Parkwood LLC purchased a new stake in Ares Capital Co. (NASDAQ:ARCC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 178,402 shares of the investment management company's stock, valued at approximately $3,905,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in ARCC. Van ECK Associates Corp increased its stake in Ares Capital by 11.8% during the fourth quarter. Van ECK Associates Corp now owns 14,145,706 shares of the investment management company's stock worth $309,649,000 after acquiring an additional 1,489,552 shares during the last quarter. Bank of America Corp DE increased its stake in Ares Capital by 12.3% during the fourth quarter. Bank of America Corp DE now owns 7,951,926 shares of the investment management company's stock worth $174,068,000 after acquiring an additional 871,370 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Ares Capital by 26.0% during the fourth quarter. JPMorgan Chase & Co. now owns 4,268,547 shares of the investment management company's stock worth $93,439,000 after acquiring an additional 881,450 shares during the last quarter. Generali Asset Management SPA SGR acquired a new stake in Ares Capital during the fourth quarter worth $84,426,000. Finally, Advisors Capital Management LLC increased its stake in Ares Capital by 3.1% during the fourth quarter. Advisors Capital Management LLC now owns 3,523,651 shares of the investment management company's stock worth $77,133,000 after acquiring an additional 105,526 shares during the last quarter. Institutional investors and hedge funds own 27.38% of the company's stock.
Ares Capital Stock Up 1.1%
NASDAQ ARCC traded up $0.24 during trading on Friday, reaching $21.91. 2,429,861 shares of the company's stock were exchanged, compared to its average volume of 4,137,637. The stock has a market cap of $15.11 billion, a P/E ratio of 8.94 and a beta of 0.70. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.21 and a current ratio of 1.21. The company has a 50 day moving average price of $21.04 and a two-hundred day moving average price of $21.89. Ares Capital Co. has a 1 year low of $18.26 and a 1 year high of $23.84.
Ares Capital (NASDAQ:ARCC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.04). The business had revenue of $599.00 million for the quarter, compared to analysts' expectations of $769.32 million. Ares Capital had a return on equity of 11.54% and a net margin of 50.90%. The firm's quarterly revenue was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $0.59 earnings per share. On average, equities research analysts anticipate that Ares Capital Co. will post 2.19 EPS for the current fiscal year.
Ares Capital Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 8.76%. The ex-dividend date is Friday, June 13th. Ares Capital's dividend payout ratio (DPR) is currently 93.66%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the company. UBS Group dropped their price objective on Ares Capital from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company dropped their price objective on Ares Capital from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. StockNews.com cut Ares Capital from a "hold" rating to a "sell" rating in a research note on Friday, February 7th. Raymond James lowered Ares Capital from an "outperform" rating to a "market perform" rating in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. decreased their target price on Ares Capital from $24.50 to $22.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.00.
Read Our Latest Stock Report on Ares Capital
About Ares Capital
(
Free Report)
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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