Summit Global Investments Purchases New Shares in Ares Management Co. (NYSE:ARES)

Posted by Defense World Staff on Oct 2nd, 2023

Summit Global Investments purchased a new stake in Ares Management Co. (NYSE:ARES – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,434 shares of the asset manager’s stock, valued at approximately $235,000.

Other institutional investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Ares Management by 68.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,485 shares of the asset manager’s stock worth $527,000 after buying an additional 2,624 shares in the last quarter. Bank of Montreal Can increased its holdings in Ares Management by 172.3% in the 1st quarter. Bank of Montreal Can now owns 32,899 shares of the asset manager’s stock worth $2,690,000 after purchasing an additional 20,816 shares in the last quarter. MetLife Investment Management LLC acquired a new position in Ares Management in the 1st quarter worth about $684,000. BlackRock Inc. increased its holdings 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 purchasing an additional 45,745 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its holdings in Ares Management by 12.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 7,460 shares of the asset manager’s stock worth $645,000 after purchasing an additional 825 shares in the last quarter. 50.03% of the stock is currently owned by institutional investors.

Ares Management Stock Down 1.9 %

Shares of NYSE:ARES opened at $102.87 on Monday. The business’s 50 day simple moving average is $101.93 and its two-hundred day simple moving average is $92.54. The firm has a market cap of $31.33 billion, a P/E ratio of 63.11, a PEG ratio of 1.04 and a beta of 1.32. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.97 and a current ratio of 0.97. Ares Management Co. has a 52-week low of $58.60 and a 52-week high of $107.37.

Ares Management (NYSE:ARES – Get Free Report) last announced its quarterly earnings results on Tuesday, August 1st. The asset manager reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.05. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $725.82 million. Ares Management had a return on equity of 17.56% and a net margin of 8.79%. During the same quarter in the prior year, the company earned $0.74 earnings per share. As a group, research analysts forecast that Ares Management Co. will post 3.69 EPS for the current fiscal year.

Ares Management Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were issued a $0.77 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $3.08 annualized dividend and a yield of 2.99%. Ares Management’s payout ratio is currently 188.96%.

Analysts Set New Price Targets

ARES has been the subject of a number of recent research reports. BMO Capital Markets upped their target price on Ares Management from $95.00 to $96.00 and gave the stock a “market perform” rating in a report on Wednesday, August 2nd. JPMorgan Chase & Co. upped their price target on Ares Management from $104.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, August 2nd. StockNews.com assumed coverage on Ares Management in a research report on Thursday, August 17th. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods lowered Ares Management from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $99.00 to $98.00 in a research report on Monday, July 10th. Finally, Wells Fargo & Company upped their price target on Ares Management from $97.00 to $107.00 and gave the company an “equal weight” 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $105.00.

Get Our Latest Report on Ares Management

Insiders Place Their Bets

In other news, insider R. Kipp Deveer sold 200,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $100.13, for a total value of $20,026,000.00. Following the completion of the sale, the insider now directly owns 861,311 shares of the company’s stock, valued at $86,243,070.43. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Michael J. Arougheti sold 150,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $98.37, for a total value of $14,755,500.00. Following the completion of the sale, the chief executive officer now directly owns 825,000 shares of the company’s stock, valued at $81,155,250. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider R. Kipp Deveer sold 200,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $100.13, for a total value of $20,026,000.00. Following the sale, the insider now directly owns 861,311 shares of the company’s stock, valued at $86,243,070.43. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 484,122 shares of company stock worth $8,039,785 and have sold 1,214,041 shares worth $122,591,605. Corporate insiders own 47.34% of the company’s stock.

About Ares Management

(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.