Wellington Management Group LLP grew its holdings in Ares Management Co. (NYSE:ARES – Get Rating) by 2.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,801,274 shares of the asset manager’s stock after buying an additional 430,412 shares during the period. Wellington Management Group LLP owned 5.45% of Ares Management worth $1,283,537,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Ares Management by 3.4% in the first quarter. Vanguard Group Inc. now owns 14,038,275 shares of the asset manager’s stock valued at $1,140,328,000 after purchasing an additional 458,646 shares during the period. BlackRock Inc. grew its holdings in shares of Ares Management by 0.7% in the first quarter. BlackRock Inc. now owns 6,191,021 shares of the asset manager’s stock valued at $502,895,000 after purchasing an additional 45,745 shares during the period. William Blair Investment Management LLC grew its holdings in shares of Ares Management by 4.1% in the first quarter. William Blair Investment Management LLC now owns 3,405,667 shares of the asset manager’s stock valued at $276,642,000 after purchasing an additional 133,227 shares during the period. State Street Corp grew its holdings in shares of Ares Management by 5.2% in the first quarter. State Street Corp now owns 2,271,529 shares of the asset manager’s stock valued at $184,516,000 after purchasing an additional 111,548 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in shares of Ares Management by 3.4% in the fourth quarter. Alliancebernstein L.P. now owns 2,131,148 shares of the asset manager’s stock valued at $173,198,000 after purchasing an additional 70,721 shares during the period. 48.61% of the stock is currently owned by institutional investors and hedge funds.
Ares Management Trading Up 1.5 %
NYSE ARES opened at $78.74 on Monday. The firm has a 50 day simple moving average of $69.88 and a 200-day simple moving average of $70.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.13 and a current ratio of 0.13. Ares Management Co. has a one year low of $53.15 and a one year high of $90.08. The firm has a market cap of $23.14 billion, a price-to-earnings ratio of 50.47, a PEG ratio of 1.04 and a beta of 1.19.
Ares Management Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a $0.61 dividend. The ex-dividend date is Thursday, September 15th. This represents a $2.44 annualized dividend and a yield of 3.10%. Ares Management’s dividend payout ratio (DPR) is 156.41%.
Insider Activity at Ares Management
In related news, General Counsel Aghili Naseem Sagati sold 7,446 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $73.18, for a total value of $544,898.28. Following the sale, the general counsel now owns 218,082 shares of the company’s stock, valued at $15,959,240.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 47.38% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
ARES has been the subject of a number of analyst reports. The Goldman Sachs Group dropped their price objective on shares of Ares Management from $87.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Morgan Stanley lowered their target price on shares of Ares Management from $90.00 to $76.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 19th. UBS Group increased their target price on shares of Ares Management from $68.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 1st. JMP Securities began coverage on shares of Ares Management in a research note on Wednesday, June 8th. They set a “market perform” rating for the company. Finally, TheStreet lowered shares of Ares Management from a “b” rating to a “c+” rating in a research note on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Ares Management currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.
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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