Antony Ressler, Co-Founder and Executive Chairman of Ares Management Corp (NYSE:ARES), has sold a significant portion of his holdings in the company, according to recent filings. The transactions, which took place on April 10, 11, and 12, resulted in the sale of Ares Management shares totaling over $57 million.
The series of sales began on April 10, with shares sold at weighted average prices ranging from $131.69 to $135.07. On the first day, Ressler sold shares in multiple transactions, with prices per share varying. The sales continued over the next two days, with shares sold at weighted average prices that fluctuated slightly each day. On April 11, shares were sold at prices between $132.95 and $134.94, and on April 12, the sales were executed at prices ranging from $131.35 to $133.34.
The transactions were carried out in accordance with a Rule 10b5-1 trading plan, which was adopted by Ressler or a vehicle controlled by him on December 15, 2023. This type of trading plan allows insiders to establish pre-planned transactions at a time when they are not in possession of material non-public information, providing an affirmative defense against accusations of insider trading.
The filings indicate that the shares sold were held indirectly through TJ Capital Investors, LLC, with the post-sale ownership reported to be significantly reduced. In addition to the direct transactions, the filings also noted indirect holdings through Ares Owners Holdings L.P., where Ressler or a vehicle controlled by him is a limited partner.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. While the reasons for Ressler's sales are not disclosed, such substantial transactions by a high-ranking executive are noteworthy to both current and potential shareholders.
Ares Management Corp, headquartered in Los Angeles, California, specializes in alternative asset management, including credit, private equity, and real estate investments. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol ARES.
InvestingPro Insights
As Ares Management Corp (NYSE:ARES) captures headlines with insider transactions, current and prospective shareholders may be looking for additional data points to assess the company's financial health and market position. According to InvestingPro, Ares Management has demonstrated a commitment to shareholder returns, having raised its dividend for 4 consecutive years, with a notable dividend growth of 52.46% over the last twelve months as of Q1 2023. This aligns with the company's history of maintaining dividend payments for 11 consecutive years, underscoring its financial stability and investor-friendly approach.
The company's market capitalization stands at a robust 40.82 billion USD, coupled with a revenue growth of 18.87% over the last twelve months as of Q1 2023, reflecting a positive trajectory in its financial performance. Despite a high P/E ratio of 53.47, Ares Management's PEG ratio of 0.32 suggests that the company's earnings growth may justify the current earnings multiple. Moreover, the company has been trading at a high Price / Book multiple of 21.48, which could indicate that investors are willing to pay a premium for its book value, possibly due to the company's strong return over the last year of 64.45%.
For those considering a deeper dive into Ares Management's financials, InvestingPro offers a wealth of additional insights. There are 15 InvestingPro Tips available, which can provide further clarity on the company's earnings revisions, liquidity position, and analysts' profitability predictions for the year. To explore these insights and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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