BlackRock Inc. lifted its holdings in Ares Management Co. (NYSE:ARES) by 1.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 4,984,527 shares of the asset manager’s stock after buying an additional 66,543 shares during the period. BlackRock Inc.’s holdings in Ares Management were worth $279,283,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of ARES. Marshall Wace LLP acquired a new stake in shares of Ares Management in the 1st quarter valued at about $145,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ares Management by 15.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,445 shares of the asset manager’s stock valued at $633,000 after buying an additional 1,827 shares during the period. Arizona State Retirement System grew its stake in shares of Ares Management by 3.9% in the 4th quarter. Arizona State Retirement System now owns 31,148 shares of the asset manager’s stock valued at $1,466,000 after buying an additional 1,172 shares during the period. Victory Capital Management Inc. grew its stake in shares of Ares Management by 7.8% in the 4th quarter. Victory Capital Management Inc. now owns 321,630 shares of the asset manager’s stock valued at $15,133,000 after buying an additional 23,326 shares during the period. Finally, California Public Employees Retirement System grew its stake in shares of Ares Management by 7.9% in the 4th quarter. California Public Employees Retirement System now owns 242,842 shares of the asset manager’s stock valued at $11,426,000 after buying an additional 17,692 shares during the period. 43.13% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE ARES opened at $58.53 on Friday. Ares Management Co. has a twelve month low of $36.56 and a twelve month high of $59.52. The business has a 50 day simple moving average of $54.76. The stock has a market cap of $15.34 billion, a P/E ratio of 41.81, a PEG ratio of 1.27 and a beta of 1.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.14 and a quick ratio of 0.14.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Stockholders of record on Wednesday, June 16th will be paid a $0.47 dividend. The ex-dividend date is Tuesday, June 15th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.21%. Ares Management’s payout ratio is presently 101.08%.
Several brokerages have recently commented on ARES. Credit Suisse Group restated a “neutral” rating and issued a $54.00 target price on shares of Ares Management in a research note on Tuesday, March 2nd. Zacks Investment Research downgraded Ares Management from a “buy” rating to a “hold” rating in a research note on Tuesday, April 20th. BMO Capital Markets upgraded Ares Management from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $63.00 to $68.00 in a research note on Monday. Wells Fargo & Company lifted their price target on Ares Management from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, April 12th. Finally, Barclays lifted their price target on Ares Management from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 12th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $57.71.
In related news, insider R. Kipp Deveer sold 126,787 shares of Ares Management stock in a transaction that occurred on Wednesday, May 26th. The shares were sold at an average price of $54.62, for a total value of $6,925,105.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Michael R. Mcferran sold 100,000 shares of Ares Management stock in a transaction that occurred on Tuesday, June 1st. The stock was sold at an average price of $55.23, for a total transaction of $5,523,000.00. The disclosure for this sale can be found here. 49.34% of the stock is owned by insiders.
Ares Management Profile
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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