Arizona State Retirement System increased its holdings in Ares Management Co. (NYSE:ARES – Free Report) by 3.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,376 shares of the asset manager’s stock after purchasing an additional 1,565 shares during the period. Arizona State Retirement System’s holdings in Ares Management were worth $3,786,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its stake in Ares Management by 68.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,485 shares of the asset manager’s stock worth $527,000 after purchasing an additional 2,624 shares in the last quarter. Bank of Montreal Can boosted its stake in Ares Management by 172.3% during the first quarter. Bank of Montreal Can now owns 32,899 shares of the asset manager’s stock valued at $2,690,000 after buying an additional 20,816 shares during the last quarter. MetLife Investment Management LLC purchased a new position in Ares Management during the 1st quarter valued at approximately $684,000. BlackRock Inc. increased its stake in Ares Management by 0.7% in the 1st quarter. BlackRock Inc. now owns 6,191,021 shares of the asset manager’s stock worth $502,895,000 after acquiring an additional 45,745 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its holdings in shares of Ares Management by 12.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 7,460 shares of the asset manager’s stock worth $645,000 after acquiring an additional 825 shares in the last quarter. 48.66% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, major shareholder Ares Management Llc acquired 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 20th. The stock was purchased at an average cost of $20.85 per share, for a total transaction of $4,170,000.00. Following the completion of the acquisition, the insider now directly owns 37,494,654 shares of the company’s stock, valued at approximately $781,763,535.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Ares Management news, major shareholder Ares Management Llc acquired 200,000 shares of the business’s stock in a transaction that occurred on Thursday, April 20th. The shares were bought at an average cost of $20.85 per share, with a total value of $4,170,000.00. Following the completion of the acquisition, the insider now directly owns 37,494,654 shares in the company, valued at approximately $781,763,535.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Judy D. Olian sold 1,200 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $85.59, for a total value of $102,708.00. Following the sale, the director now owns 28,997 shares of the company’s stock, valued at approximately $2,481,853.23. The disclosure for this sale can be found here. In the last ninety days, insiders bought 651,234 shares of company stock worth $14,032,805 and sold 19,421,576 shares worth $469,241,265. Company insiders own 47.34% of the company’s stock.
Ares Management Stock Down 0.1 %
Ares Management (NYSE:ARES – Get Free Report) last issued its earnings results on Friday, April 28th. The asset manager reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.11). Ares Management had a return on equity of 16.79% and a net margin of 6.84%. The company had revenue of $813.36 million during the quarter, compared to the consensus estimate of $694.04 million. During the same quarter in the prior year, the company earned $0.65 earnings per share. Equities research analysts expect that Ares Management Co. will post 3.68 earnings per share for the current year.
Ares Management Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 16th were issued a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Thursday, June 15th. Ares Management’s dividend payout ratio is 280.00%.
Analysts Set New Price Targets
Several brokerages recently weighed in on ARES. Barclays boosted their price target on shares of Ares Management from $108.00 to $117.00 in a research report on Thursday, July 13th. TheStreet upgraded shares of Ares Management from a “c+” rating to a “b-” rating in a research report on Thursday, April 13th. Bank of America dropped their price target on Ares Management from $104.00 to $103.00 and set a “buy” rating for the company in a research report on Wednesday, April 5th. Keefe, Bruyette & Woods downgraded Ares Management from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $99.00 to $98.00 in a research report on Monday, July 10th. Finally, Wells Fargo & Company lifted their target price on Ares Management from $93.00 to $97.00 in a report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Ares Management has a consensus rating of “Hold” and a consensus price target of $98.90.
About Ares Management
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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