A recent filing with the Securities and Exchange Commission has revealed that a high-ranking executive at Ares Management Corp (NYSE:) has sold a significant portion of their holdings in the company. The Chief Marketing and Strategy Officer of Ares Management, Berry Ryan, executed multiple sales of Class A Common Stock over a three-day period, resulting in a total divestment of over $7.6 million.
The transactions, which took place on September 17, 18, and 19, saw Berry Ryan selling shares at varying prices. On the first day, shares were sold in a price range between $150.00 and $150.93, with a weighted average price of $150.37 for 11,092 shares and $151.06 for 1,408 shares. The following day, Ryan continued to sell shares at prices ranging from $154.00 to $154.94, with a weighted average of $154.32 for 11,220 shares, and at prices between $155.00 and $155.44, averaging $155.13 for 1,280 shares. The final sales on September 19 were transacted at prices from $156.00 to $156.87, with a weighted average price of $156.17 for 12,500 shares.
The SEC filing indicated that these sales were pre-arranged under a 10b5-1 trading plan, which was adopted on June 6, 2024. Such plans allow company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of material non-public information.
Following the sales, Berry Ryan’s direct holdings in Ares Management Corp Class A Common Stock were reported to be 403,110 shares, not including additional indirect holdings through a retirement savings plan, a spouse’s SEP IRA, joint tenancy with the right of survivorship, and an IRA, which total 309,314 shares.
Investors often monitor insider transactions as they can provide insights into executives’ perspectives on the company’s current valuation and future prospects. The recent sales by Berry Ryan represent a notable change in their investment position, although the reasons for the sales have not been disclosed.
In other recent news, the National Football League (NFL) has permitted private equity firms to acquire up to 10% stakes in its teams, a significant departure from its traditional ownership structure. Firms such as Ares Management, Arctos Partners, Sixth Street, and a consortium including Blackstone (NYSE:), Carlyle, CVC, and Dynasty Equity have been initially approved for these stakes. In parallel, Ares Management has seen its stock target increased from $158.00 to $162.00 by TD Cowen, indicating a positive outlook…
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