Parnassus Investments LLC Sells 12,228 Shares of Ares Management Corporation $ARES

Parnassus Investments LLC lowered its holdings in Ares Management Corporation (NYSE:ARES) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 410,100 shares of the asset manager’s stock after selling 12,228 shares during the quarter. Parnassus Investments LLC’s holdings in Ares Management were worth $65,571,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Exchange Traded Concepts LLC increased its holdings in shares of Ares Management by 100.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 190 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 95 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in Ares Management during the second quarter valued at about $35,000. Ameritas Advisory Services LLC bought a new stake in Ares Management during the second quarter valued at about $43,000. Geneos Wealth Management Inc. grew its stake in Ares Management by 708.2% in the first quarter. Geneos Wealth Management Inc. now owns 493 shares of the asset manager’s stock valued at $72,000 after purchasing an additional 432 shares during the last quarter. Finally, CVA Family Office LLC raised its holdings in Ares Management by 92.8% in the second quarter. CVA Family Office LLC now owns 453 shares of the asset manager’s stock worth $78,000 after purchasing an additional 218 shares in the last quarter. 50.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Michael J. Arougheti sold 186,197 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $152.75, for a total value of $28,441,591.75. Following the sale, the chief executive officer owned 290,997 shares in the company, valued at $44,449,791.75. This represents a 39.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 590,000 shares of company stock valued at $90,653,808. Insiders own 36.86% of the company’s stock.

Ares Management Stock Performance

Shares of ARES opened at $175.85 on Friday. The stock has a 50-day moving average of $161.57 and a two-hundred day moving average of $168.42. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The stock has a market cap of $57.48 billion, a P/E ratio of 75.47, a P/E/G ratio of 1.04 and a beta of 1.53. Ares Management Corporation has a one year low of $110.63 and a one year high of $200.49.

Ares Management (NYSE:ARES) last issued its earnings results 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 16.33% and a net margin of 11.72%.The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm earned $0.55 earnings per share. As a group, research analysts predict that Ares Management Corporation will post 5.28 EPS for the current year.

Ares Management Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were paid a dividend of $0.8438 per share. The ex-dividend date was Wednesday, December 17th. This represents a $3.38 dividend on an annualized basis and a dividend yield of 1.9%. Ares Management’s dividend payout ratio (DPR) is presently 192.27%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ARES. Citigroup restated a “market outperform” rating on shares of Ares Management in a report on Tuesday, October 21st. Weiss Ratings restated a “hold (c)” rating on shares of Ares Management in a research note on Monday, December 29th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $215.00 price target on shares of Ares Management in a research report on Monday, September 29th. TD Cowen boosted their target price on Ares Management from $175.00 to $197.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Finally, Bank of America raised their price target on Ares Management from $196.00 to $197.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.14.

Ares Management Company Profile

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.