VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Ares Management Corporation (NYSE:ARES – Free Report) by 82.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 30,050 shares of the asset manager’s stock after purchasing an additional 13,600 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Ares Management were worth $3,491,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Choreo LLC grew its holdings in shares of Ares Management by 9.9% during the third quarter. Choreo LLC now owns 15,693 shares of the asset manager’s stock worth $1,823,000 after buying an additional 1,413 shares in the last quarter. Financial Network Wealth Advisors LLC lifted its stake in shares of Ares Management by 146.1% in the third quarter. Financial Network Wealth Advisors LLC now owns 475 shares of the asset manager’s stock worth $55,000 after buying an additional 282 shares in the last quarter. North Dakota State Investment Board boosted its position in Ares Management by 7.7% during the third quarter. North Dakota State Investment Board now owns 6,027 shares of the asset manager’s stock worth $700,000 after acquiring an additional 432 shares during the last quarter. Laurel Wealth Advisors LLC acquired a new position in Ares Management during the third quarter worth about $122,000. Finally, William Mack & Associates Inc. acquired a new position in Ares Management during the third quarter worth about $191,000. 50.03% of the stock is owned by institutional investors and hedge funds.
Ares Management Price Performance
Shares of ARES stock opened at $132.62 on Tuesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.26 and a quick ratio of 0.26. The company has a market capitalization of $43.80 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 1.12 and a beta of 1.53. The firm’s 50-day moving average is $125.82 and its two-hundred day moving average is $125.08. Ares Management Corporation has a 12 month low of $95.80 and a 12 month high of $181.19.
Ares Management (NYSE:ARES – Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The asset manager reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Ares Management had a net margin of 10.63% and a return on equity of 25.42%. The business’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.15 EPS. Analysts predict that Ares Management Corporation will post 5.73 earnings per share for the current year.
Ares Management Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 4.1%. The ex-dividend date is Thursday, December 17th. Ares Management’s dividend payout ratio is presently 435.48%.
Analyst Upgrades and Downgrades
A number of analysts have commented on ARES shares. Wells Fargo & Company increased their price objective on shares of Ares Management from $136.00 to $141.00 and gave the company an “overweight” rating in a report on Friday. Citizens Jmp lowered their target price on Ares Management from $190.00 to $160.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. Keefe, Bruyette & Woods upped their price target on Ares Management from $119.00 to $130.00 and gave the company a “market perform” rating in a research report on Friday. Royal Bank Of Canada increased their price target on Ares Management from $168.00 to $171.00 and gave the company an “outperform” rating in a report on Friday. Finally, Bank of America reduced their price objective on Ares Management from $160.00 to $156.00 in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ares Management currently has an average rating of “Moderate Buy” and an average target price of $146.21.
Check Out Our Latest Stock Report on Ares Management
About Ares Management
Ares Management Corporation (NYSE: ARES) is a global alternative investment manager that provides investment solutions across credit, private equity, real assets and secondaries. The company manages capital on behalf of institutional investors, pension funds, insurance companies, sovereign wealth funds, family offices and individual investors.
Its investment activities include direct lending and other credit strategies, control and minority investments in private companies, real estate and infrastructure investments, and secondary-market transactions involving private assets and fund interests.
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