Norden Group LLC Sells 366 Shares of Ares Management Corporation (NYSE:ARES)

Norden Group LLC reduced its position in shares of Ares Management Corporation (NYSE:ARES) by 7.5% in the 1st quarter, HoldingsChannel reports. The firm owned 4,499 shares of the asset manager’s stock after selling 366 shares during the period. Norden Group LLC’s holdings in Ares Management were worth $660,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Transce3nd LLC bought a new position in shares of Ares Management in the fourth quarter worth about $29,000. Johnson Financial Group Inc. raised its stake in shares of Ares Management by 104.8% in the fourth quarter. Johnson Financial Group Inc. now owns 170 shares of the asset manager’s stock worth $30,000 after acquiring an additional 87 shares during the last quarter. Elequin Capital LP bought a new position in shares of Ares Management in the fourth quarter worth about $33,000. Redmont Wealth Advisors LLC bought a new position in shares of Ares Management in the first quarter worth about $28,000. Finally, Global Financial Private Client LLC raised its stake in shares of Ares Management by 125.6% in the first quarter. Global Financial Private Client LLC now owns 264 shares of the asset manager’s stock worth $39,000 after acquiring an additional 147 shares during the last quarter. 50.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ARES shares. The Goldman Sachs Group dropped their target price on shares of Ares Management from $188.00 to $166.00 and set a “buy” rating for the company in a research note on Thursday, April 3rd. TD Cowen dropped their target price on shares of Ares Management from $216.00 to $161.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. Oppenheimer cut shares of Ares Management from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 15th. Citigroup reiterated an “outperform” rating on shares of Ares Management in a research report on Monday, July 14th. Finally, JMP Securities set a $195.00 price target on shares of Ares Management and gave the stock a “market outperform” rating in a research report on Monday, July 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $177.50.

Insider Activity at Ares Management

In related news, insider David B. Kaplan sold 62,500 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $169.36, for a total transaction of $10,585,000.00. Following the completion of the transaction, the insider owned 62,500 shares in the company, valued at approximately $10,585,000. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Bennett Rosenthal sold 85,000 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $168.79, for a total transaction 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 worth $146,204,353. 0.52% of the stock is currently owned by company insiders.

Ares Management Stock Up 0.4%

Shares of NYSE ARES opened at $188.06 on Wednesday. The stock has a market cap of $61.42 billion, a P/E ratio of 110.62, a P/E/G ratio of 1.53 and a beta of 1.37. The firm has a 50 day moving average price of $172.49 and a 200 day moving average price of $166.58. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.07 and a current ratio of 1.07. Ares Management Corporation has a 52-week low of $110.63 and a 52-week high of $200.49.

Ares Management (NYSE:ARES) last issued 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 net margin of 9.73% and a return on equity of 16.29%. During the same quarter in the previous year, the company earned $0.80 earnings per share. Analysts expect that Ares Management Corporation will post 5.28 EPS for the current year.

Ares Management Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend was Monday, June 16th. Ares Management’s dividend payout ratio is currently 263.53%.

Ares Management Company 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.