Ares Management (NYSE:ARES) Given New $92.00 Price Target at Wells Fargo & Company

Ares Management (NYSE:ARESGet Rating) had its price objective decreased by analysts at Wells Fargo & Company from $94.00 to $92.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 19.99% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Piper Sandler assumed coverage on Ares Management in a research note on Tuesday, January 25th. They issued an “overweight” rating and a $97.00 price objective for the company. UBS Group boosted their price target on Ares Management from $85.00 to $91.00 and gave the company a “buy” rating in a report on Monday, February 14th. StockNews.com assumed coverage on shares of Ares Management in a research report on Thursday, March 31st. They set a “sell” rating on the stock. Morgan Stanley increased their target price on Ares Management from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 16th. Finally, Zacks Investment Research lowered shares of Ares Management from a “buy” rating to a “hold” rating in a research note on Tuesday, March 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $94.89.

NYSE:ARES opened at $76.67 on Tuesday. The business has a fifty day moving average price of $77.81 and a 200-day moving average price of $79.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. Ares Management has a one year low of $50.46 and a one year high of $90.08. The firm has a market capitalization of $22.23 billion, a price-to-earnings ratio of 36.17, a price-to-earnings-growth ratio of 0.90 and a beta of 0.97.

Ares Management (NYSE:ARESGet Rating) last announced its quarterly earnings data on Friday, February 11th. The asset manager reported $0.85 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.12. Ares Management had a return on equity of 15.16% and a net margin of 9.71%. The business had revenue of $731.16 million for the quarter, compared to the consensus estimate of $659.06 million. During the same period in the previous year, the business earned $0.54 earnings per share. On average, equities research analysts expect that Ares Management will post 3.3 earnings per share for the current fiscal year.

In related news, insider Ares Capital Management Ii Llc bought 3,000,000 shares of the company’s stock in a transaction that occurred on Friday, April 1st. The shares were purchased at an average cost of $25.00 per share, with a total value of $75,000,000.00. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Arougheti sold 26,879 shares of Ares Management stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $85.06, for a total value of $2,286,327.74. Following the transaction, the chief executive officer now directly owns 990,609 shares in the company, valued at approximately $84,261,201.54. The disclosure for this sale can be found here. Insiders have sold a total of 266,520 shares of company stock valued at $21,408,641 over the last 90 days. 49.34% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of ARES. Marshall Wace LLP purchased a new stake in shares of Ares Management in the first quarter valued at about $145,000. Morgan Stanley grew its stake in shares of Ares Management by 14.4% during the 2nd quarter. Morgan Stanley now owns 732,310 shares of the asset manager’s stock valued at $46,567,000 after buying an additional 91,931 shares during the period. Bank of America Corp DE increased its stake in Ares Management by 12.3% during the second quarter. Bank of America Corp DE now owns 1,472,433 shares of the asset manager’s stock worth $93,631,000 after acquiring an additional 160,928 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Ares Management during the 3rd quarter worth approximately $214,000. Finally, State of New Jersey Common Pension Fund D raised its stake in shares of Ares Management by 9.5% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 69,866 shares of the asset manager’s stock valued at $5,158,000 after acquiring an additional 6,034 shares during the period. 44.85% of the stock is currently owned by institutional investors and hedge funds.

About Ares Management (Get Rating)

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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