Ares Management Co. (NYSE:ARES – Get Free Report) hit a new 52-week high on Wednesday after Wells Fargo & Company raised their price target on the stock from $93.00 to $97.00. The company traded as high as $97.46 and last traded at $97.00, with a volume of 64984 shares. The stock had previously closed at $95.50.
A number of other equities analysts have also weighed in on the company. StockNews.com began coverage on Ares Management in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods lowered Ares Management from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $99.00 to $98.00 in a research note on Monday. Bank of America reduced their price objective on Ares Management from $104.00 to $103.00 and set a “buy” rating on the stock in a research report on Wednesday, April 5th. TheStreet upgraded Ares Management from a “c+” rating to a “b-” rating in a research report on Thursday, April 13th. Finally, Barclays increased their price objective on Ares Management from $98.00 to $108.00 in a research report on Monday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Ares Management presently has an average rating of “Hold” and a consensus price target of $98.00.
Insiders Place Their Bets
In other Ares Management news, major shareholder Ares Management Llc acquired 200,000 shares of the business’s stock in a transaction dated Friday, April 14th. The shares were purchased at an average cost of $21.44 per share, for a total transaction of $4,288,000.00. Following the transaction, the insider now owns 37,294,654 shares in the company, valued at $799,597,381.76. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Michael J. Arougheti sold 64,480 shares of Ares Management stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $95.13, for a total transaction of $6,133,982.40. Following the sale, the chief executive officer now directly owns 60,471 shares in the company, valued at $5,752,606.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ares Management Llc purchased 200,000 shares of the company’s stock in a transaction that occurred on Friday, April 14th. The shares were purchased at an average price of $21.44 per share, for a total transaction of $4,288,000.00. Following the completion of the transaction, the insider now directly owns 37,294,654 shares of the company’s stock, valued at $799,597,381.76. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 851,234 shares of company stock valued at $18,320,805 and have sold 19,421,576 shares valued at $469,241,265. Insiders own 47.34% of the company’s stock.
Institutional Investors Weigh In On Ares Management
Ares Management Stock Up 1.2 %
The stock has a 50 day simple moving average of $89.37 and a 200-day simple moving average of $83.06. The firm has a market cap of $29.23 billion, a PE ratio of 87.87, a PEG ratio of 0.99 and a beta of 1.32. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.00 and a quick ratio of 1.00.
Ares Management (NYSE:ARES – Get Free Report) last announced its quarterly earnings data on Friday, April 28th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.11). The company had revenue of $813.36 million for the quarter, compared to analysts’ expectations of $694.04 million. Ares Management had a net margin of 6.84% and a return on equity of 16.79%. During the same quarter in the previous year, the firm posted $0.65 EPS. Sell-side analysts predict that Ares Management Co. will post 3.6 EPS for the current fiscal year.
Ares Management Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Thursday, June 15th. Ares Management’s dividend payout ratio is currently 280.00%.
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.
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