Ares Management Corp (NYSE:ARES) Director Ares Management Llc sold 3,500,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $0.11, for a total value of $385,000.00. Following the completion of the sale, the director now owns 86,857 shares in the company, valued at $9,554.27. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Shares of Ares Management stock opened at $28.91 on Thursday. Ares Management Corp has a 52-week low of $16.18 and a 52-week high of $29.53. The stock’s 50-day simple moving average is $28.21 and its 200 day simple moving average is $25.43. The stock has a market capitalization of $3.12 billion, a P/E ratio of 20.62, a P/E/G ratio of 1.60 and a beta of 1.40. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.04 and a current ratio of 1.04.
Ares Management (NYSE:ARES) last announced its quarterly earnings data on Wednesday, July 31st. The asset manager reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.02). Ares Management had a net margin of 7.77% and a return on equity of 22.54%. The firm had revenue of $384.80 million during the quarter, compared to the consensus estimate of $300.41 million. During the same quarter in the prior year, the firm posted $0.34 earnings per share. The company’s revenue was up 88.4% on a year-over-year basis. Equities research analysts forecast that Ares Management Corp will post 1.51 EPS for the current fiscal year.
A number of brokerages recently issued reports on ARES. TheStreet upgraded Ares Management from a “c+” rating to a “b” rating in a research note on Friday, August 16th. UBS Group boosted their price objective on Ares Management from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Barclays began coverage on Ares Management in a research note on Monday, August 5th. They issued an “overweight” rating and a $33.00 price objective on the stock. Morgan Stanley boosted their price objective on Ares Management from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Zacks Investment Research cut Ares Management from a “buy” rating to a “hold” rating in a research note on Monday, April 29th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $28.29.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Maltese Capital Management LLC boosted its stake in shares of Ares Management by 18.8% during the second quarter. Maltese Capital Management LLC now owns 653,400 shares of the asset manager’s stock valued at $17,099,000 after purchasing an additional 103,400 shares during the period. Waddell & Reed Financial Inc. boosted its stake in shares of Ares Management by 11.5% during the second quarter. Waddell & Reed Financial Inc. now owns 760,036 shares of the asset manager’s stock valued at $19,890,000 after purchasing an additional 78,367 shares during the period. Nuveen Asset Management LLC purchased a new stake in shares of Ares Management during the second quarter valued at approximately $6,745,000. UBS Asset Management Americas Inc. boosted its stake in shares of Ares Management by 49.4% during the second quarter. UBS Asset Management Americas Inc. now owns 71,418 shares of the asset manager’s stock valued at $1,869,000 after purchasing an additional 23,599 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Ares Management by 3,099.0% during the second quarter. Cubist Systematic Strategies LLC now owns 156,845 shares of the asset manager’s stock valued at $4,105,000 after purchasing an additional 151,942 shares during the period. Hedge funds and other institutional investors own 54.13% of the company’s stock.
Ares Management Company Profile
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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