Source : investing, Tuesday, 20/8/2024
Michael J. Arrogheti, co-founder, CEO and president of Ares Management Corp. (NYSE: ARES), recently sold a large amount of the company’s shares, transactions filed with the Securities and Exchange Commission revealed. Sales over several days were worth more than $8.4 million.
The chain of transactions began on August 15, 2024, when Arrogetti disposed of 2,235 stocks with an average weighted price of $144.72, and selling prices ranged between $144.19 and $145.18. On the same day, on the same day, an additional 21,419 shares were sold at an average price of $145.67, and selling prices ranged from $145.19 to $146.19. Another batch of 3,466 shares were sold at an average price of $146.26 per share, with individual deals made at prices ranging from $146.19 to $146.48.
Sell-offs continued on August 16, 2024, with 18,135 shares sold at an average price of $144.87 per share. The price range for these sales ranged from $144.14 to $145.13. In addition, 2,976 shares were sold at an average weighted price of $145.36, with a range of $145.14 to $145.79..
On August 19, Arrowgetti sold 9,831 shares at an average price of $144.43, with sales ranging from $143.94 to $144.90. He also sold 392 shares at an average price of $145.38, with a price range between $144.96 and $145.48.
These share sales were made under a 10B5-1 trading plan, adopted on December 14, 2023, by an arogetti or controlled medium. This plan allows company insiders to set a predetermined schedule for the sale of shares at a time when they do not possess material non-public information.
Arrugetti also owns shares indirectly through Atticus Enterprises LLC, which is reflected in the transactions. The SEC filing indicates that after the sale, Arrogeti still has a large number of indirectly owned shares, demonstrating continued alignment with the company’s performance..
Investors and market watchers often pay close attention to inbound sales because they may provide insights into executives’ views on a company’s future performance. However, it is important to note that such transactions do not necessarily indicate a lack of trust in the company; they may also be part of personal financial planning or diversification strategies..
