Oppenheimer & Co. Inc. Has $489,000 Stake in Ares Management Corp (NYSE:ARES)
Oppenheimer & Co. Inc. raised its stake in shares of Ares Management Corp (NYSE:ARES) by 4.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,696 shares of the asset manager’s stock after purchasing an additional 865 shares during the period. Oppenheimer & Co. Inc.’s holdings in Ares Management were worth $489,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BNP Paribas Arbitrage SA bought a new position in shares of Ares Management during the second quarter valued at about $51,000. Janney Montgomery Scott LLC boosted its position in shares of Ares Management by 25.5% during the first quarter. Janney Montgomery Scott LLC now owns 51,973 shares of the asset manager’s stock valued at $1,206,000 after purchasing an additional 10,573 shares in the last quarter. Hilton Capital Management LLC raised its holdings in Ares Management by 38.2% in the first quarter. Hilton Capital Management LLC now owns 923,611 shares of the asset manager’s stock worth $21,437,000 after purchasing an additional 255,096 shares in the last quarter. Greenwich Investment Management Inc. raised its holdings in Ares Management by 47.1% in the second quarter. Greenwich Investment Management Inc. now owns 308,776 shares of the asset manager’s stock worth $8,081,000 after purchasing an additional 98,823 shares in the last quarter. Finally, DNB Asset Management AS purchased a new position in Ares Management during the second quarter valued at $2,318,000. 64.86% of the stock is currently owned by hedge funds and other institutional investors.
ARES stock traded up $0.29 on Wednesday, reaching $29.42. 4,186 shares of the company traded hands, compared to its average volume of 410,334. Ares Management Corp has a one year low of $16.18 and a one year high of $30.57. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $3.14 billion, a P/E ratio of 20.70, a price-to-earnings-growth ratio of 1.65 and a beta of 1.45. The firm has a fifty day simple moving average of $28.63 and a 200-day simple moving average of $26.10.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend is Friday, September 13th. Ares Management’s dividend payout ratio is currently 90.14%.
In other news, insider R. Kipp Deveer sold 214,780 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $27.71, for a total transaction of $5,951,553.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Arougheti sold 127,400 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $28.30, for a total value of $3,605,420.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,292,805 shares of company stock worth $37,507,784 in the last 90 days. Company insiders own 151.62% of the company’s stock.
ARES has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Ares Management from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. TheStreet upgraded shares of Ares Management from a “c+” rating to a “b” rating in a research note on Friday, August 16th. UBS Group lifted their price target on shares of Ares Management from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Barclays assumed coverage on shares of Ares Management in a research note on Monday, August 5th. They set an “overweight” rating and a $33.00 price objective on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Ares Management currently has an average rating of “Buy” and an average target price of $28.29.
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.
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