Ares Capital (NASDAQ:ARCC – Get Rating) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
ARCC has been the topic of a number of other reports. Wells Fargo & Company boosted their price target on shares of Ares Capital from $22.50 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 25th. JPMorgan Chase & Co. upgraded shares of Ares Capital from a “neutral” rating to an “overweight” rating and set a $22.00 price target on the stock in a research report on Wednesday, April 27th. TheStreet downgraded shares of Ares Capital from a “b-” rating to a “c+” rating in a research report on Monday, May 23rd. Finally, Hovde Group dropped their price target on shares of Ares Capital to $19.00 in a research report on Friday, May 20th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Ares Capital has an average rating of “Moderate Buy” and a consensus price target of $22.00.
Ares Capital Trading Up 2.3 %
Ares Capital stock opened at $19.55 on Wednesday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average price of $18.75 and a two-hundred day moving average price of $20.37. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of 6.35 and a beta of 0.99. Ares Capital has a 52-week low of $17.03 and a 52-week high of $23.00.
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Ares Capital (NASDAQ:ARCC – Get Rating) last released its quarterly earnings results on Tuesday, April 26th. The investment management company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.06). Ares Capital had a return on equity of 10.23% and a net margin of 75.13%. The company had revenue of $440.00 million for the quarter, compared to the consensus estimate of $486.12 million. During the same quarter last year, the firm posted $0.43 earnings per share. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. Sell-side analysts expect that Ares Capital will post 1.77 earnings per share for the current year.
Insiders Place Their Bets
In other Ares Capital news, Director Steven B. Mckeever bought 2,775 shares of the firm’s stock in a transaction on Wednesday, June 15th. The stock was bought at an average cost of $17.95 per share, with a total value of $49,811.25. Following the completion of the transaction, the director now directly owns 44,944 shares of the company’s stock, valued at approximately $806,744.80. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Steven B. Mckeever acquired 2,775 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The stock was acquired at an average cost of $17.95 per share, with a total value of $49,811.25. Following the acquisition, the director now owns 44,944 shares in the company, valued at $806,744.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael J. Arougheti acquired 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 14th. The shares were purchased at an average cost of $17.75 per share, with a total value of $5,325,000.00. Following the completion of the acquisition, the executive vice president now owns 1,782,709 shares in the company, valued at approximately $31,643,084.75. The disclosure for this purchase can be found here. Insiders acquired 356,775 shares of company stock valued at $6,381,371 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.
Hedge Funds Weigh In On Ares Capital
Several large investors have recently bought and sold shares of the stock. TCW Group Inc. grew its holdings in shares of Ares Capital by 60.4% in the 2nd quarter. TCW Group Inc. now owns 1,071,841 shares of the investment management company’s stock worth $19,218,000 after purchasing an additional 403,450 shares during the last quarter. Key Client Fiduciary Advisors LLC grew its holdings in Ares Capital by 1.1% during the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 85,830 shares of the investment management company’s stock worth $1,539,000 after acquiring an additional 935 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in Ares Capital by 24.2% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 68,128 shares of the investment management company’s stock worth $1,222,000 after acquiring an additional 13,294 shares during the last quarter. GFS Advisors LLC grew its holdings in Ares Capital by 18.4% during the 2nd quarter. GFS Advisors LLC now owns 32,210 shares of the investment management company’s stock worth $578,000 after acquiring an additional 5,010 shares during the last quarter. Finally, Griffin Asset Management Inc. grew its holdings in Ares Capital by 6.0% during the 2nd quarter. Griffin Asset Management Inc. now owns 44,869 shares of the investment management company’s stock worth $804,000 after acquiring an additional 2,541 shares during the last quarter. 29.44% of the stock is currently owned by institutional investors and hedge funds.
About Ares Capital
Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors.
Further Reading
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Read More: Ares Capital (NASDAQ:ARCC) Upgraded to Hold by StockNews.com