Phoenix Holdings Ltd. trimmed its holdings in Ares Management Corp (NYSE:ARES) by 78.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,014 shares of the asset manager’s stock after selling 254,706 shares during the quarter. Phoenix Holdings Ltd.’s holdings in Ares Management were worth $2,709,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Sumitomo Mitsui Financial Group Inc. acquired a new stake in Ares Management during the 1st quarter worth about $367,434,000. Wellington Management Group LLP increased its holdings in shares of Ares Management by 122.9% in the 1st quarter. Wellington Management Group LLP now owns 6,625,147 shares of the asset manager’s stock valued at $204,916,000 after purchasing an additional 3,652,486 shares during the period. Invesco Ltd. increased its holdings in shares of Ares Management by 44.6% in the 1st quarter. Invesco Ltd. now owns 3,306,512 shares of the asset manager’s stock valued at $102,271,000 after purchasing an additional 1,019,978 shares during the period. Jennison Associates LLC acquired a new position in shares of Ares Management in the 2nd quarter valued at about $29,725,000. Finally, Franklin Resources Inc. increased its holdings in shares of Ares Management by 75.6% in the 1st quarter. Franklin Resources Inc. now owns 1,575,500 shares of the asset manager’s stock valued at $48,730,000 after purchasing an additional 678,200 shares during the period. 71.04% of the stock is owned by institutional investors.
In other news, insider R. Kipp Deveer sold 637 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $40.02, for a total value of $25,492.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Antony P. Ressler sold 357,490 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $37.33, for a total value of $13,345,101.70. The disclosure for this sale can be found here. Insiders sold 2,973,544 shares of company stock valued at $115,199,299 over the last three months. 59.69% of the stock is owned by company insiders.
Ares Management stock traded down $0.19 during trading hours on Thursday, reaching $39.80. 14,107 shares of the company were exchanged, compared to its average volume of 543,412. The firm has a market cap of $10.26 billion, a price-to-earnings ratio of 79.54, a PEG ratio of 3.19 and a beta of 1.25. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average of $39.97 and a 200 day moving average of $36.20. Ares Management Corp has a 12 month low of $20.20 and a 12 month high of $42.40.
Ares Management (NYSE:ARES) last announced its earnings results on Wednesday, August 5th. The asset manager reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Ares Management had a return on equity of 15.46% and a net margin of 6.39%. During the same quarter in the previous year, the company earned $0.35 earnings per share. As a group, research analysts forecast that Ares Management Corp will post 1.66 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.60 dividend on an annualized basis and a yield of 4.02%. Ares Management’s payout ratio is currently 95.81%.
A number of equities analysts have recently weighed in on ARES shares. Zacks Investment Research downgraded Ares Management from a “buy” rating to a “hold” rating in a report on Monday, July 13th. Bank of America upped their target price on Ares Management from $43.00 to $44.00 and gave the company a “buy” rating in a report on Friday, July 10th. Wells Fargo & Co restated a “buy” rating on shares of Ares Management in a report on Wednesday, August 5th. BMO Capital Markets upgraded Ares Management from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $40.00 to $47.00 in a report on Thursday, May 28th. Finally, Credit Suisse Group increased their price objective on Ares Management from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $42.64.
About Ares Management
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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