Great Diamond Partners LLC Sells 3,816 Shares of Ares Management Co. (NYSE:ARES)

30 Oct 2024, 08:40 by Amy Steele · The Cerbat Gem

Great Diamond Partners LLC trimmed its stake in shares of Ares Management Co. (NYSE:ARES – Free Report) by 12.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,715 shares of the asset manager’s stock after selling 3,816 shares during the period. Ares Management accounts for 1.0% of Great Diamond Partners LLC’s portfolio, making the stock its 24th largest holding. Great Diamond Partners LLC’s holdings in Ares Management were worth $4,007,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Curated Wealth Partners LLC boosted its position in shares of Ares Management by 199.7% during the 2nd quarter. Curated Wealth Partners LLC now owns 1,658,217 shares of the asset manager’s stock valued at $221,007,000 after acquiring an additional 3,321,434 shares during the last quarter. LRI Investments LLC purchased a new position in Ares Management in the first quarter worth about $264,729,000. Massachusetts Financial Services Co. MA raised its position in Ares Management by 58.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,058,394 shares of the asset manager’s stock valued at $674,183,000 after purchasing an additional 1,867,933 shares during the period. Lone Pine Capital LLC bought a new stake in shares of Ares Management in the 2nd quarter valued at approximately $209,884,000. Finally, Millennium Management LLC boosted its holdings in shares of Ares Management by 722.6% in the 2nd quarter. Millennium Management LLC now owns 1,738,148 shares of the asset manager’s stock worth $231,660,000 after purchasing an additional 1,526,856 shares during the period. 50.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ARES. UBS Group boosted their price objective on shares of Ares Management from $158.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. TD Cowen boosted their target price on Ares Management from $162.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Redburn Atlantic began coverage on Ares Management in a report on Tuesday, August 27th. They issued a “neutral” rating and a $140.00 price target on the stock. Morgan Stanley boosted their price objective on Ares Management from $136.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada increased their target price on Ares Management from $150.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, October 11th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ares Management has a consensus rating of “Moderate Buy” and a consensus target price of $159.18.

Get Our Latest Research Report on Ares Management

Insider Transactions at Ares Management

In other Ares Management news, insider Ryan Berry sold 40,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $167.99, for a total transaction of $6,719,600.00. Following the completion of the sale, the insider now directly owns 304,202 shares of the company’s stock, valued at approximately $51,102,893.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Chairman Bennett Rosenthal sold 27,172 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $145.67, for a total transaction of $3,958,145.24. Following the transaction, the chairman now directly owns 222,828 shares of the company’s stock, valued at $32,459,354.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Ryan Berry sold 40,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $167.99, for a total value of $6,719,600.00. Following the completion of the sale, the insider now owns 304,202 shares of the company’s stock, valued at approximately $51,102,893.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 622,640 shares of company stock valued at $91,378,848. Corporate insiders own 1.20% of the company’s stock.

Ares Management Stock Down 0.4 %

Shares of Ares Management stock opened at $170.37 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $52.78 billion, a price-to-earnings ratio of 76.40, a PEG ratio of 1.48 and a beta of 1.22. The firm’s 50-day moving average is $154.59 and its two-hundred day moving average is $144.80. Ares Management Co. has a 1 year low of $96.00 and a 1 year high of $171.78.

Ares Management (NYSE:ARES – Get Free Report) last released its quarterly earnings data on Friday, August 2nd. The asset manager reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.01. The firm had revenue of $788.68 million for the quarter, compared to the consensus estimate of $860.09 million. Ares Management had a net margin of 12.53% and a return on equity of 20.46%. During the same period last year, the firm earned $0.90 earnings per share. As a group, research analysts expect that Ares Management Co. will post 4.16 earnings per share for the current fiscal year.

Ares Management Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.93 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.18%. Ares Management’s dividend payout ratio is presently 166.82%.

Ares Management Profile

(Free Report)

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.