Fmr LLC increased its position in Ares Management Co. (NYSE:ARES) by 6.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,679,973 shares of the asset manager’s stock after purchasing an additional 221,036 shares during the quarter. Fmr LLC owned 1.40% of Ares Management worth $234,009,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Evoke Wealth LLC purchased a new position in shares of Ares Management in the first quarter valued at $26,000. Captrust Financial Advisors bought a new position in Ares Management during the 1st quarter valued at $33,000. Advisory Services Network LLC bought a new position in Ares Management during the 2nd quarter valued at $54,000. TCTC Holdings LLC boosted its stake in Ares Management by 174.2% during the 1st quarter. TCTC Holdings LLC now owns 883 shares of the asset manager’s stock valued at $49,000 after acquiring an additional 561 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV bought a new position in Ares Management during the 1st quarter valued at $56,000. Institutional investors and hedge funds own 43.78% of the company’s stock.
In related news, major shareholder Ares Management Llc bought 424,119 shares of the stock in a transaction on Friday, September 24th. The shares were purchased at an average price of $26.95 per share, with a total value of $11,430,007.05. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 49.34% of the stock is currently owned by company insiders.
Ares Management (NYSE:ARES) last released its quarterly earnings data on Wednesday, July 28th. The asset manager reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.14. Ares Management had a net margin of 10.54% and a return on equity of 15.65%. The business had revenue of $507.75 million for the quarter, compared to analysts’ expectations of $481.59 million. Equities analysts forecast that Ares Management Co. will post 2.44 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Thursday, September 16th were paid a dividend of $0.47 per share. The ex-dividend date was Wednesday, September 15th. This represents a $1.88 annualized dividend and a yield of 2.43%. Ares Management’s payout ratio is 101.08%.
A number of research analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Ares Management in a research note on Friday, September 10th. They set an “equal weight” rating and a $90.00 price objective on the stock. Royal Bank of Canada increased their price objective on shares of Ares Management from $71.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, August 3rd. BMO Capital Markets increased their target price on shares of Ares Management from $77.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, August 13th. Zacks Investment Research raised shares of Ares Management from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a report on Tuesday, August 3rd. Finally, Jefferies Financial Group increased their target price on shares of Ares Management from $82.00 to $86.00 and gave the stock a “buy” rating in a report on Thursday, September 30th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $75.88.
Ares Management Company Profile
Ares Management Corp. is engaged in providing investment management and consultancy services. It operates through the following segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment offers credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S.
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