Antony Ressler, the Co-Founder and Executive Chairman of Ares Management Corp (NYSE:ARES), has recently sold a significant portion of his stock in the company. According to the latest filings, Ressler sold shares worth over $53 million, with the transactions occurring over several days.
The sales were executed at varying prices, with the stock being sold at prices ranging from $131.49 to $134.25 per share. These transactions were carried out in accordance with a pre-arranged trading plan, known as a 10b5-1 plan, which was adopted on December 15, 2023. Such plans allow company insiders to sell shares at predetermined times to avoid accusations of insider trading.
The series of transactions began on April 3, 2024, when Ressler sold 4,342 shares at an average price of $131.49, followed by sales of 38,740 and 2,902 shares at average prices of $132.13 and $132.83, respectively. On April 4, the sales continued with 111,499 shares being sold at an average price of $132.27, followed by two more batches of 52,868 and 14,098 shares at average prices of $132.93 and $133.64, respectively. The selling spree concluded on April 5, with Ressler selling 22,166 shares at an average price of $131.78, 16,033 shares at $132.53, and a final batch of 71,658 and 65,295 shares at average prices of $133.72 and $134.25, respectively.
Following these transactions, the ownership stakes have been adjusted. However, it's worth noting that Ressler, through various entities, still maintains a significant holding in Ares Management Corp, including indirect ownership through Ares Owners Holdings L.P., as indicated in the footnotes of the SEC filing.
Investors often keep a close eye on insider transactions as they can provide insights into the executives' perspectives on the company's future prospects. In this case, the sales represent a substantial divestment by one of Ares Management's key figures, although the reasons for the sales are not disclosed in the filings.
InvestingPro Insights
Amidst the news of Antony Ressler's stock sales, Ares Management Corp (NYSE:ARES) continues to demonstrate financial metrics that may capture the interest of investors. According to InvestingPro data, Ares boasts a market capitalization of $41.5 billion, reflecting the company's substantial size in the investment management sector. Despite a high Price/Earnings (P/E) ratio of 54.22, the company's PEG ratio, which measures the P/E relative to earnings growth, stands at a low 0.32—indicating potential for earnings growth relative to its share price. Additionally, Ares has experienced a robust revenue growth of 18.87% over the last twelve months as of Q1 2023, showcasing its ability to expand its financial base.
InvestingPro Tips highlight that Ares has not only raised its dividend for four consecutive years but has also maintained dividend payments for 11 consecutive years. This consistent return to shareholders is coupled with a noteworthy dividend growth rate of 52.46% over the last twelve months. Furthermore, with a significant price uptick of 25.45% over the last six months and an impressive one-year total return of 73.31%, Ares has rewarded investors with strong performance in the medium to long term.
For those considering an investment in Ares or seeking to understand the implications of insider transactions like those of Ressler, additional insights are available. InvestingPro offers more tips, including expectations of net income growth this year and analysis predicting the company will remain profitable. To access these insights and more, visit https://www.investing.com/pro/ARES and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With a total of 14 InvestingPro Tips listed, investors can gain a more comprehensive view of Ares Management Corp's financial health and future prospects.
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