Invesco Ltd. lifted its stake in Ares Management Co. (NYSE: ARES – Get Rating) by 53.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 262,588 shares of the asset manager’s stock after acquiring an additional 91,571 shares during the quarter. Invesco Ltd. owned 0.09% of Ares Management worth $ 21,340,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Teacher Retirement System of Texas grew its stake in shares of Ares Management by 22.3% in the fourth quarter. Teacher Retirement System of Texas now owns 23,702 shares of the asset manager’s stock worth $ 1,926,000 after acquiring an additional 4,323 shares during the period. UBS Group AG grew its position in Ares Management by 33.0% during the third quarter. UBS Group AG now owns 602,138 shares of the asset manager’s stock valued at $ 44,456,000 after buying an additional 149,475 shares during the period. Lake Street Advisors Group LLC bought a new stake in Ares Management during the third quarter valued at approximately $ 1,957,000. CIBC Private Wealth Group LLC grew its position in Ares Management by 16.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 50,195 shares of the asset manager’s stock valued at $ 4,080,000 after buying an additional 7,209 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its position in Ares Management by 9.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,377 shares of the asset manager’s stock valued at $ 518,000 after buying an additional 554 shares during the period. Hedge funds and other institutional investors own 47.42% of the company stock.
In other news, major shareholder Ares Management Llc bought 75,568 shares of Ares Management stock in a transaction dated Monday, June 6th. The shares were acquired at an average price of $ 8.47 per share, with a total value of $ 640,060.96. Following the completion of the purchase, the insider now owns 8,675,568 shares in the company, valued at approximately $ 73,482,060.96. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael J. Arougheti sold 26,879 shares of the stock in a transaction on Monday, April 4th. The shares were sold at an average price of $ 85.06, for a total transaction of $ 2,286,327.74. Following the completion of the sale, the chief executive officer now directly owns 990,609 shares in the company, valued at approximately $ 84,261,201.54. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 3,245,590 shares of company stock worth $ 77,085,553. 49.34% of the stock is owned by insiders.
ARES has been the subject of several recent research reports. JMP Securities initiated coverage on shares of Ares Management in a research report on Wednesday. They set a “market perform” rating for the company. Morgan Stanley dropped their price target on shares of Ares Management from $ 93.00 to $ 90.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 20th. UBS Group upped their price target on shares of Ares Management from $ 85.00 to $ 91.00 and gave the stock a “buy” rating in a research report on Monday, February 14th. Wells Fargo & Company dropped their price target on shares of Ares Management from $ 94.00 to $ 92.00 and set an “overweight” rating for the company in a research report on Tuesday, April 19th. Finally, Zacks Investment Research lowered shares of Ares Management from a “buy” rating to a “hold” rating in a research report on Tuesday, March 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Ares Management currently has an average rating of “Buy” and a consensus target price of $ 94.56.
ARES stock opened at $ 72.51 on Thursday. The company has a market capitalization of $ 21.28 billion, a PE ratio of 35.54, a price-to-earnings-growth ratio of 0.87 and a beta of 1.05. The company fifty day moving average price is $ 72.69 and its 200-day moving average price is $ 76.15. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.12 and a current ratio of 0.12. Ares Management Co. has a one year low of $ 56.67 and a one year high of $ 90.08.
Ares Management (NYSE: ARES – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The asset manager reported $ 0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $ 0.67 by ($ 0.02). The business had revenue of $ 715.00 million for the quarter, compared to analysts’ expectations of $ 605.10 million. Ares Management had a net margin of 9.28% and a return on equity of 14.53%. Ares Management’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $ 0.46 EPS. On average, research analysts predict that Ares Management Co. will post 3.24 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Thursday, June 16th will be paid a dividend of $ 0.61 per share. This represents a $ 2.44 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend is Wednesday, June 15th. Ares Management’s payout ratio is 119.61%.
Ares Management Profile: (Get Rating)
Ares Management Corporation operates as an alternative asset manager in the United States, Europe, and Asia. The company 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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