Ares Capital Co. (ARCC) Holdings Increased by Cliffwater LLC
Cliffwater LLC grew its stake in shares of Ares Capital Co. (NASDAQ:ARCC) by 1.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 287,761 shares of the investment management company’s stock after buying an additional 3,978 shares during the quarter. Ares Capital makes up 4.1% of Cliffwater LLC’s holdings, making the stock its 5th biggest holding. Cliffwater LLC’s holdings in Ares Capital were worth $4,734,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Legacy Advisors LLC grew its stake in shares of Ares Capital by 869.0% in the second quarter. Legacy Advisors LLC now owns 9,060 shares of the investment management company’s stock worth $149,000 after purchasing an additional 8,125 shares during the last quarter. McKinley Carter Wealth Services Inc. bought a new stake in shares of Ares Capital in the first quarter worth $159,000. Quad Cities Investment Group LLC bought a new stake in shares of Ares Capital in the first quarter worth $162,000. Hyman Charles D bought a new stake in shares of Ares Capital in the first quarter worth $167,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Ares Capital in the second quarter worth $174,000. 41.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ARCC opened at $17.35 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.62. The firm has a market cap of $7.42 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 3.66 and a beta of 0.63. Ares Capital Co. has a 12 month low of $15.03 and a 12 month high of $17.47.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, September 13th. This represents a $1.56 dividend on an annualized basis and a yield of 8.99%. This is a boost from Ares Capital’s previous quarterly dividend of $0.38. Ares Capital’s dividend payout ratio is 109.35%.
Several analysts recently weighed in on ARCC shares. Oppenheimer set a $18.00 price objective on shares of Ares Capital and gave the stock a “buy” rating in a research note on Thursday, May 3rd. BidaskClub raised shares of Ares Capital from a “sell” rating to a “hold” rating in a research note on Friday, May 4th. Zacks Investment Research raised shares of Ares Capital from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research note on Tuesday, April 24th. National Securities reissued a “buy” rating and issued a $19.00 price objective on shares of Ares Capital in a research note on Monday. Finally, JMP Securities boosted their price objective on shares of Ares Capital from $18.00 to $18.50 and gave the stock a “market outperform” rating in a research note on Monday, June 4th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $17.96.
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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