Oppenheimer Asset Management Inc. Buys 477 Shares of Ares Management Co. (NYSE:ARES)

Posted by Defense World Staff on Aug 27th, 2023

Oppenheimer Asset Management Inc. raised its holdings in Ares Management Co. (NYSE:ARES – Free Report) by 4.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 10,292 shares of the asset manager’s stock after acquiring an additional 477 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Ares Management were worth $859,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. ETF Managers Group LLC increased its position in Ares Management by 1.5% in the 1st quarter. ETF Managers Group LLC now owns 9,040 shares of the asset manager’s stock valued at $754,000 after acquiring an additional 134 shares during the period. Capital Impact Advisors LLC increased its position in Ares Management by 4.1% in the 4th quarter. Capital Impact Advisors LLC now owns 3,500 shares of the asset manager’s stock valued at $240,000 after acquiring an additional 139 shares during the period. RFG Advisory LLC increased its position in Ares Management by 1.2% in the 4th quarter. RFG Advisory LLC now owns 11,783 shares of the asset manager’s stock valued at $1,002,000 after acquiring an additional 141 shares during the period. Keybank National Association OH increased its position in Ares Management by 4.4% in the 1st quarter. Keybank National Association OH now owns 3,612 shares of the asset manager’s stock valued at $301,000 after acquiring an additional 153 shares during the period. Finally, Xponance Inc. increased its position in Ares Management by 0.7% in the 1st quarter. Xponance Inc. now owns 21,052 shares of the asset manager’s stock valued at $1,757,000 after acquiring an additional 156 shares during the period. 48.66% of the stock is currently owned by institutional investors and hedge funds.

Ares Management Stock Up 0.3 %

Ares Management stock opened at $99.97 on Friday. Ares Management Co. has a 1-year low of $58.60 and a 1-year high of $103.41. The firm has a market capitalization of $30.44 billion, a price-to-earnings ratio of 61.33, a price-to-earnings-growth ratio of 1.00 and a beta of 1.32. The firm’s fifty day moving average price is $98.07 and its two-hundred day moving average price is $88.48. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.59.

Ares Management (NYSE:ARES – Get Free Report) last released its quarterly earnings data on Tuesday, August 1st. The asset manager reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.05. Ares Management had a net margin of 8.79% and a return on equity of 17.56%. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $725.82 million. During the same period last year, the firm earned $0.74 earnings per share. On average, equities research analysts predict that Ares Management Co. will post 3.71 earnings per share for the current fiscal year.

Ares Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Thursday, September 14th. Ares Management’s dividend payout ratio (DPR) is 188.96%.

Insider Buying and Selling at Ares Management

In related news, major shareholder Ares Management Llc sold 6,885,415 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $16.79, for a total transaction of $115,606,117.85. Following the transaction, the insider now directly owns 134,659,188 shares of the company’s stock, valued at $2,260,927,766.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Corporate Opportunities F. Ares sold 4,886,250 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $25.70, for a total transaction of $125,576,625.00. Following the transaction, the director now directly owns 1,389,840 shares of the company’s stock, valued at $35,718,888. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ares Management Llc sold 6,885,415 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $16.79, for a total transaction of $115,606,117.85. Following the transaction, the insider now directly owns 134,659,188 shares in the company, valued at $2,260,927,766.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,897,346 shares of company stock valued at $349,830,782. Corporate insiders own 47.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ARES. The Goldman Sachs Group upped their price target on shares of Ares Management from $90.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 18th. BMO Capital Markets increased their price objective on shares of Ares Management from $95.00 to $96.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 2nd. Keefe, Bruyette & Woods cut shares of Ares Management from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $99.00 to $98.00 in a research report on Monday, July 10th. Morgan Stanley increased their price objective on shares of Ares Management from $100.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 2nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Ares Management from $104.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ares Management has a consensus rating of “Hold” and an average target price of $105.00.

Get Our Latest Analysis on ARES

Ares Management Company Profile

(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.