Ares Management Corp (NYSE:ARES) has reported that Antony P. Ressler, the company's Co-Founder and Executive Chairman, sold a significant number of shares in the investment firm. According to the latest filing, Ressler sold shares worth over $18 million in a series of transactions.
On April 17, Ressler executed multiple sales of Ares Management's Class A Common Stock at prices ranging from $131.08 to $132.48. The total value of the shares sold amounted to approximately $18,880,986. The transactions were carried out under a pre-arranged 10b5-1 trading plan, which allows company insiders to sell stocks at predetermined times to avoid accusations of insider trading.
The sales were conducted in three separate transactions, with the first disposing of 37,193 shares at an average price of $131.08, the second involving 104,776 shares at an average price of $131.65, and the final transaction selling off 1,600 shares at an average price of $132.48. Following these transactions, the SEC filing indicated that Ressler's directly owned stake was reduced to zero, with indirect ownership through TJ Capital Investors, LLC.
Additionally, the filing notes that Ressler, through indirect ownership, still has a substantial interest in Ares Management via Ares Owners Holdings L.P., with 5,984,625 shares remaining under this entity.
Investors often monitor the buying and selling activities of top executives as it may provide insights into their perspective on the company's future prospects. The sale of a large number of shares by a key executive like Ressler could be noteworthy to shareholders and potential investors of Ares Management Corp.
InvestingPro Insights
Ares Management Corp's (NYSE:ARES) recent insider transactions have caught the attention of the investment community, particularly following Antony P. Ressler's sale of shares worth over $18 million. To provide further context, here are some key metrics and tips from InvestingPro that may help investors understand the company's current financial standing and future outlook.
InvestingPro Data:
- Ares Management Corp's market capitalization stands at a robust $40.08 billion, reflecting the company's substantial size in the investment management sector.
- With a P/E ratio of 52.6 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 68.14, the company is trading at a high earnings multiple, which could suggest investor confidence in its future earnings potential.
- The firm's revenue growth was 18.87% over the last twelve months as of Q4 2023, indicating a healthy expansion in its business operations.
InvestingPro Tips:
- Ares Management has demonstrated a commitment to rewarding its shareholders, having raised its dividend for 4 consecutive years and maintaining dividend payments for 11 consecutive years.
- Despite a high Price / Book multiple of 21.19, Ares Management is trading at a low PEG ratio of 0.31, which could imply that its stock price is reasonable relative to its earnings growth rate.
These InvestingPro metrics and tips provide a snapshot of Ares Management's financial health and growth prospects. For those interested in a deeper analysis, additional InvestingPro Tips are available, which cover various aspects of the company's performance and valuation. Remember, you can use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/ARES, where you can access a total of 14 InvestingPro Tips that could guide your investment decisions.
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