WINTON GROUP Ltd cut its holdings in shares of Ares Management Corp (NYSE:ARES) by 45.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,270 shares of the asset manager’s stock after selling 9,291 shares during the period. WINTON GROUP Ltd’s holdings in Ares Management were worth $295,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in Ares Management by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 152,123 shares of the asset manager’s stock worth $2,705,000 after purchasing an additional 11,572 shares during the period. Barclays PLC lifted its position in Ares Management by 105.2% in the fourth quarter. Barclays PLC now owns 10,258 shares of the asset manager’s stock worth $183,000 after purchasing an additional 5,258 shares during the period. Janney Montgomery Scott LLC lifted its position in Ares Management by 25.5% in the first quarter. Janney Montgomery Scott LLC now owns 51,973 shares of the asset manager’s stock worth $1,206,000 after purchasing an additional 10,573 shares during the period. BlackRock Inc. acquired a new stake in Ares Management in the fourth quarter worth approximately $3,140,000. Finally, Guinness Asset Management Ltd acquired a new stake in Ares Management in the first quarter worth approximately $253,000. Institutional investors and hedge funds own 59.69% of the company’s stock.
Shares of NYSE:ARES traded up $0.06 on Friday, reaching $28.72. 951,291 shares of the company traded hands, compared to its average volume of 517,387. Ares Management Corp has a fifty-two week low of $16.18 and a fifty-two week high of $29.53. The firm has a 50 day simple moving average of $27.75. The stock has a market cap of $3.02 billion, a PE ratio of 20.75, a PEG ratio of 1.50 and a beta of 1.39. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.12 and a quick ratio of 0.12.
Ares Management (NYSE:ARES) last announced its quarterly earnings data on Wednesday, July 31st. The asset manager reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02). Ares Management had a net margin of 7.77% and a return on equity of 23.26%. The company had revenue of $384.80 million for the quarter, compared to analyst estimates of $300.41 million. During the same quarter last year, the company posted $0.34 EPS. Ares Management’s revenue was up 88.4% on a year-over-year basis. As a group, research analysts forecast that Ares Management Corp will post 1.53 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, September 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.46%. Ares Management’s dividend payout ratio (DPR) is presently 90.14%.
In other Ares Management news, CEO Michael J. Arougheti sold 127,400 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $28.30, for a total transaction of $3,605,420.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael D. Weiner sold 3,600 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $26.01, for a total transaction of $93,636.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,370,709 shares of company stock valued at $37,208,269 in the last quarter. Insiders own 151.62% of the company’s stock.
A number of equities research analysts have weighed in on ARES shares. UBS Group upped their target price on Ares Management from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Zacks Investment Research downgraded Ares Management from a “buy” rating to a “hold” rating in a research report on Monday, April 29th. Finally, Morgan Stanley upped their target price on Ares Management from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $27.50.
Ares Management 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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