Thursday, 18 April 2024

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Ares management co-founder sells over $11m in stock By

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David B. Kaplan, the co-founder of Ares Management Corp (NYSE:), has sold a substantial portion of his holdings in the company. According to recent filings, Kaplan disposed of shares worth over $11 million in a series of transactions.

The sales occurred on April 1 and April 2, with the prices per share ranging from $129.01 to $132.38. Kaplan executed these sales through a pre-arranged 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading.

On the first day of April, Kaplan sold shares at weighted average prices that varied throughout the day. The first batch of shares was sold at an average price of $130.86, with individual sales ranging from $130.23 to $131.22. Another set of shares went for an average price of $131.74, with transactions occurring between $131.23 and $132.22. The final sale on that day was made at an average price of $132.38, with prices spanning from $132.23 to $132.77 per share.

The selling continued on April 2, with shares being sold at weighted average prices that once again varied. One group of shares was sold at an average of $129.01, with the range being $128.36 to $129.35. The next set of sales averaged $129.73 per share, with individual transactions falling between $129.36 and $130.34. The last sale for the day was at an average price of $130.62, with a price range from $130.36 to $130.90.

Following these transactions, Kaplan’s direct holdings in Ares Management Corp were significantly reduced. However, through Trently Holdings, LLC, he still indirectly retains a substantial number of shares. Additionally, Kaplan or a vehicle controlled by him is a limited partner in Ares Owners Holdings L.P., which indirectly holds shares of Ares Management Corp’s Class A Common Stock.

The sales by Kaplan represent a notable change in his investment position in Ares Management Corp, although the motivation behind the sales remains undisclosed. Investors often monitor such insider transactions for insights into executive confidence in the company’s future performance.

InvestingPro Insights

Amid the news of David B. Kaplan’s share disposals, Ares Management Corp (NYSE:ARES) presents a mixed financial outlook according to the latest data and analysis. The company, with a substantial market capitalization of $40.51 billion, has been experiencing robust revenue growth, with an 18.87% increase in the last twelve months as of Q4 2023. This growth is further underscored by a…

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