades and Downgrades
ARES has been the topic of a number of recent research reports. UBS Group dropped their price target on Ares Management from $160.00 to $158.00 and set a "buy" rating on the stock in a research report on Wednesday, July 10th. TD Cowen raised their price objective on Ares Management from $158.00 to $162.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft dropped their price objective on Ares Management from $134.00 to $133.00 and set a "hold" rating on the stock in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on Ares Management from $141.00 to $143.00 and gave the company an "overweight" rating in a research report on Tuesday, July 30th. Finally, Barclays raised their price objective on Ares Management from $155.00 to $174.00 and gave the company an "overweight" rating in a research report on Monday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Ares Management presently has an average rating of "Moderate Buy" and an average price target of $147.36.
View Our Latest Stock Report on Ares Management
Insider Transactions at Ares Management
In other news, CEO Michael J. Arougheti sold 27,120 shares of the firm's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $145.67, for a total value of $3,950,570.40. Following the completion of the transaction, the chief executive officer now directly owns 222,880 shares in the company, valued at $32,466,929.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Michael J. Arougheti sold 27,120 shares of Ares Management stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $145.67, for a total transaction of $3,950,570.40. Following the completion of the transaction, the chief executive officer now directly owns 222,880 shares in the company, valued at approximately $32,466,929.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Bennett Rosenthal sold 27,172 shares of Ares Management stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $145.67, for a total value of $3,958,145.24. Following the transaction, the chairman now owns 222,828 shares of the company's stock, valued at approximately $32,459,354.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 604,316 shares of company stock worth $87,718,000 over the last three months. 1.20% of the stock is currently owned by insiders.
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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