Oppenheimer & Co. Inc. reduced its position in shares of Ares Capital (NASDAQ:ARCC) by 19.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 23,853 shares of the investment management company’s stock after selling 5,606 shares during the period. Oppenheimer & Co. Inc.’s holdings in Ares Capital were worth $379,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the stock. Two Sigma Advisers LP raised its stake in shares of Ares Capital by 43.8% in the fourth quarter. Two Sigma Advisers LP now owns 955,455 shares of the investment management company’s stock worth $15,020,000 after purchasing an additional 291,000 shares during the last quarter. Green Square Capital LLC raised its stake in shares of Ares Capital by 2.2% in the fourth quarter. Green Square Capital LLC now owns 390,489 shares of the investment management company’s stock worth $6,138,000 after purchasing an additional 8,536 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Ares Capital in the fourth quarter worth approximately $223,000. Frontier Investment Mgmt Co. raised its stake in shares of Ares Capital by 6.1% in the fourth quarter. Frontier Investment Mgmt Co. now owns 741,767 shares of the investment management company’s stock worth $11,661,000 after purchasing an additional 42,662 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Ares Capital by 3.0% in the fourth quarter. California Public Employees Retirement System now owns 922,100 shares of the investment management company’s stock worth $14,495,000 after purchasing an additional 26,600 shares during the last quarter. 42.77% of the stock is currently owned by institutional investors and hedge funds.
In other Ares Capital news, insider Michael J. Arougheti bought 25,000 shares of Ares Capital stock in a transaction dated Thursday, March 15th. The stock was bought at an average cost of $15.60 per share, with a total value of $390,000.00. Following the completion of the acquisition, the insider now directly owns 984,535 shares in the company, valued at approximately $15,358,746. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders bought 25,600 shares of company stock valued at $399,574. 0.49% of the stock is currently owned by corporate insiders.
ARCC has been the subject of several analyst reports. BidaskClub raised Ares Capital from a “strong sell” rating to a “sell” rating in a research note on Monday, February 5th. Zacks Investment Research downgraded Ares Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Oppenheimer set a $18.00 price objective on Ares Capital and gave the stock a “buy” rating in a research note on Tuesday, February 13th. National Securities reissued a “buy” rating and issued a $19.00 price objective on shares of Ares Capital in a research note on Thursday, February 15th. Finally, JPMorgan Chase increased their price objective on Ares Capital from $16.50 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 11th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Ares Capital presently has a consensus rating of “Buy” and a consensus target price of $17.91.
Ares Capital opened at $16.57 on Thursday, Marketbeat reports. The company has a market capitalization of $7.05 billion, a PE ratio of 11.25, a price-to-earnings-growth ratio of 3.47 and a beta of 0.58. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.99 and a quick ratio of 0.99. Ares Capital has a 12-month low of $16.49 and a 12-month high of $16.54.
Ares Capital (NASDAQ:ARCC) last released its earnings results on Wednesday, May 2nd. The investment management company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.02. The company had revenue of $317.00 million during the quarter, compared to analyst estimates of $309.81 million. Ares Capital had a return on equity of 8.80% and a net margin of 65.81%. Ares Capital’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.28 earnings per share. analysts anticipate that Ares Capital will post 1.59 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 9.17%. The ex-dividend date of this dividend is Thursday, June 14th. Ares Capital’s dividend payout ratio is presently 109.35%.
Ares Capital Company Profile
Ares Capital Corporation is a specialty finance company. The Company operates as a closed-end, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. It invests primarily in the United States middle-market companies.
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