ProShare Advisors LLC reduced its position in shares of Ares Management Co. (NYSE:ARES – Get Rating) by 14.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,390 shares of the asset manager's stock after selling 1,760 shares during the period. ProShare Advisors LLC's holdings in Ares Management were worth $644,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. Vontobel Holding Ltd. boosted its stake in shares of Ares Management by 1.6% during the 1st quarter. Vontobel Holding Ltd. now owns 10,484 shares of the asset manager's stock worth $852,000 after purchasing an additional 167 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of Ares Management by 0.9% during the 1st quarter. Hsbc Holdings PLC now owns 27,264 shares of the asset manager's stock worth $2,247,000 after purchasing an additional 249 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in shares of Ares Management by 1.1% during the 2nd quarter. Lake Street Advisors Group LLC now owns 27,024 shares of the asset manager's stock worth $1,537,000 after purchasing an additional 284 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake 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 purchasing an additional 300 shares during the last quarter. Finally, Capital Impact Advisors LLC boosted its stake in shares of Ares Management by 7.4% during the 2nd quarter. Capital Impact Advisors LLC now owns 4,478 shares of the asset manager's stock worth $255,000 after purchasing an additional 309 shares during the last quarter. 47.96% of the stock is owned by institutional investors and hedge funds.
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Shares of ARES stock opened at $85.03 on Friday. 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 one year low of $53.15 and a one year high of $86.13. The company's 50-day simple moving average is $73.76 and its 200-day simple moving average is $72.76. The stock has a market capitalization of $25.01 billion, a price-to-earnings ratio of 95.54, a PEG ratio of 0.76 and a beta of 1.31.
Insider Transactions at Ares Management
In other news, Chairman Antony P. Ressler sold 148,954 shares of the stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $80.10, for a total transaction of $11,931,215.40. Following the transaction, the chairman now owns 751,046 shares of the company's stock, valued at $60,158,784.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ares Management news, General Counsel Aghili Naseem Sagati sold 15,000 shares of the firm's stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $84.92, for a total value of $1,273,800.00. Following the transaction, the general counsel now owns 203,082 shares of the company's stock, valued at $17,245,723.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Antony P. Ressler sold 148,954 shares of the firm's stock in a transaction dated Tuesday, November 8th. The stock was sold at an average price of $80.10, for a total transaction of $11,931,215.40. Following the completion of the transaction, the chairman now directly owns 751,046 shares in the company, valued at approximately $60,158,784.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 3,660,902 shares of company stock valued at $5,812,824 and have sold 1,042,388 shares valued at $85,181,991. Corporate insiders own 47.38% of the company's stock.Wall Street Analyst Weigh In
ARES has been the subject of a number of research analyst reports. Piper Sandler dropped their price objective on Ares Management to $86.00 in a report on Tuesday, November 1st. UBS Group upped their price objective on shares of Ares Management from $78.00 to $95.00 and gave the company a "buy" rating in a research report on Tuesday, November 15th. StockNews.com began coverage on shares of Ares Management in a research report on Wednesday, October 12th. They issued a "sell" rating for the company. BMO Capital Markets cut shares of Ares Management from an "outperform" rating to a "market perform" rating and set a $93.00 price objective for the company. in a research report on Monday, November 14th. Finally, Wells Fargo & Company upped their price objective on shares of Ares Management from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, October 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $86.88.
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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