California Public Employees Retirement System reduced its position in Ares Management Corp (NYSE:ARES) by 35.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,560 shares of the asset manager’s stock after selling 6,409 shares during the period. California Public Employees Retirement System’s holdings in Ares Management were worth $206,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Stelac Advisory Services LLC grew its holdings in Ares Management by 9.5% in the 4th quarter. Stelac Advisory Services LLC now owns 5,952 shares of the asset manager’s stock valued at $106,000 after buying an additional 515 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Ares Management by 2.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 41,400 shares of the asset manager’s stock worth $736,000 after acquiring an additional 1,000 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Ares Management in the 3rd quarter worth approximately $112,000. Tradition Capital Management LLC lifted its position in shares of Ares Management by 7.1% in the 4th quarter. Tradition Capital Management LLC now owns 98,332 shares of the asset manager’s stock worth $1,748,000 after acquiring an additional 6,480 shares during the period. Finally, Belpointe Asset Management LLC bought a new stake in shares of Ares Management in the 3rd quarter worth approximately $162,000. 59.46% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have commented on ARES shares. Goldman Sachs Group upgraded Ares Management from a “neutral” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Friday, January 4th. Zacks Investment Research downgraded Ares Management from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 17th. Finally, ValuEngine upgraded Ares Management from a “hold” rating to a “buy” rating in a research report on Tuesday, February 5th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Ares Management currently has an average rating of “Buy” and an average price target of $25.00.
Ares Management (NYSE:ARES) last issued its quarterly earnings data on Thursday, May 2nd. The asset manager reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.02). Ares Management had a net margin of 5.95% and a return on equity of 28.58%. The business had revenue of $224.66 million during the quarter, compared to the consensus estimate of $228.42 million. During the same quarter in the previous year, the firm posted $0.39 EPS. As a group, research analysts predict that Ares Management Corp will post 1.57 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.28 annualized dividend and a dividend yield of 5.12%. Ares Management’s dividend payout ratio (DPR) is currently 90.14%.
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Ares Management 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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