Shares of Ares Management Corp (NYSE:ARES) hit a new 52-week high during trading on Thursday . The stock traded as high as $26.82 and last traded at $26.74, with a volume of 980813 shares. The stock had previously closed at $25.85.
Several brokerages have recently issued reports on ARES. Zacks Investment Research cut shares of Ares Management from a “buy” rating to a “hold” rating in a research report on Monday, April 29th. ValuEngine upgraded shares of Ares Management from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $25.00.
The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market cap of $2.68 billion, a PE ratio of 18.83, a PEG ratio of 1.38 and a beta of 1.44.
Ares Management (NYSE:ARES) last announced its earnings results on Thursday, May 2nd. The asset manager reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.02). The business had revenue of $224.66 million for the quarter, compared to analysts’ expectations of $228.42 million. Ares Management had a net margin of 5.22% and a return on equity of 25.86%. During the same quarter in the prior year, the company posted $0.39 earnings per share. As a group, analysts forecast that Ares Management Corp will post 1.53 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.32 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.28 annualized dividend and a yield of 4.79%. Ares Management’s payout ratio is 90.14%.
In related news, insider R. Kipp Deveer sold 5,166 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $26.12, for a total transaction of $134,935.92. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael D. Weiner sold 3,600 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $26.01, for a total transaction of $93,636.00. The disclosure for this sale can be found here. Corporate insiders own 151.62% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Marshall Wace North America L.P. bought a new position in shares of Ares Management during the first quarter valued at approximately $175,000. Marshall Wace LLP bought a new position in shares of Ares Management during the first quarter valued at approximately $145,000. FMR LLC boosted its stake in shares of Ares Management by 16.5% during the first quarter. FMR LLC now owns 2,808,368 shares of the asset manager’s stock valued at $65,182,000 after purchasing an additional 396,792 shares in the last quarter. Kore Private Wealth LLC bought a new position in shares of Ares Management during the first quarter valued at approximately $116,000. Finally, Jane Street Group LLC boosted its stake in shares of Ares Management by 48.5% during the first quarter. Jane Street Group LLC now owns 66,577 shares of the asset manager’s stock valued at $1,545,000 after purchasing an additional 21,748 shares in the last quarter. Institutional investors own 60.03% of the company’s stock.
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About Ares Management (NYSE:ARES)
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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