Fred Alger Management LLC Has $14.97 Million Stake in Ares Management Co. (NYSE:ARES)

Fred Alger Management LLC cut its position in Ares Management Co. (NYSE:ARES) by 3.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,543 shares of the asset manager’s stock after selling 3,116 shares during the quarter. Fred Alger Management LLC’s holdings in Ares Management were worth $14,967,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Transce3nd LLC bought a new position in Ares Management in the fourth quarter valued at about $29,000. Johnson Financial Group Inc. lifted its holdings in shares of Ares Management by 104.8% in the 4th quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager’s stock worth $30,000 after purchasing an additional 87 shares in the last quarter. Noble Wealth Management PBC acquired a new position in shares of Ares Management during the fourth quarter valued at about $36,000. GAMMA Investing LLC increased its holdings in Ares Management by 53.4% during the 4th quarter. GAMMA Investing LLC now owns 227 shares of the asset manager’s stock worth $40,000 after purchasing an additional 79 shares in the last quarter. Finally, Avalon Trust Co bought a new stake in Ares Management during the fourth quarter worth $53,000. 50.03% of the stock is currently owned by institutional investors and hedge funds.

Ares Management Price Performance

Shares of ARES stock opened at $165.94 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $52.34 billion, a P/E ratio of 81.75, a P/E/G ratio of 1.28 and a beta of 1.40. The business’s 50 day moving average price is $146.33 and its 200-day moving average price is $167.55. Ares Management Co. has a fifty-two week low of $110.63 and a fifty-two week high of $200.49.

Ares Management (NYSE:ARES) last issued its quarterly earnings data on Monday, May 5th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.15. Ares Management had a net margin of 11.35% and a return on equity of 16.64%. The business had revenue of $951.96 million for the quarter, compared to the consensus estimate of $914.00 million. During the same period in the previous year, the firm earned $0.80 EPS. On average, equities research analysts anticipate that Ares Management Co. will post 5.28 earnings per share for the current year.

Ares Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $1.12 per share. The ex-dividend date is Monday, June 16th. This represents a $4.48 annualized dividend and a yield of 2.70%. Ares Management’s payout ratio is 263.53%.

Insiders Place Their Bets

In other Ares Management news, CEO Michael J. Arougheti sold 110,845 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $153.17, for a total transaction of $16,978,128.65. Following the completion of the sale, the chief executive officer now directly owns 1,400,000 shares in the company, valued at approximately $214,438,000. This trade represents a 7.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Bennett Rosenthal sold 69,809 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $161.01, for a total transaction of $11,239,947.09. Following the completion of the transaction, the chairman now owns 30,191 shares in the company, valued at approximately $4,861,052.91. This represents a 69.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 250,180 shares of company stock worth $39,411,066. Company insiders own 0.52% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ARES. The Goldman Sachs Group cut their price target on shares of Ares Management from $188.00 to $166.00 and set a “buy” rating on the stock in a report on Thursday, April 3rd. JMP Securities upped their target price on Ares Management from $165.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday. Oppenheimer upgraded Ares Management from a “market perform” rating to an “outperform” rating and set a $159.00 price target on the stock in a report on Wednesday, April 16th. Barclays upped their price objective on Ares Management from $142.00 to $182.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Citizens Jmp raised shares of Ares Management from a “market perform” rating to an “outperform” rating and set a $165.00 price target on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $171.71.

Ares Management Company 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.