California Public Employees Retirement System Trims Holdings in Ares Management Co. (NYSE:ARES)

California Public Employees Retirement System trimmed its position in Ares Management Co. (NYSE:ARESGet Rating) by 1.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,357 shares of the asset manager’s stock after selling 4,038 shares during the quarter. California Public Employees Retirement System owned about 0.10% of Ares Management worth $16,453,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in Ares Management by 2.8% in the 1st quarter. Wellington Management Group LLP now owns 15,801,274 shares of the asset manager’s stock worth $1,283,537,000 after acquiring an additional 430,412 shares in the last quarter. Vanguard Group Inc. grew its holdings in Ares Management by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 14,038,275 shares of the asset manager’s stock valued at $1,140,328,000 after buying an additional 458,646 shares in the last quarter. BlackRock Inc. grew its holdings in Ares Management by 0.7% during the 1st quarter. BlackRock Inc. now owns 6,191,021 shares of the asset manager’s stock valued at $502,895,000 after buying an additional 45,745 shares in the last quarter. William Blair Investment Management LLC grew its holdings in Ares Management by 4.1% during the 1st quarter. William Blair Investment Management LLC now owns 3,405,667 shares of the asset manager’s stock valued at $276,642,000 after buying an additional 133,227 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in Ares Management by 44.6% during the 1st quarter. Bank of America Corp DE now owns 2,747,871 shares of the asset manager’s stock valued at $223,210,000 after buying an additional 846,923 shares in the last quarter. 48.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ARES has been the subject of a number of research analyst reports. Morgan Stanley increased their price objective on shares of Ares Management from $76.00 to $82.00 and gave the company an “equal weight” rating in a report on Monday, October 31st. Royal Bank of Canada increased their price objective on shares of Ares Management from $83.00 to $93.00 and gave the company an “outperform” rating in a report on Tuesday, November 1st. UBS Group raised their target price on shares of Ares Management from $78.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, November 15th. BMO Capital Markets lowered shares of Ares Management from an “outperform” rating to a “market perform” rating and set a $93.00 target price for the company. in a report on Monday, November 14th. Finally, Piper Sandler cut their target price on shares of Ares Management to $86.00 in a report on Tuesday, November 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Ares Management presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.56.

Ares Management Stock Down 1.3 %

Shares of ARES opened at $76.91 on Friday. The company has a market cap of $22.63 billion, a PE ratio of 86.42, a P/E/G ratio of 0.80 and a beta of 1.28. The business has a fifty day moving average of $71.62 and a 200 day moving average of $68.99. Ares Management Co. has a 52-week low of $53.15 and a 52-week high of $89.25. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.63.

Ares Management (NYSE:ARESGet Rating) last issued its quarterly earnings results on Thursday, October 27th. The asset manager reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Ares Management had a return on equity of 14.90% and a net margin of 5.08%. The company had revenue of $609.56 million during the quarter, compared to the consensus estimate of $636.07 million. During the same period last year, the company earned $0.62 earnings per share. On average, sell-side analysts expect that Ares Management Co. will post 3.23 EPS for the current year.

Ares Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 16th will be given a dividend of $0.61 per share. The ex-dividend date is Thursday, December 15th. This represents a $2.44 annualized dividend and a dividend yield of 3.17%. Ares Management’s dividend payout ratio (DPR) is 274.16%.

Insider Transactions at Ares Management

In other news, insider Bennett Rosenthal sold 200,000 shares of Ares Management stock in a transaction on Monday, November 14th. The stock was sold at an average price of $80.24, for a total transaction of $16,048,000.00. Following the completion of the sale, the insider now directly owns 100,000 shares in the company, valued at $8,024,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Bennett Rosenthal sold 200,000 shares of Ares Management stock in a transaction on Monday, November 14th. The stock was sold at an average price of $80.24, for a total transaction of $16,048,000.00. Following the completion of the sale, the insider now directly owns 100,000 shares in the company, valued at $8,024,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Arougheti sold 2,983 shares of the firm’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $85.02, for a total value of $253,614.66. Following the transaction, the chief executive officer now owns 470,138 shares in the company, valued at approximately $39,971,132.76. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 1,800,000 shares of company stock worth $2,706,000 and sold 1,138,661 shares worth $90,804,389. Corporate insiders own 47.38% of the company’s stock.

Ares Management Profile

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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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Institutional Ownership by Quarter for Ares Management (NYSE:ARES)

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