Lord Abbett & CO. LLC Lowers Holdings in Ares Management Co. (NYSE:ARES)

Lord Abbett & CO. LLC lowered its position in shares of Ares Management Co. (NYSE:ARES) by 1.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,467 shares of the asset manager’s stock after selling 1,008 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Ares Management were worth $10,982,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new position in Ares Management during the third quarter worth about $36,000. Eastern Bank purchased a new position in shares of Ares Management during the 3rd quarter worth approximately $39,000. West Oak Capital LLC lifted its holdings in shares of Ares Management by 40.0% in the 2nd 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 purchased a new stake in shares of Ares Management in the second quarter valued at approximately $53,000. Finally, Industrial Alliance Investment Management Inc. grew its holdings in Ares Management by 80.4% during the second quarter. Industrial Alliance Investment Management Inc. now owns 451 shares of the asset manager’s stock worth $60,000 after acquiring an additional 201 shares during the period. Institutional investors and hedge funds own 50.03% of the company’s stock.

Insider Activity at Ares Management

In other Ares Management news, Chairman Bennett Rosenthal sold 20,048 shares of Ares Management stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $167.44, for a total value of $3,356,837.12. Following the completion of the sale, the chairman now owns 229,952 shares in the company, valued at $38,503,162.88. The trade was a 8.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Arougheti sold 20,096 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $167.44, for a total transaction of $3,364,874.24. Following the transaction, the chief executive officer now directly owns 229,904 shares of the company’s stock, valued at approximately $38,495,125.76. This represents a 8.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 646,667 shares of company stock valued at $111,847,647. Company insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

ARES has been the subject of a number of recent analyst reports. Barclays raised their target price on Ares Management from $155.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, October 7th. StockNews.com downgraded shares of Ares Management from a “hold” rating to a “sell” rating in a report on Wednesday, December 11th. Morgan Stanley increased their target price on shares of Ares Management from $136.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. TD Cowen boosted their price target on Ares Management from $184.00 to $187.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Ares Management from $146.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $169.64.

Ares Management Stock Performance

NYSE ARES opened at $183.70 on Tuesday. 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 fifty-two week low of $112.83 and a fifty-two week high of $185.06. The business has a fifty day moving average of $170.59 and a 200-day moving average of $153.05. The stock has a market cap of $57.51 billion, a price-to-earnings ratio of 84.65, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19.

Ares Management (NYSE:ARES) last posted its quarterly earnings data on Friday, November 1st. The asset manager reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.01. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $833.58 million. Ares Management had a return on equity of 19.89% and a net margin of 12.51%. During the same quarter last year, the business posted $0.83 EPS. As a group, analysts predict that Ares Management Co. will post 4.06 earnings per share for the current fiscal year.

Ares Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Tuesday, December 17th. Ares Management’s dividend payout ratio is presently 171.43%.

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.