Chase Investment Counsel Corp Buys 438 Shares of Ares Management Co. (NYSE:ARES)

Chase Investment Counsel Corp boosted its stake in Ares Management Co. (NYSE:ARES) by 1.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,106 shares of the asset manager’s stock after acquiring an additional 438 shares during the period. Ares Management accounts for about 1.5% of Chase Investment Counsel Corp’s holdings, making the stock its 23rd biggest position. Chase Investment Counsel Corp’s holdings in Ares Management were worth $4,412,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Curated Wealth Partners LLC raised its stake in 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 valued at $221,007,000 after acquiring an additional 3,321,434 shares during the period. LRI Investments LLC bought a new stake in shares of Ares Management in the first quarter valued at approximately $264,729,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Ares Management by 58.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,058,394 shares of the asset manager’s stock valued at $674,183,000 after buying an additional 1,867,933 shares in the last quarter. Lone Pine Capital LLC purchased a new stake in shares of Ares Management during the 2nd quarter valued at approximately $209,884,000. Finally, Millennium Management LLC boosted its holdings in Ares Management by 722.6% in the 2nd quarter. Millennium Management LLC now owns 1,738,148 shares of the asset manager’s stock worth $231,660,000 after buying an additional 1,526,856 shares during the period. 50.03% of the stock is currently owned by hedge funds and other institutional investors.

Ares Management Price Performance

ARES stock opened at $156.91 on Monday. Ares Management Co. has a one year low of $96.00 and a one year high of $159.95. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $48.61 billion, a PE ratio of 70.36, a P/E/G ratio of 1.47 and a beta of 1.21. The firm has a 50 day simple moving average of $146.06 and a two-hundred day simple moving average of $140.11.

Ares Management (NYSE:ARES) last issued its quarterly earnings results on Friday, August 2nd. The asset manager reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.01. The firm had revenue of $788.68 million during the quarter, compared to analyst estimates of $860.09 million. Ares Management had a return on equity of 20.46% and a net margin of 12.53%. During the same quarter in the previous year, the company posted $0.90 earnings per share. On average, analysts predict that Ares Management Co. will post 4.15 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. Investors 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 yield of 2.37%. Ares Management’s payout ratio is 166.82%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ARES. Deutsche Bank Aktiengesellschaft dropped their target price on Ares Management from $134.00 to $133.00 and set a “hold” rating on the stock in a research report on Thursday, August 15th. TD Cowen increased their price objective on Ares Management from $158.00 to $162.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Barclays lifted their target price on Ares Management from $151.00 to $155.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Wells Fargo & Company initiated coverage on shares of Ares Management in a report on Thursday, September 12th. They issued an “equal weight” rating and a $156.00 price target on the stock. Finally, Redburn Atlantic started coverage on shares of Ares Management in a research note on Tuesday, August 27th. They set a “neutral” rating and a $140.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Ares Management currently has an average rating of “Hold” and an average target price of $141.42.

Insiders Place Their Bets

In other Ares Management news, insider R. Kipp Deveer sold 41,676 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $150.21, for a total value of $6,260,151.96. Following the sale, the insider now owns 1,075,000 shares of the company’s stock, valued at approximately $161,475,750. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Ares Management news, insider Ryan Berry sold 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $154.40, for a total transaction of $1,930,000.00. Following the transaction, the insider now owns 376,702 shares in the company, valued at approximately $58,162,788.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R. Kipp Deveer sold 41,676 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $150.21, for a total value of $6,260,151.96. Following the completion of the sale, the insider now directly owns 1,075,000 shares in the company, valued at $161,475,750. The disclosure for this sale can be found here. Insiders have sold 604,316 shares of company stock valued at $87,718,000 in the last ninety days. Company insiders own 1.20% of the company’s stock.

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.