AdvisorNet Financial Inc trimmed its stake in Ares Management Co. (NYSE:ARES – Get Rating) by 45.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 676 shares of the asset manager's stock after selling 565 shares during the period. AdvisorNet Financial Inc's holdings in Ares Management were worth $38,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Ares Management during the 4th quarter worth about $25,000. Byrne Asset Management LLC bought a new position in shares of Ares Management during the 4th quarter worth about $33,000. Geneos Wealth Management Inc. lifted its holdings in shares of Ares Management by 300.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 400 shares of the asset manager's stock worth $32,000 after acquiring an additional 300 shares during the period. CWM LLC lifted its holdings in shares of Ares Management by 575.3% during the 1st quarter. CWM LLC now owns 601 shares of the asset manager's stock worth $49,000 after acquiring an additional 512 shares during the period. Finally, Private Capital Group LLC bought a new position in shares of Ares Management during the 1st quarter worth about $55,000. 48.61% of the stock is currently owned by institutional investors and hedge funds.
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Analyst Ratings Changes
ARES has been the subject of several analyst reports. JMP Securities initiated coverage on shares of Ares Management in a report on Wednesday, June 8th. They set a "market perform" rating for the company. Barclays initiated coverage on shares of Ares Management in a report on Wednesday, August 31st. They set an "overweight" rating and a $92.00 price target for the company. Morgan Stanley cut their price target on shares of Ares Management from $90.00 to $76.00 and set an "equal weight" rating for the company in a report on Tuesday, July 19th. TheStreet downgraded shares of Ares Management from a "b" rating to a "c+" rating in a report on Friday, June 3rd. Finally, Wells Fargo & Company cut their price target on shares of Ares Management from $89.00 to $75.00 and set an "overweight" rating for the company in a report on Wednesday, July 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Ares Management presently has an average rating of "Moderate Buy" and an average target price of $89.00.
Ares Management Stock Down 2.9 %
Shares of NYSE:ARES opened at $65.22 on Friday. Ares Management Co. has a one year low of $53.15 and a one year high of $90.08. The company has a 50 day moving average of $72.62 and a 200-day moving average of $70.63. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market cap of $19.17 billion, a price-to-earnings ratio of 41.81, a P/E/G ratio of 0.94 and a beta of 1.19.
Ares Management (NYSE:ARES – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The asset manager reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. Ares Management had a net margin of 8.23% and a return on equity of 14.31%. The company had revenue of $618.17 million during the quarter, compared to analysts' expectations of $618.30 million. On average, sell-side analysts forecast that Ares Management Co. will post 3.22 earnings per share for the current year.
Ares Management Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend is Thursday, September 15th. Ares Management's dividend payout ratio is currently 156.41%.
Insider Activity at Ares Management
In related news, General Counsel Aghili Naseem Sagati sold 7,446 shares of the business's stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $73.18, for a total transaction of $544,898.28. Following the completion of the transaction, the general counsel now owns 218,082 shares in the company, valued at $15,959,240.76. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 47.38% of the company's stock.
About Ares Management
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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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