Mackenzie Financial Corp Sells 17,633 Shares of Ares Management Corporation $ARES

Mackenzie Financial Corp lowered its holdings in Ares Management Corporation (NYSE:ARES) by 16.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 92,092 shares of the asset manager’s stock after selling 17,633 shares during the quarter. Mackenzie Financial Corp’s holdings in Ares Management were worth $15,950,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Elevation Point Wealth Partners LLC acquired a new stake in shares of Ares Management in the second quarter valued at $35,000. Financial Network Wealth Advisors LLC bought a new stake in Ares Management during the 1st quarter worth about $31,000. Ameritas Advisory Services LLC acquired a new stake in Ares Management in the 2nd quarter valued at about $43,000. Banque Transatlantique SA bought a new position in shares of Ares Management in the first quarter worth about $39,000. Finally, SouthState Corp acquired a new position in shares of Ares Management during the first quarter worth approximately $48,000. Institutional investors own 50.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on ARES shares. Oppenheimer set a $190.00 price target on shares of Ares Management and gave the company an “outperform” rating in a research note on Tuesday, November 4th. Cowen reiterated a “buy” rating on shares of Ares Management in a research report on Tuesday, November 4th. BMO Capital Markets started coverage on Ares Management in a research note on Friday, October 3rd. They issued a “market perform” rating and a $156.00 target price for the company. TD Cowen upped their price target on Ares Management from $175.00 to $197.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Finally, Keefe, Bruyette & Woods lifted their price objective on Ares Management from $188.00 to $189.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 4th. Thirteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $187.46.

Insider Activity at Ares Management

In related news, CEO Michael J. Arougheti sold 186,197 shares of Ares Management stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $152.75, for a total transaction of $28,441,591.75. Following the transaction, the chief executive officer owned 290,997 shares of the company’s stock, valued at $44,449,791.75. This trade represents a 39.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Antony P. Ressler sold 176,784 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $177.05, for a total transaction of $31,299,607.20. Following the completion of the sale, the chairman directly owned 400,578 shares of the company’s stock, valued at $70,922,334.90. The trade was a 30.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,455,517 shares of company stock worth $243,970,805 in the last three months. 36.86% of the stock is owned by insiders.

Ares Management Stock Up 1.7%

NYSE:ARES opened at $159.56 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.64. Ares Management Corporation has a 12-month low of $110.63 and a 12-month high of $200.49. The stock’s fifty day simple moving average is $151.70 and its 200-day simple moving average is $167.90. The firm has a market capitalization of $52.15 billion, a P/E ratio of 92.23, a P/E/G ratio of 1.19 and a beta of 1.45.

Ares Management (NYSE:ARES) last released its quarterly earnings data on Friday, October 31st. The asset manager reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.05. Ares Management had a return on equity of 15.81% and a net margin of 9.47%.The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. Equities research analysts expect that Ares Management Corporation will post 5.28 earnings per share for the current year.

Ares Management Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a $0.8438 dividend. This represents a $3.38 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, December 17th. Ares Management’s dividend payout ratio (DPR) is currently 192.27%.

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.