Millennium Management LLC Raises Holdings in Ares Management Co. (NYSE:ARES)

Millennium Management LLC raised its holdings in shares of Ares Management Co. (NYSE:ARES) by 722.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,738,148 shares of the asset manager’s stock after purchasing an additional 1,526,856 shares during the period. Millennium Management LLC owned approximately 0.56% of Ares Management worth $231,660,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ARES. Curated Wealth Partners LLC boosted its stake in shares of Ares Management by 199.7% in the 2nd quarter. Curated Wealth Partners LLC now owns 1,658,217 shares of the asset manager’s stock worth $221,007,000 after buying an additional 3,321,434 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Ares Management in the 1st quarter worth $264,729,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Ares Management by 58.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,058,394 shares of the asset manager’s stock worth $674,183,000 after buying an additional 1,867,933 shares during the last quarter. Lone Pine Capital LLC purchased a new position in shares of Ares Management in the 2nd quarter worth $209,884,000. Finally, M&G Plc boosted its stake in shares of Ares Management by 711.1% in the 2nd quarter. M&G Plc now owns 1,015,009 shares of the asset manager’s stock worth $134,996,000 after buying an additional 889,872 shares during the last quarter. 50.03% of the stock is currently owned by hedge funds and other institutional investors.

Ares Management Trading Down 1.3 %

ARES opened at $156.05 on Friday. The firm has a market cap of $48.35 billion, a P/E ratio of 69.98, a P/E/G ratio of 1.47 and a beta of 1.21. Ares Management Co. has a 12 month low of $96.00 and a 12 month high of $159.95. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average of $145.69 and a 200 day moving average of $139.75.

Ares Management (NYSE:ARES) last announced its earnings results on Friday, August 2nd. The asset manager reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.01. Ares Management had a return on equity of 20.46% and a net margin of 12.53%. The business had revenue of $788.68 million during the quarter, compared to analyst estimates of $860.09 million. During the same quarter in the previous year, the business earned $0.90 earnings per share. As a group, research analysts forecast that Ares Management Co. will post 4.15 EPS for the current year.

Ares Management Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.93 per share. The ex-dividend date is Monday, September 16th. This represents a $3.72 annualized dividend and a dividend yield of 2.38%. Ares Management’s dividend payout ratio (DPR) is presently 166.82%.

Analyst Ratings Changes

ARES has been the topic of a number of recent research reports. Redburn Atlantic initiated coverage on Ares Management in a report on Tuesday, August 27th. They issued a “neutral” rating and a $140.00 target price on the stock. TD Cowen raised their target price on Ares Management from $158.00 to $162.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft decreased their target price on Ares Management from $134.00 to $133.00 and set a “hold” rating on the stock in a report on Thursday, August 15th. Barclays raised their price target on Ares Management from $151.00 to $155.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company assumed coverage on Ares Management in a report on Thursday, September 12th. They set an “equal weight” rating and a $156.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $141.42.

Insider Activity

In related news, insider Ryan Berry sold 57,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $140.74, for a total value of $8,092,550.00. Following the transaction, the insider now owns 456,702 shares of the company’s stock, valued at $64,276,239.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Bennett Rosenthal sold 10,154 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $144.46, for a total value of $1,466,846.84. Following the transaction, the chairman now owns 191,508 shares of the company’s stock, valued at $27,665,245.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Ryan Berry sold 57,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $140.74, for a total value of $8,092,550.00. Following the completion of the transaction, the insider now directly owns 456,702 shares in the company, valued at approximately $64,276,239.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 604,316 shares of company stock valued at $87,718,000. Corporate insiders own 1.20% of the company’s stock.

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.