Ares Management Corporation $ARES Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC trimmed its holdings in shares of Ares Management Corporation (NYSE:ARES) by 1.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 402,561 shares of the asset manager’s stock after selling 7,539 shares during the quarter. Parnassus Investments LLC’s holdings in Ares Management were worth $65,066,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Redmont Wealth Advisors LLC acquired a new position in Ares Management during the third quarter worth about $40,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Ares Management during the fourth quarter worth about $42,000. Elyxium Wealth LLC acquired a new position in Ares Management during the fourth quarter worth about $42,000. Washington Trust Advisors Inc. acquired a new position in Ares Management during the third quarter worth about $50,000. Finally, Leonteq Securities AG acquired a new position in Ares Management during the fourth quarter worth about $70,000. 50.03% of the stock is owned by institutional investors and hedge funds.

Key Ares Management News

Here are the key news stories impacting Ares Management this week:

• Positive Sentiment: Ares reportedly raised $8.5 billion for its newest specialty credit fund, signaling strong institutional demand and supporting fee-related earnings growth. Ares Management raises $8.5 billion for new fund, FT reports
• Positive Sentiment: The company also raised $12.7 billion for its Pathfinder closed-end strategy focused on asset-based finance, reinforcing momentum in Ares’ fundraising platform and alternative credit business. Ares Raises $12.7 Billion to Invest in Asset-Based Finance Through the Pathfinder Closed-End Strategy
• Positive Sentiment: Reuters said most withdrawal requests from an Ares private credit fund came from outside the U.S., which may help ease concerns that redemptions reflect broad domestic stress. Most withdrawals from Ares private credit fund came from outside US, CEO says
• Neutral Sentiment: Shareholders re-elected the board and approved the auditor at the annual meeting, a routine corporate update with little direct impact on fundamentals. Ares Management Shareholders Reelect Board, Confirm Auditor
• Neutral Sentiment: Ares Dynamic Credit Allocation Fund declared a monthly distribution, which is relevant to that fund’s income investors but not a major driver for ARES shares. ARES DYNAMIC CREDIT ALLOCATION FUND DECLARES A MONTHLY DISTRIBUTION OF $0.1125 PER SHARE
• Negative Sentiment: Some commentary noted that retail-fund investor psychology remains a challenge, which could temper enthusiasm around parts of the broader alternatives market. Ares’ Jacobson says retail funds have investor psychology issue

Ares Management Price Performance

NYSE ARES opened at $132.71 on Friday. The stock’s 50-day moving average price is $119.24 and its two-hundred day moving average price is $134.90. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.96. The company has a market cap of $43.77 billion, a PE ratio of 61.72, a PEG ratio of 1.12 and a beta of 1.51. Ares Management Corporation has a 1 year low of $95.80 and a 1 year high of $195.26.

Ares Management (NYSE:ARES) last posted its quarterly earnings data on Friday, May 1st. The asset manager reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.28 billion. Ares Management had a return on equity of 22.14% and a net margin of 10.54%.During the same quarter in the previous year, the firm posted $1.09 EPS. On average, analysts predict that Ares Management Corporation will post 6.06 EPS for the current year.

Ares Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 4.1%. The ex-dividend date is Tuesday, June 16th. Ares Management’s payout ratio is presently 251.16%.

Analysts Set New Price Targets

A number of research firms recently issued reports on ARES. Morgan Stanley lowered their target price on Ares Management from $178.00 to $163.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 21st. UBS Group set a $148.00 target price on Ares Management in a report on Friday, February 20th. JPMorgan Chase & Co. lowered their target price on Ares Management from $188.00 to $144.00 and set an “overweight” rating on the stock in a report on Tuesday, April 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ares Management in a report on Tuesday, May 26th. Finally, Zacks Research raised Ares Management from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $162.56.

About Ares Management

Ares Management Corporation (NYSE: ARES) is a global alternative asset manager that provides investment solutions across credit, private equity and real estate. The firm originates and manages capital across a range of strategies including direct lending, syndicated and special situations credit, private equity buyouts and growth investments, and real estate equity and debt. Ares serves institutional investors, insurance companies, pension funds, sovereign wealth funds, and high?net?worth clients through both commingled funds and bespoke managed account structures.

Within credit, Ares offers strategies spanning leveraged loans, structured credit, opportunistic and distressed debt, and specialty finance, with an emphasis on underwriting, portfolio construction and active asset management.