Ares Management (NYSE:ARES) Hits New 52-Week High at $28.63

Ares Management Corp (NYSE:ARES)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $28.63 and last traded at $28.47, with a volume of 18179 shares changing hands. The stock had previously closed at $28.14.

Separately, Zacks Investment Research upgraded shares of Triple-S Management from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Monday, April 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Ares Management currently has an average rating of “Buy” and a consensus target price of $25.00.

The firm’s fifty day simple moving average is $26.90. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.76. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 20.02, a PEG ratio of 1.45 and a beta of 1.38.

Ares Management (NYSE:ARES) last posted its quarterly earnings results on Thursday, May 2nd. The asset manager reported $0.35 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.02). Ares Management had a net margin of 5.22% and a return on equity of 25.86%. The company had revenue of $224.66 million for the quarter, compared to analysts’ expectations of $228.42 million. During the same quarter in the prior year, the firm earned $0.39 earnings per share. On average, sell-side analysts predict that Ares Management Corp will post 1.53 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.50%. The ex-dividend date of this dividend was Thursday, June 13th. Ares Management’s dividend payout ratio is currently 90.14%.

In related news, CEO Michael J. Arougheti sold 127,400 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $28.30, for a total value of $3,605,420.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider R. Kipp Deveer sold 5,166 shares of the company’s stock in a transaction on Friday, June 7th. The stock was 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. Over the last 90 days, insiders have sold 1,370,709 shares of company stock worth $37,208,269. 151.62% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of ARES. Vaughan Nelson Investment Management L.P. bought a new stake in Ares Management in the first quarter worth $29,366,000. FMR LLC lifted its position in Ares Management by 16.5% during the 1st quarter. FMR LLC now owns 2,808,368 shares of the asset manager’s stock worth $65,182,000 after acquiring an additional 396,792 shares during the last quarter. American Century Companies Inc. lifted its position in Ares Management by 14.3% during the 4th quarter. American Century Companies Inc. now owns 2,224,981 shares of the asset manager’s stock worth $39,560,000 after acquiring an additional 278,783 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Ares Management by 848.4% during the 4th quarter. Bank of New York Mellon Corp now owns 288,308 shares of the asset manager’s stock worth $5,126,000 after acquiring an additional 257,910 shares during the last quarter. Finally, Hilton Capital Management LLC lifted its position in Ares Management by 38.2% during the 1st quarter. Hilton Capital Management LLC now owns 923,611 shares of the asset manager’s stock worth $21,437,000 after acquiring an additional 255,096 shares during the last quarter. Hedge funds and other institutional investors own 60.08% of the company’s stock.

Ares Management Company Profile (NYSE:ARES)

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.

Recommended Story: Futures Contract

Receive News & Ratings for Ares Management Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ares Management and related companies with MarketBeat.com's FREE daily email newsletter.