Westwood Holdings Group Inc. trimmed its position in shares of Ares Capital Co. (NASDAQ:ARCC) by 81.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,500 shares of the investment management company’s stock after selling 6,800 shares during the period. Westwood Holdings Group Inc.’s holdings in Ares Capital were worth $26,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. raised its holdings in shares of Ares Capital by 1.3% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 3,766,419 shares of the investment management company’s stock valued at $58,681,000 after buying an additional 49,731 shares in the last quarter. OMERS ADMINISTRATION Corp increased its stake in Ares Capital by 10.1% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 3,091,499 shares of the investment management company’s stock worth $48,166,000 after purchasing an additional 283,401 shares during the period. 1832 Asset Management L.P. increased its stake in Ares Capital by 98.0% in the 4th quarter. 1832 Asset Management L.P. now owns 2,633,100 shares of the investment management company’s stock worth $41,019,000 after purchasing an additional 1,303,034 shares during the period. Bruni J V & Co. Co. increased its stake in Ares Capital by 0.4% in the 4th quarter. Bruni J V & Co. Co. now owns 2,415,661 shares of the investment management company’s stock worth $37,636,000 after purchasing an additional 10,238 shares during the period. Finally, Legal & General Group Plc increased its stake in Ares Capital by 15.6% in the 4th quarter. Legal & General Group Plc now owns 1,934,657 shares of the investment management company’s stock worth $30,171,000 after purchasing an additional 261,251 shares during the period. 37.62% of the stock is currently owned by institutional investors.
Shares of Ares Capital stock opened at $17.86 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.47 and a current ratio of 2.47. The company has a market capitalization of $7.61 billion, a price-to-earnings ratio of 10.63 and a beta of 0.64. Ares Capital Co. has a one year low of $14.50 and a one year high of $18.24.
The firm also recently disclosed a special dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.02 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a dividend yield of 9.04%. Ares Capital’s dividend payout ratio is currently 95.24%.
In other Ares Capital news, Director Bates Ann Torre acquired 9,725 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were purchased at an average cost of $17.61 per share, for a total transaction of $171,257.25. Following the transaction, the director now owns 24,000 shares in the company, valued at $422,640. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel G. Kelly, Jr. acquired 4,500 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was acquired at an average price of $18.01 per share, for a total transaction of $81,045.00. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 20,465 shares of company stock worth $361,523. Corporate insiders own 0.53% of the company’s stock.
A number of equities analysts have commented on the company. National Securities reaffirmed a “buy” rating and issued a $20.00 price target on shares of Ares Capital in a research note on Wednesday, May 1st. Wedbush set a $20.00 price target on Ares Capital and gave the stock a “buy” rating in a research note on Tuesday, May 14th. BidaskClub cut Ares Capital from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Zacks Investment Research cut Ares Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Ares Capital currently has an average rating of “Buy” and an average price target of $19.25.
About Ares Capital
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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