Payden & Rygel Purchases 43,900 Shares of Ares Management Co. (NYSE:ARES)

Payden & Rygel grew its stake in Ares Management Co. (NYSE:ARES) by 51.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 129,900 shares of the asset manager’s stock after acquiring an additional 43,900 shares during the period. Ares Management accounts for about 1.6% of Payden & Rygel’s investment portfolio, making the stock its 21st biggest position. Payden & Rygel’s holdings in Ares Management were worth $20,244,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Eastern Bank bought a new stake in Ares Management during the 3rd quarter worth about $39,000. West Oak Capital LLC lifted its holdings in Ares Management by 40.0% in the second quarter. West Oak Capital LLC now owns 350 shares of the asset manager’s stock valued at $47,000 after buying an additional 100 shares during the period. Key Financial Inc bought a new position in Ares Management in the second quarter valued at approximately $53,000. EntryPoint Capital LLC acquired a new stake in Ares Management during the 1st quarter worth $54,000. Finally, Industrial Alliance Investment Management Inc. raised its position in shares of Ares Management by 80.4% during the 2nd quarter. Industrial Alliance Investment Management Inc. now owns 451 shares of the asset manager’s stock valued at $60,000 after acquiring an additional 201 shares during the last quarter. 50.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ARES. JPMorgan Chase & Co. dropped their price objective on Ares Management from $176.00 to $174.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. The Goldman Sachs Group lifted their price objective on shares of Ares Management from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Royal Bank of Canada upped their target price on shares of Ares Management from $170.00 to $185.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Redburn Atlantic started coverage on shares of Ares Management in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $140.00 price objective for the company. Finally, TD Cowen lifted their target price on Ares Management from $184.00 to $187.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $166.36.

Ares Management Stock Up 0.5 %

Shares of ARES stock traded up $0.92 during trading on Wednesday, reaching $171.27. The company’s stock had a trading volume of 221,285 shares, compared to its average volume of 1,153,124. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.53. Ares Management Co. has a one year low of $105.89 and a one year high of $175.74. The business has a fifty day moving average price of $161.90 and a 200-day moving average price of $148.51. The company has a market cap of $53.62 billion, a price-to-earnings ratio of 78.50, a price-to-earnings-growth ratio of 1.82 and a beta of 1.20.

Ares Management (NYSE:ARES) last posted its quarterly earnings results on Friday, November 1st. The asset manager reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.01. Ares Management had a net margin of 12.51% and a return on equity of 19.89%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $833.58 million. During the same period in the prior year, the firm posted $0.83 earnings per share. Analysts anticipate that Ares Management Co. will post 4.07 earnings per share for the current year.

Ares Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Tuesday, December 17th. Ares Management’s dividend payout ratio (DPR) is presently 171.43%.

Insider Buying and Selling at Ares Management

In other Ares Management news, Chairman Bennett Rosenthal sold 13,533 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $145.12, for a total value of $1,963,908.96. Following the completion of the sale, the chairman now owns 136,467 shares of the company’s stock, valued at $19,804,091.04. The trade was a 9.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider David B. Kaplan sold 36,059 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $146.35, for a total value of $5,277,234.65. Following the transaction, the insider now directly owns 100,549 shares of the company’s stock, valued at approximately $14,715,346.15. This represents a 26.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 590,579 shares of company stock valued at $89,737,173 in the last quarter. 41.89% of the stock is currently owned by insiders.

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.