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Antony P. Ressler, Co-Founder and Executive Chairman of Ares Management Corp (NYSE:), has sold a significant portion of his holdings in the company, according to recent filings. The transactions, which occurred over several days, resulted in the sale of shares worth over $10 million.
The sales took place between March 15 and March 19, with prices ranging from $130.07 to $134.23 per share. The transactions were executed in multiple parts, with the average prices reported for each batch of shares sold. The largest single-day sale was on March 15, where Ressler sold shares at an average price between $132.03 and $133.02.
Ressler’s sales were conducted through TJ Capital Investors, LLC, an entity indirectly controlled by him. Following these transactions, Ressler’s ownership in Ares Management Corp has decreased, yet he still retains a substantial stake in the company. The shares sold and the number of shares owned after the sale include 135,000 shares of Class A Common Stock previously reported as indirectly held through Ares Owners Holdings L.P., which were transferred to Ressler or a controlled vehicle.
Investors often monitor insider transactions for insights into a company’s health and management’s confidence in the firm’s prospects. However, it is important to note that insider sales can occur for various reasons and may not necessarily reflect a negative outlook.
Ares Management Corp, with its headquarters in Los Angeles, California, is a leading global alternative asset manager specializing in credit, private equity, and real estate strategies. The company’s stock is publicly traded under the ticker symbol ARES on the New York Stock Exchange.
InvestingPro Insights
As Ares Management Corp (NYSE:ARES) makes headlines with insider transactions, investors are taking a closer look at the company’s financial health and future prospects. According to InvestingPro data, Ares boasts a substantial market capitalization of $40.98 billion, reflecting its significant presence in the alternative asset management space. The company’s revenue has shown robust growth over the last twelve months as of Q4 2023, with an increase of 18.87%, and a quarterly revenue growth of 12.4% in Q4 2023.
InvestingPro Tips for Ares highlight the company’s ability to maintain a strong dividend track record, having raised its dividend for 4 consecutive years and maintained payments for 11 consecutive years. These indicators are often seen as signs of a company’s financial stability and commitment to returning value to shareholders. Furthermore, Ares is trading at a low P/E ratio relative to near-term earnings growth, which might appeal to value-oriented investors looking for growth at a reasonable price.
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With the next earnings date scheduled for April 26, 2024, all eyes will be on Ares to see if the current financial trends continue and how the market responds to the company’s strategic decisions.
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