Antony P. Ressler, the Co-Founder and Executive Chairman of Ares Management Corp (NYSE:ARES), has sold a significant amount of the company's stock, totaling over $11 million. The transactions, executed in various tranches, occurred on April 1st and 2nd, according to recent filings.
On the first day of April, Ressler sold a total of 28,942 shares at an average price of $130.83, with the price range for the transactions being between $130.21 and $131.20. The same day, another set of 20,578 shares were sold at an average price of $131.71, with prices ranging from $131.21 to $132.20. Additionally, 8,359 shares were sold at an average of $132.37, within a range of $132.21 to $132.77.
The following day, Ressler continued to sell shares with 15,874 being offloaded at an average price of $128.97, with a range between $128.26 and $129.25. Another 16,105 shares were sold at an average price of $129.66, with transactions ranging from $129.26 to $130.23. Finally, 18,738 shares were sold at an average price of $130.61, with the price ranging from $130.31 to $130.90.
These sales were conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information. This plan had been adopted on December 15, 2023.
The total value of the shares sold by Ressler under these transactions amounted to $11,054,427. It is worth noting that the shares sold and the remaining ownership include shares previously reported as indirectly held through Ares Owners Holdings L.P., which were transferred to Ressler or a vehicle controlled by him.
The transactions come as part of the regular financial activities of executives and are disclosed to the public to ensure transparency. Investors often monitor such sales for insights into executive sentiment about the company's financial health and future prospects.
InvestingPro Insights
Following the recent stock sales by Antony P. Ressler, Co-Founder and Executive Chairman of Ares Management Corp, investors may be seeking additional context on the company's financial health and future prospects. Ares Management Corp, with an adjusted market capitalization of $40.51 billion, has exhibited notable financial metrics and trends worth considering.
InvestingPro data shows that Ares Management Corp has a Price/Earnings (P/E) ratio of 53.04, which adjusts to a higher 68.83 when looking at the last twelve months as of Q4 2023. Despite this high earnings multiple, the company's PEG ratio, which stands at 0.32 for the same period, suggests that the company's earnings growth is robust relative to its P/E ratio. This could indicate potential for investors, especially when considering the company's revenue growth of 18.87% over the last twelve months as of Q4 2023.
Adding to the financial narrative, Ares Management Corp has maintained a consistent approach to rewarding its shareholders. One of the InvestingPro Tips highlights that the company has raised its dividend for four consecutive years and has maintained dividend payments for 11 consecutive years. This consistent dividend track record is complemented by a dividend yield of 2.84%.
For those looking to delve deeper into the financial nuances of Ares Management Corp, there are additional InvestingPro Tips available, which can provide further insights into the company's performance and valuation. For instance, Ares is trading at a high Price / Book multiple of 21.4 as of the last twelve months ending Q4 2023, which may be of interest to value-focused investors. Moreover, Ares has been profitable over the last twelve months and analysts predict the company will continue to be profitable this year.
To explore these tips and gain access to a comprehensive suite of tools and analyses, investors can use the promo code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. There are 12 additional InvestingPro Tips listed on the platform, offering a wealth of information for those interested in a deeper dive into Ares Management Corp's financials.
With the next earnings date scheduled for April 26, 2024, and a fair value estimation by analysts at $145, compared to InvestingPro's fair value of $139.09, the upcoming period will be crucial for investors to monitor Ares Management Corp's performance and strategic direction.
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