Insider Selling: Ares Management Co. (NYSE:ARES) Insider Sells 100,000 Shares of Stock

kopsource · Dec 14, 2022 21:21

Ares Management Co. (NYSE:ARES – Get Rating) insider Bennett Rosenthal sold 100,000 shares of the stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $70.14, for a total value of $7,014,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Bennett Rosenthal also recently made the following trade(s):

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On Monday, November 14th, Bennett Rosenthal sold 200,000 shares of Ares Management stock. The shares were sold at an average price of $80.24, for a total value of $16,048,000.00.
On Tuesday, October 25th, Bennett Rosenthal sold 122,971 shares of Ares Management stock. The shares were sold at an average price of $70.87, for a total value of $8,714,954.77.

Ares Management Stock Down 1.3 %

Shares of ARES stock traded down $0.97 during trading hours on Wednesday, hitting $72.46. 1,372,234 shares of the company were exchanged, compared to its average volume of 1,021,564. Ares Management Co. has a 52 week low of $53.15 and a 52 week high of $86.06. The business has a 50 day moving average of $73.56 and a two-hundred day moving average of $69.95. The company has a market capitalization of $21.32 billion, a PE ratio of 81.42, a PEG ratio of 0.71 and a beta of 1.27. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.63.

Ares Management (NYSE:ARES – Get Rating) last released its earnings results on Thursday, October 27th. The asset manager reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01. Ares Management had a net margin of 5.08% and a return on equity of 14.90%. The firm had revenue of $609.56 million for the quarter, compared to analyst estimates of $636.07 million. During the same period last year, the firm earned $0.62 EPS. Analysts anticipate that Ares Management Co. will post 3.23 earnings per share for the current fiscal year.

Ares Management Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 16th will be given a $0.61 dividend. The ex-dividend date is Thursday, December 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 3.37%. Ares Management's dividend payout ratio (DPR) is currently 274.16%.

Institutional Trading of Ares Management

Hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its holdings in shares of Ares Management by 13,281.6% in the 2nd quarter. Millennium Management LLC now owns 1,100,098 shares of the asset manager's stock worth $62,552,000 after buying an additional 1,091,877 shares during the last quarter. Bank of America Corp DE grew its position in Ares Management by 44.6% during the first quarter. Bank of America Corp DE now owns 2,747,871 shares of the asset manager's stock valued at $223,210,000 after acquiring an additional 846,923 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Ares Management by 43.2% during the first quarter. JPMorgan Chase & Co. now owns 2,099,469 shares of the asset manager's stock valued at $170,541,000 after purchasing an additional 633,684 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in shares of Ares Management during the second quarter valued at approximately $34,748,000. Finally, River Road Asset Management LLC boosted its stake in shares of Ares Management by 1,212.8% during the first quarter. River Road Asset Management LLC now owns 641,608 shares of the asset manager's stock valued at $52,118,000 after purchasing an additional 592,734 shares during the period. Institutional investors own 48.61% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ARES shares. Wells Fargo & Company boosted their price target on Ares Management from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, October 28th. Piper Sandler reduced their price target on Ares Management to $86.00 in a research note on Tuesday, November 1st. Royal Bank of Canada increased their price target on Ares Management from $83.00 to $93.00 and gave the company an "outperform" rating in a report on Tuesday, November 1st. UBS Group raised their target price on Ares Management from $78.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday, November 15th. Finally, Morgan Stanley raised their target price on shares of Ares Management from $76.00 to $82.00 and gave the stock an "equal weight" rating in a report on Monday, October 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Ares Management currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.56.

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.