Ares Management Co. (NYSE:ARES – Get Rating) Chairman Antony P. Ressler sold 25,269 shares of the business's stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $85.19, for a total transaction of $2,152,666.11. Following the completion of the sale, the chairman now owns 712,670 shares of the company's stock, valued at $60,712,357.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Ares Management Stock Up 0.5 %
Shares of ARES stock traded up $0.40 on Friday, hitting $85.03. The stock had a trading volume of 1,124,772 shares, compared to its average volume of 936,358. The firm has a market capitalization of $25.01 billion, a price-to-earnings ratio of 95.54, a P/E/G ratio of 0.76 and a beta of 1.31. The stock's 50 day moving average is $73.76 and its 200-day moving average is $72.76. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.13 and a current ratio of 0.13. Ares Management Co. has a 52-week low of $53.15 and a 52-week high of $86.13.
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Analysts Set New Price Targets
A number of equities research analysts recently issued reports on the stock. BMO Capital Markets downgraded shares of Ares Management from an "outperform" rating to a "market perform" rating and set a $93.00 target price for the company. in a report on Monday, November 14th. Barclays boosted their price objective on shares of Ares Management from $82.00 to $87.00 and gave the stock an "overweight" rating in a research note on Thursday, January 12th. Wells Fargo & Company boosted their price objective on shares of Ares Management from $78.00 to $81.00 and gave the stock an "overweight" rating in a research note on Friday, October 28th. Piper Sandler decreased their price objective on shares of Ares Management to $86.00 in a research note on Tuesday, November 1st. Finally, Royal Bank of Canada boosted their price objective on shares of Ares Management from $83.00 to $93.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Ares Management currently has a consensus rating of "Hold" and a consensus price target of $86.88.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. raised its holdings in Ares Management by 68.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,485 shares of the asset manager's stock valued at $527,000 after acquiring an additional 2,624 shares in the last quarter. Bank of Montreal Can raised its holdings in Ares Management by 172.3% in the first quarter. Bank of Montreal Can now owns 32,899 shares of the asset manager's stock valued at $2,690,000 after acquiring an additional 20,816 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in Ares Management in the first quarter valued at $684,000. BlackRock Inc. raised its holdings in Ares Management by 0.7% in the first quarter. BlackRock Inc. now owns 6,191,021 shares of the asset manager's stock valued at $502,895,000 after acquiring an additional 45,745 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its holdings in Ares Management by 12.4% in the first quarter. Great West Life Assurance Co. Can now owns 7,460 shares of the asset manager's stock valued at $645,000 after acquiring an additional 825 shares in the last quarter. 47.96% of the stock is currently owned by hedge funds and other institutional investors.
About Ares Management
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Ares Management Corp. is engaged in providing investment management and consultancy services. It operates through the following segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment offers credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S.
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