Ares Management Corporation $ARES Stock Sold by Sterling Capital Management LLC

Sterling Capital Management LLC lowered its stake in shares of Ares Management Corporation (NYSE:ARES) by 54.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,355 shares of the asset manager’s stock after selling 7,491 shares during the quarter. Sterling Capital Management LLC’s holdings in Ares Management were worth $738,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Triumph Capital Management boosted its holdings in shares of Ares Management by 127.3% in the 2nd quarter. Triumph Capital Management now owns 250 shares of the asset manager’s stock valued at $28,000 after buying an additional 140 shares in the last quarter. CoreCap Advisors LLC raised its stake in Ares Management by 178.0% during the 3rd quarter. CoreCap Advisors LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 162 shares in the last quarter. Wellington Altus USA Inc. acquired a new stake in Ares Management during the 2nd quarter worth $35,000. Anchor Investment Management LLC acquired a new stake in Ares Management during the 2nd quarter worth $38,000. Finally, Root Financial Partners LLC purchased a new stake in Ares Management in the third quarter valued at $41,000. Hedge funds and other institutional investors own 50.03% of the company’s stock.

Ares Management Stock Performance

Shares of ARES opened at $122.29 on Wednesday. The company’s 50 day simple moving average is $126.88 and its 200-day simple moving average is $125.99. Ares Management Corporation has a 12-month low of $95.80 and a 12-month high of $181.19.

Ares Management (NYSE:ARES) last announced its earnings results on Friday, July 31st. The asset manager reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.01. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. The business’s revenue was up 5.8% compared to the same quarter last year. As a group, analysts expect that Ares Management Corporation will post 5.80 earnings per share for the current year.

Ares Management Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Wednesday, September 16th.

Wall Street Analyst Weigh In

ARES has been the subject of several research analyst reports. UBS Group decreased their price objective on shares of Ares Management from $142.00 to $134.00 and set a “neutral” rating for the company in a research note on Tuesday, October 13th. Wall Street Zen lowered Ares Management from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. The Goldman Sachs Group cut their target price on Ares Management from $145.00 to $139.00 and set a “buy” rating on the stock in a research report on Friday, October 2nd. JPMorgan Chase & Co. lifted their target price on Ares Management from $143.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Finally, Citigroup reissued a “market outperform” rating on shares of Ares Management in a report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $148.26.

Ares Management Profile

Ares Management Corporation (NYSE: ARES) is a global alternative investment manager that provides investment solutions across credit, private equity, real assets and secondaries. The company manages capital on behalf of institutional investors, pension funds, insurance companies, sovereign wealth funds, family offices and individual investors.

Its investment activities include direct lending and other credit strategies, control and minority investments in private companies, real estate and infrastructure investments, and secondary-market transactions involving private assets and fund interests.