Ares Management Co. (NYSE:ARES - Get Free Report) Chairman Bennett Rosenthal sold 18,389 shares of Ares Management stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $175.54, for a total transaction of $3,228,005.06. Following the completion of the sale, the chairman now owns 114,967 shares in the company, valued at $20,181,307.18. The trade was a 13.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Bennett Rosenthal also recently made the following trade(s):
ARES traded up $0.45 on Friday, hitting $175.46. 940,865 shares of the stock were exchanged, compared to its average volume of 1,156,876. The firm has a market capitalization of $54.93 billion, a price-to-earnings ratio of 80.86, a PEG ratio of 1.85 and a beta of 1.20. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.05 and a quick ratio of 1.05. Ares Management Co. has a 12 month low of $107.69 and a 12 month high of $176.83. The business has a 50-day moving average of $163.69 and a two-hundred day moving average of $149.13.
Ares Management (NYSE:ARES - Get Free Report) last posted its quarterly earnings results on Friday, November 1st. The asset manager reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.01. Ares Management had a net margin of 12.51% and a return on equity of 19.89%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $833.58 million. During the same quarter last year, the business posted $0.83 EPS. Sell-side analysts forecast that Ares Management Co. will post 4.06 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.93 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.72 annualized dividend and a dividend yield of 2.12%. Ares Management's dividend payout ratio is currently 171.43%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC grew its position in Ares Management by 1.0% during the 3rd quarter. FMR LLC now owns 6,301,709 shares of the asset manager's stock worth $982,058,000 after acquiring an additional 63,851 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Ares Management by 58.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,058,394 shares of the asset manager's stock valued at $674,183,000 after acquiring an additional 1,867,933 shares during the last quarter. State Street Corp lifted its holdings in shares of Ares Management by 5.1% during the third quarter. State Street Corp now owns 3,826,479 shares of the asset manager's stock worth $596,318,000 after purchasing an additional 187,184 shares during the period. Geode Capital Management LLC grew its stake in shares of Ares Management by 6.3% in the third quarter. Geode Capital Management LLC now owns 2,950,451 shares of the asset manager's stock worth $459,580,000 after purchasing an additional 175,627 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Ares Management by 31.3% in the third quarter. Principal Financial Group Inc. now owns 2,849,737 shares of the asset manager's stock valued at $444,103,000 after purchasing an additional 678,549 shares during the period. Institutional investors own 50.03% of the company's stock.
A number of research analysts recently weighed in on ARES shares. JPMorgan Chase & Co. decreased their target price on Ares Management from $176.00 to $174.00 and set an "overweight" rating on the stock in a report on Tuesday, November 5th. TD Cowen increased their price objective on shares of Ares Management from $184.00 to $187.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Wells Fargo & Company lifted their target price on shares of Ares Management from $172.00 to $176.00 and gave the stock an "equal weight" rating in a report on Monday, November 4th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Ares Management from $146.00 to $150.00 and gave the company a "hold" rating in a report on Monday, November 11th. Finally, UBS Group boosted their price objective on Ares Management from $158.00 to $195.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $166.36.
View Our Latest Report on 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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