CoreCap Advisors LLC Sells 288 Shares of Ares Management Co. (NYSE:ARES)

CoreCap Advisors LLC trimmed its position in shares of Ares Management Co. (NYSE:ARES) by 1.7% during the 4th quarter, Holdings Channel reports. The firm owned 16,558 shares of the asset manager’s stock after selling 288 shares during the period. CoreCap Advisors LLC’s holdings in Ares Management were worth $2,931,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Norges Bank bought a new position in Ares Management during the fourth quarter valued at approximately $381,365,000. Raymond James Financial Inc. bought a new position in Ares Management during the 4th quarter valued at about $335,858,000. TD Asset Management Inc. raised its holdings in shares of Ares Management by 4,557.2% in the fourth quarter. TD Asset Management Inc. now owns 1,304,759 shares of the asset manager’s stock worth $230,981,000 after buying an additional 1,276,743 shares during the period. Vanguard Group Inc. lifted its position in shares of Ares Management by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 18,807,718 shares of the asset manager’s stock worth $3,329,530,000 after purchasing an additional 907,757 shares during the last quarter. Finally, FMR LLC lifted its holdings in Ares Management by 12.8% during the 4th quarter. FMR LLC now owns 7,109,070 shares of the asset manager’s stock valued at $1,258,519,000 after buying an additional 807,361 shares in the last quarter. 50.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Michael J. Arougheti sold 110,845 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $153.17, for a total value of $16,978,128.65. Following the completion of the transaction, the chief executive officer now owns 1,400,000 shares of the company’s stock, valued at approximately $214,438,000. This represents a 7.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ashish Bhutani purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average price of $141.33 per share, with a total value of $1,413,300.00. Following the purchase, the director now owns 22,905 shares of the company’s stock, valued at approximately $3,237,163.65. The trade was a 77.49 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 250,180 shares of company stock worth $39,411,066 over the last quarter. 0.52% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com lowered shares of Ares Management from a “hold” rating to a “sell” rating in a research note on Wednesday, January 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. TD Cowen reduced their price target on shares of Ares Management from $216.00 to $161.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Wells Fargo & Company boosted their price objective on Ares Management from $156.00 to $182.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Wolfe Research set a $193.00 price target on shares of Ares Management and gave the stock an “outperform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ares Management currently has an average rating of “Moderate Buy” and an average target price of $170.53.

Ares Management Trading Up 1.6 %

Shares of Ares Management stock opened at $162.18 on Thursday. The firm has a market cap of $51.15 billion, a PE ratio of 79.89, a P/E/G ratio of 1.28 and a beta of 1.40. The business’s fifty day moving average is $146.41 and its two-hundred day moving average is $167.57. Ares Management Co. has a fifty-two week low of $110.63 and a fifty-two week high of $200.49. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.53.

Ares Management (NYSE:ARES) last released its quarterly earnings data on Monday, May 5th. The asset manager reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.15. The business had revenue of $951.96 million during 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 prior year, the firm posted $0.80 EPS. Analysts anticipate that Ares Management Co. will post 5.28 earnings per share for the current year.

Ares Management Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $1.12 per share. The ex-dividend date is Monday, June 16th. This represents a $4.48 annualized dividend and a dividend yield of 2.76%. Ares Management’s payout ratio is 263.53%.

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.