Allspring Global Investments Holdings LLC Sells 506 Shares of Ares Management Co. (NYSE:ARES)

Allspring Global Investments Holdings LLC cut its stake in shares of Ares Management Co. (NYSE:ARES) by 9.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,757 shares of the asset manager’s stock after selling 506 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Ares Management were worth $741,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. EP Wealth Advisors LLC grew its stake in Ares Management by 32.5% during the first quarter. EP Wealth Advisors LLC now owns 20,345 shares of the asset manager’s stock worth $2,705,000 after buying an additional 4,996 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Ares Management by 17.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 397,285 shares of the asset manager’s stock worth $52,831,000 after acquiring an additional 59,668 shares during the period. FORA Capital LLC bought a new stake in Ares Management during the first quarter valued at $3,434,000. Vaughan Nelson Investment Management L.P. boosted its stake in Ares Management by 24.6% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 192,634 shares of the asset manager’s stock worth $25,674,000 after acquiring an additional 38,047 shares in the last quarter. Finally, Forsta AP Fonden grew its stake in Ares Management by 20.4% in the first quarter. Forsta AP Fonden now owns 39,000 shares of the asset manager’s stock valued at $5,186,000 after acquiring an additional 6,600 shares during the period. Institutional investors and hedge funds own 50.03% of the company’s stock.

Ares Management Trading Down 3.2 %

Shares of ARES opened at $162.24 on Friday. Ares Management Co. has a twelve month low of $101.44 and a twelve month high of $171.78. The company’s fifty day simple moving average is $155.87 and its 200-day simple moving average is $145.35. The company has a market cap of $50.78 billion, a P/E ratio of 84.50, a P/E/G ratio of 1.62 and a beta of 1.22. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52.

Ares Management (NYSE:ARES) last released its quarterly earnings data on Friday, August 2nd. The asset manager reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.01. The firm had revenue of $788.68 million during the quarter, compared to the consensus estimate of $860.09 million. Ares Management had a return on equity of 20.46% and a net margin of 12.53%. During the same period in the previous year, the company posted $0.90 earnings per share. As a group, analysts expect that Ares Management Co. will post 4.11 EPS for the current year.

Insider Buying and Selling at Ares Management

In other news, insider Ryan Berry sold 57,500 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $140.74, for a total value of $8,092,550.00. Following the sale, the insider now directly owns 456,702 shares of the company’s stock, valued at $64,276,239.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ares Management news, insider Ryan Berry sold 57,500 shares of Ares Management stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $140.74, for a total transaction of $8,092,550.00. Following the sale, the insider now owns 456,702 shares of the company’s stock, valued at $64,276,239.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Bennett Rosenthal sold 27,172 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $145.67, for a total transaction of $3,958,145.24. Following the sale, the chairman now owns 222,828 shares of the company’s stock, valued at approximately $32,459,354.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 622,640 shares of company stock valued at $91,378,848. 1.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ARES has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on Ares Management from $134.00 to $133.00 and set a “hold” rating for the company in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on shares of Ares Management from $141.00 to $143.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Redburn Atlantic initiated coverage on shares of Ares Management in a report on Tuesday, August 27th. They issued a “neutral” rating and a $140.00 price target on the stock. Royal Bank of Canada boosted their target price on Ares Management from $150.00 to $170.00 and gave the stock an “outperform” rating in a research report on Friday, October 11th. Finally, Barclays upped their target price on shares of Ares Management from $155.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Ares Management currently has a consensus rating of “Moderate Buy” and an average target price of $159.18.

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.