Michael J. Arougheti Sells 14,962 Shares of Ares Management Co. (NYSE:ARES) Stock
Ares Management CEO Michael J. Arougheti sold 14,962 shares of ARES at $11.62 per share on August 30, totaling $178,766.44. He now owns 1,375,000 shares valued at approximately $15.2 million. The stock traded at $11.40 with a market cap of $3.36 billion. Ares reported strong quarterly earnings and announced a dividend of $0.93, set to be paid on September 30. Analysts have generally rated ARES as a 'hold', with targets ranging widely due to varied market estimates.
Ares Management Co. (NYSE:ARES - Get Free Report) CEO Michael J. Arougheti sold 14,962 shares of the business's stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $145.62, for a total value of $2,178,766.44. Following the transaction, the chief executive officer now directly owns 1,375,000 shares of the company's stock, valued at approximately $200,227,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
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Ares Management Price Performance
Shares of ARES stock traded up $2.05 during trading hours on Friday, hitting $146.40. The company had a trading volume of 1,567,091 shares, compared to its average volume of 1,137,820. Ares Management Co. has a 12 month low of $96.00 and a 12 month high of $155.53. The firm has a market capitalization of $45.36 billion, a price-to-earnings ratio of 65.65, a PEG ratio of 1.29 and a beta of 1.22. The firm's fifty day moving average is $142.32 and its 200 day moving average is $137.97. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.03 and a current ratio of 1.03.
Ares Management (NYSE:ARES - Get Free Report) last released its quarterly earnings results on Friday, August 2nd. The asset manager reported $0.99 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.01. The business had revenue of $788.68 million for the quarter, compared to analyst estimates of $860.09 million. Ares Management had a return on equity of 21.22% and a net margin of 12.86%. During the same period in the prior year, the company earned $0.90 EPS. On average, sell-side analysts predict that Ares Management Co. will post 4.23 EPS for the current fiscal year.
Ares Management Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Monday, September 16th. Ares Management's dividend payout ratio (DPR) is currently 166.82%.
Analyst Ratings Changes
ARES has been the subject of several research analyst reports. Redburn Atlantic started coverage on Ares Management in a research report on Tuesday. They set a "neutral" rating and a $140.00 price objective for the company. UBS Group cut their price target on Ares Management from $160.00 to $158.00 and set a "buy" rating for the company in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft cut their price target on Ares Management from $134.00 to $133.00 and set a "hold" rating for the company in a report on Thursday, August 15th. TD Cowen upped their price target on Ares Management from $158.00 to $162.00 and gave the company a "buy" rating in a report on Monday, August 5th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $150.00 price target on shares of Ares Management in a report on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $138.92.
View Our Latest Analysis on ARES
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. Brown Financial Advisors acquired a new position in shares of Ares Management in the 2nd quarter valued at $691,000. Truist Financial Corp lifted its stake in shares of Ares Management by 2.0% in the 2nd quarter. Truist Financial Corp now owns 617,846 shares of the asset manager's stock valued at $82,346,000 after purchasing an additional 12,007 shares during the period. Chase Investment Counsel Corp lifted its stake in shares of Ares Management by 1.3% in the 2nd quarter. Chase Investment Counsel Corp now owns 33,106 shares of the asset manager's stock valued at $4,412,000 after purchasing an additional 438 shares during the period. EP Wealth Advisors LLC lifted its stake in shares of Ares Management by 13.5% in the 2nd quarter. EP Wealth Advisors LLC now owns 23,094 shares of the asset manager's stock valued at $3,078,000 after purchasing an additional 2,749 shares during the period. Finally, Quarry LP lifted its stake in shares of Ares Management by 78.7% in the 2nd quarter. Quarry LP now owns 806 shares of the asset manager's stock valued at $107,000 after purchasing an additional 355 shares during the period. Institutional investors and hedge funds own 50.03% of the company's stock.
About Ares Management
(Get Free Report)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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