Ares Management Corporation $ARES Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. lowered its holdings in Ares Management Corporation (NYSE:ARES) by 3.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 19,614 shares of the asset manager’s stock after selling 635 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Ares Management were worth $3,397,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Simon Quick Advisors LLC acquired a new position in shares of Ares Management in the 2nd quarter worth approximately $264,000. Amalgamated Bank grew its stake in shares of Ares Management by 9.2% in the 2nd quarter. Amalgamated Bank now owns 14,370 shares of the asset manager’s stock worth $2,489,000 after purchasing an additional 1,208 shares during the last quarter. Atria Investments Inc grew its stake in shares of Ares Management by 5.9% in the 2nd quarter. Atria Investments Inc now owns 14,494 shares of the asset manager’s stock worth $2,510,000 after purchasing an additional 809 shares during the last quarter. Assetmark Inc. grew its stake in shares of Ares Management by 12.1% in the 2nd quarter. Assetmark Inc. now owns 54,550 shares of the asset manager’s stock worth $9,448,000 after purchasing an additional 5,907 shares during the last quarter. Finally, World Investment Advisors grew its stake in shares of Ares Management by 69.4% in the 2nd quarter. World Investment Advisors now owns 3,007 shares of the asset manager’s stock worth $521,000 after purchasing an additional 1,232 shares during the last quarter. Institutional investors and hedge funds own 50.03% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ARES. Barclays lowered their price objective on shares of Ares Management from $200.00 to $187.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on shares of Ares Management from $189.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, July 11th. JMP Securities lifted their price objective on shares of Ares Management from $195.00 to $205.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods lifted their target price on shares of Ares Management from $193.00 to $203.00 and gave the stock an “outperform” rating in a research report on Monday, August 4th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ares Management in a research report on Tuesday, October 14th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ares Management presently has an average rating of “Moderate Buy” and a consensus price target of $181.93.

Insider Transactions at Ares Management

In other Ares Management news, Chairman Antony P. Ressler sold 128,837 shares of Ares Management stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $178.30, for a total transaction of $22,971,637.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 2,590,000 shares of company stock valued at $464,430,639. 36.86% of the stock is owned by corporate insiders.

Ares Management Stock Performance

Ares Management stock opened at $148.68 on Friday. The firm’s 50 day simple moving average is $163.70 and its 200-day simple moving average is $168.51. The company has a market cap of $48.57 billion, a P/E ratio of 85.94, a price-to-earnings-growth ratio of 1.19 and a beta of 1.43. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.08 and a quick ratio of 1.08. Ares Management Corporation has a fifty-two week low of $110.63 and a fifty-two week high of $200.49.

Ares Management (NYSE:ARES) last released its earnings results on Friday, August 1st. The asset manager reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.12). Ares Management had a return on equity of 15.81% and a net margin of 9.47%.The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the business earned $0.99 earnings per share. As a group, equities research analysts predict that Ares Management Corporation will post 5.28 EPS for the current year.

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.