Ares Capital (ARCC) Upgraded by TheStreet to “B-“
Other equities research analysts have also issued research reports about the stock. Wedbush assumed coverage on shares of Ares Capital in a research note on Monday, November 27th. They set an outperform rating and a $18.00 price objective on the stock. Zacks Investment Research lowered shares of Ares Capital from a hold rating to a sell rating in a research note on Monday, November 6th. National Securities reiterated a buy rating and set a $19.00 price objective on shares of Ares Capital in a research note on Friday, November 3rd. Citigroup assumed coverage on shares of Ares Capital in a research note on Wednesday, September 20th. They set an outperform rating and a $18.00 price objective on the stock. Finally, CIBC assumed coverage on shares of Ares Capital in a research note on Thursday, September 21st. They set an outperform rating and a $18.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Ares Capital presently has an average rating of Buy and an average price target of $18.00.
Shares of Ares Capital (NASDAQ:ARCC) traded up $0.01 during mid-day trading on Tuesday, hitting $16.51. 2,529,200 shares of the stock traded hands, compared to its average volume of 2,040,041. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.66. Ares Capital has a twelve month low of $15.48 and a twelve month high of $17.87. The company has a market capitalization of $7,033.94, a PE ratio of 11.46, a price-to-earnings-growth ratio of 3.99 and a beta of 0.63.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.38 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.52 annualized dividend and a dividend yield of 9.21%. Ares Capital’s payout ratio is currently 119.69%.
In other news, Director Michael J. Arougheti purchased 8,365 shares of the company’s stock in a transaction on Friday, November 3rd. The shares were bought at an average price of $15.85 per share, for a total transaction of $132,585.25. Following the completion of the purchase, the director now owns 937,054 shares of the company’s stock, valued at $14,852,305.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders acquired 8,965 shares of company stock worth $142,323 in the last 90 days. 0.45% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in ARCC. Principal Financial Group Inc. increased its stake in shares of Ares Capital by 174.6% in the second quarter. Principal Financial Group Inc. now owns 5,725,346 shares of the investment management company’s stock valued at $93,782,000 after purchasing an additional 3,640,124 shares during the period. Elliott Management Corp acquired a new stake in shares of Ares Capital in the second quarter valued at approximately $18,343,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Ares Capital in the second quarter valued at approximately $16,501,000. Koch Industries Inc. increased its stake in shares of Ares Capital by 7,292.7% in the second quarter. Koch Industries Inc. now owns 861,474 shares of the investment management company’s stock valued at $812,000 after purchasing an additional 849,821 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in shares of Ares Capital by 41.5% in the second quarter. Neuberger Berman Group LLC now owns 1,473,027 shares of the investment management company’s stock valued at $24,128,000 after purchasing an additional 432,303 shares during the period. Institutional investors own 43.70% of the company’s stock.
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About Ares Capital
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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