Millennium Management LLC acquired a new stake in Ares Management Corp (NYSE:ARES) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 846,392 shares of the asset manager’s stock, valued at approximately $22,691,000. Millennium Management LLC owned about 0.74% of Ares Management at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in Ares Management by 548.5% during the second quarter. BlackRock Inc. now owns 4,430,549 shares of the asset manager’s stock worth $115,950,000 after purchasing an additional 3,747,319 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Ares Management by 26.6% during the 2nd quarter. Vanguard Group Inc. now owns 5,765,644 shares of the asset manager’s stock worth $150,887,000 after buying an additional 1,213,194 shares during the last quarter. Invesco Ltd. lifted its position in shares of Ares Management by 138.1% during the 2nd quarter. Invesco Ltd. now owns 1,561,807 shares of the asset manager’s stock worth $40,872,000 after buying an additional 905,733 shares during the last quarter. Phoenix Holdings Ltd. acquired a new stake in Ares Management in the third quarter valued at about $10,345,000. Finally, Renaissance Technologies LLC acquired a new stake in Ares Management in the second quarter valued at about $9,468,000. Institutional investors and hedge funds own 67.08% of the company’s stock.
Shares of ARES stock opened at $32.54 on Tuesday. Ares Management Corp has a twelve month low of $16.18 and a twelve month high of $33.34. The stock’s fifty day simple moving average is $30.62 and its 200 day simple moving average is $28.43. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.80 billion, a P/E ratio of 22.92, a P/E/G ratio of 1.64 and a beta of 1.50.
Ares Management (NYSE:ARES) last posted its earnings results on Thursday, October 31st. The asset manager reported $0.34 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.03). Ares Management had a net margin of 7.76% and a return on equity of 18.98%. The firm had revenue of $466.49 million during the quarter, compared to the consensus estimate of $312.15 million. During the same quarter in the prior year, the business posted $0.30 earnings per share. Ares Management’s revenue for the quarter was up 93.7% compared to the same quarter last year. As a group, equities research analysts expect that Ares Management Corp will post 1.52 EPS for the current fiscal year.
Several research analysts have commented on the company. Bank of America reissued a “buy” rating and set a $33.00 target price on shares of Ares Management in a research note on Wednesday, September 25th. BMO Capital Markets initiated coverage on shares of Ares Management in a report on Monday, October 7th. They issued a “market perform” rating for the company. Wells Fargo & Co raised their price target on shares of Ares Management from $33.00 to $37.00 and gave the company an “outperform” rating in a research note on Thursday, September 12th. ValuEngine lowered shares of Ares Management from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada initiated coverage on shares of Ares Management in a research report on Tuesday, November 12th. They set an “outperform” rating and a $20.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. Ares Management presently has a consensus rating of “Buy” and an average target price of $29.50.
About Ares Management
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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