WESPAC Advisors LLC increased its position in Ares Capital Co. (NASDAQ:ARCC) by 59.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 62,115 shares of the investment management company’s stock after buying an additional 23,187 shares during the quarter. WESPAC Advisors LLC’s holdings in Ares Capital were worth $1,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. DnB Asset Management AS lifted its holdings in shares of Ares Capital by 8.2% during the second quarter. DnB Asset Management AS now owns 142,545 shares of the investment management company’s stock valued at $2,345,000 after acquiring an additional 10,800 shares during the period. Mckinley Capital Management LLC Delaware lifted its holdings in shares of Ares Capital by 9.2% during the second quarter. Mckinley Capital Management LLC Delaware now owns 582,635 shares of the investment management company’s stock valued at $9,585,000 after acquiring an additional 49,025 shares during the period. LGT Capital Partners LTD. lifted its holdings in shares of Ares Capital by 2.3% during the second quarter. LGT Capital Partners LTD. now owns 1,310,000 shares of the investment management company’s stock valued at $21,549,000 after acquiring an additional 30,000 shares during the period. V Wealth Management LLC lifted its holdings in shares of Ares Capital by 9.0% during the second quarter. V Wealth Management LLC now owns 48,587 shares of the investment management company’s stock valued at $808,000 after acquiring an additional 4,032 shares during the period. Finally, Bristol Advisors LLC bought a new position in shares of Ares Capital during the second quarter valued at $308,000. 40.47% of the stock is owned by hedge funds and other institutional investors.
Ares Capital stock opened at $17.32 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.41 and a quick ratio of 2.41. Ares Capital Co. has a 12-month low of $15.03 and a 12-month high of $17.58. The stock has a market capitalization of $7.31 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 3.53 and a beta of 0.60.
Ares Capital (NASDAQ:ARCC) last released its quarterly earnings results on Wednesday, October 31st. The investment management company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.05. Ares Capital had a return on equity of 9.34% and a net margin of 72.13%. The business had revenue of $342.00 million during the quarter, compared to analysts’ expectations of $320.15 million. During the same period in the previous year, the business posted $0.36 earnings per share. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. As a group, sell-side analysts predict that Ares Capital Co. will post 1.62 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 9.01%. Ares Capital’s dividend payout ratio is 112.23%.
In other Ares Capital news, Director Bates Ann Torre purchased 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was acquired at an average cost of $17.44 per share, with a total value of $156,960.00. Following the completion of the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $348,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric B. Siegel purchased 6,990 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The stock was acquired at an average cost of $17.30 per share, with a total value of $120,927.00. Following the completion of the acquisition, the director now directly owns 36,630 shares of the company’s stock, valued at $633,699. The disclosure for this purchase can be found here. Insiders purchased 16,590 shares of company stock valued at $288,055 over the last ninety days. 0.49% of the stock is currently owned by company insiders.
A number of brokerages have issued reports on ARCC. Zacks Investment Research raised Ares Capital from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a report on Wednesday, October 24th. BidaskClub raised Ares Capital from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Oppenheimer set a $18.00 price objective on Ares Capital and gave the company a “buy” rating in a report on Thursday, November 1st. Finally, National Securities reissued a “buy” rating and set a $19.00 price objective on shares of Ares Capital in a report on Thursday, November 1st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $18.13.
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Ares Capital Profile
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.
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