Guinness Asset Management Ltd lessened its stake in shares of Ares Management Corp (NYSE:ARES) by 13.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 9,400 shares of the asset manager’s stock after selling 1,500 shares during the period. Guinness Asset Management Ltd’s holdings in Ares Management were worth $246,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of ARES. FMR LLC lifted its holdings 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 worth $65,182,000 after purchasing an additional 396,792 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Ares Management during the first quarter worth $29,366,000. Hilton Capital Management LLC lifted its holdings in shares of Ares Management by 38.2% during the first quarter. Hilton Capital Management LLC now owns 923,611 shares of the asset manager’s stock worth $21,437,000 after purchasing an additional 255,096 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Ares Management by 848.4% during the fourth quarter. Bank of New York Mellon Corp now owns 288,308 shares of the asset manager’s stock worth $5,126,000 after purchasing an additional 257,910 shares during the period. Finally, BlackRock Inc. acquired a new position in shares of Ares Management during the fourth quarter worth $3,140,000. 59.60% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Michael J. Arougheti sold 127,400 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $28.30, for a total transaction of $3,605,420.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 1,370,709 shares of company stock worth $37,208,269. 151.62% of the stock is owned by company insiders.
ARES stock traded up $0.61 during midday trading on Tuesday, hitting $27.29. The stock had a trading volume of 12,096 shares, compared to its average volume of 582,420. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 19.13, a P/E/G ratio of 1.58 and a beta of 1.40. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.67. Ares Management Corp has a 1-year low of $16.18 and a 1-year high of $29.53. The company’s fifty day moving average price is $27.82.
Ares Management (NYSE:ARES) last released its earnings results on Wednesday, July 31st. The asset manager reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.02). The firm had revenue of $384.80 million during the quarter, compared to analyst estimates of $300.41 million. Ares Management had a net margin of 7.77% and a return on equity of 22.54%. Ares Management’s quarterly revenue was up 88.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.34 EPS. Analysts predict that Ares Management Corp will post 1.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.32 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.28 annualized dividend and a yield of 4.69%. Ares Management’s payout ratio is 90.14%.
About Ares Management
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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