Bridgewater Associates LP boosted its holdings in shares of Ares Capital Co. (NASDAQ:ARCC) by 16.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 147,139 shares of the investment management company’s stock after acquiring an additional 20,661 shares during the quarter. Bridgewater Associates LP’s holdings in Ares Capital were worth $2,882,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of ARCC. Keel Point LLC acquired a new stake in shares of Ares Capital in the second quarter valued at $752,000. Meeder Asset Management Inc. acquired a new stake in shares of Ares Capital in the second quarter valued at $26,000. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Ares Capital in the second quarter valued at $33,000. Wagner Wealth Management LLC acquired a new stake in shares of Ares Capital in the first quarter valued at $82,000. Finally, Perkins Coie Trust Co grew its stake in shares of Ares Capital by 591.7% in the second quarter. Perkins Coie Trust Co now owns 4,676 shares of the investment management company’s stock valued at $92,000 after buying an additional 4,000 shares in the last quarter. 29.42% of the stock is owned by institutional investors.
A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada lifted their price objective on Ares Capital from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, July 30th. Raymond James boosted their target price on Ares Capital from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Monday, August 2nd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $20.00.
Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings results on Tuesday, July 27th. The investment management company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.10. The company had revenue of $459.00 million during the quarter, compared to the consensus estimate of $385.97 million. Ares Capital had a return on equity of 10.87% and a net margin of 101.77%. On average, research analysts anticipate that Ares Capital Co. will post 1.84 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 7.82%. This is an increase from Ares Capital’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, September 14th. Ares Capital’s payout ratio is 94.25%.
Ares Capital Profile
Ares Capital Corp is a closed-end non-diversified management investment company. The fund targets companies operating in the fields of Health Care Services, Software & Services, Consumer Durables & Apparel, Energy, Food & Beverage, and Retail. It provides financing for buyouts, acquisitions, recapitalizations, restructurings, rescue financing, growth capital and general refinancing.
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