Overbrook Management Corp Sells 1,498 Shares of Ares Management Corporation (NYSE:ARES)

Overbrook Management Corp cut its position in shares of Ares Management Corporation (NYSE:ARES) by 1.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 132,981 shares of the asset manager’s stock after selling 1,498 shares during the quarter. Ares Management accounts for 4.6% of Overbrook Management Corp’s portfolio, making the stock its 8th largest position. Overbrook Management Corp’s holdings in Ares Management were worth $19,496,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in shares of Ares Management by 3.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,918 shares of the asset manager’s stock valued at $735,000 after purchasing an additional 161 shares during the period. Kessler Investment Group LLC acquired a new position in shares of Ares Management during the 1st quarter valued at $5,759,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ares Management by 2.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,234 shares of the asset manager’s stock valued at $3,512,000 after purchasing an additional 467 shares during the period. Quilter Plc increased its position in shares of Ares Management by 3.9% during the 1st quarter. Quilter Plc now owns 647,060 shares of the asset manager’s stock valued at $94,865,000 after purchasing an additional 24,329 shares during the period. Finally, Diversified Trust Co grew its holdings in shares of Ares Management by 9.2% in the 1st quarter. Diversified Trust Co now owns 18,567 shares of the asset manager’s stock worth $2,722,000 after acquiring an additional 1,559 shares during the last quarter. 50.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ares Management

In other Ares Management news, CEO Michael J. Arougheti sold 182,108 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $170.07, for a total value of $30,971,107.56. Following the completion of the sale, the chief executive officer now owns 350,684 shares of the company’s stock, valued at $59,640,827.88. The trade was a 34.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Bennett Rosenthal sold 85,000 shares of the business’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $168.79, for a total value of $14,347,150.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 873,145 shares of company stock valued at $146,204,353. Insiders own 36.86% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ARES shares. JMP Securities lifted their target price on Ares Management from $165.00 to $185.00 and gave the stock a “market outperform” rating in a report on Thursday, May 8th. The Goldman Sachs Group decreased their target price on Ares Management from $188.00 to $166.00 and set a “buy” rating on the stock in a report on Thursday, April 3rd. Barclays lifted their target price on Ares Management from $142.00 to $182.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Wells Fargo & Company lifted their target price on Ares Management from $182.00 to $189.00 and gave the stock an “overweight” rating in a report on Friday, May 23rd. Finally, Citizens Jmp upgraded Ares Management from a “market perform” rating to an “outperform” rating and set a $165.00 target price on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Ares Management presently has an average rating of “Moderate Buy” and an average price target of $174.94.

Ares Management Price Performance

ARES opened at $173.29 on Friday. The stock has a market cap of $56.59 billion, a price-to-earnings ratio of 101.94, a PEG ratio of 1.34 and a beta of 1.38. Ares Management Corporation has a 1 year low of $110.63 and a 1 year high of $200.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average price of $163.68 and a 200 day moving average price of $166.61.

Ares Management (NYSE:ARES) last released its quarterly earnings data on Monday, May 5th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.15. The firm had revenue of $951.96 million during the quarter, compared to analysts’ expectations of $914.00 million. Ares Management had a return on equity of 16.29% and a net margin of 9.73%. During the same quarter last year, the firm earned $0.80 earnings per share. Analysts forecast that Ares Management Corporation will post 5.28 EPS for the current fiscal year.

Ares Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $1.12 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $4.48 dividend on an annualized basis and a yield of 2.59%. Ares Management’s payout ratio is 263.53%.

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.