Carnegie Capital Asset Management LLC acquired a new position in Ares Capital Co. (NASDAQ:ARCC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,905 shares of the investment management company’s stock, valued at approximately $118,000.
Several other institutional investors also recently made changes to their positions in ARCC. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Ares Capital in the first quarter worth $24,465,000. Jane Street Group LLC acquired a new stake in shares of Ares Capital in the fourth quarter worth $20,760,000. Capital Advisors Inc. OK acquired a new stake in shares of Ares Capital in the fourth quarter worth $11,561,000. EWG Elevate Inc. acquired a new stake in shares of Ares Capital in the fourth quarter worth $9,666,000. Finally, UBS Group AG grew its stake in shares of Ares Capital by 21.5% in the fourth quarter. UBS Group AG now owns 2,914,337 shares of the investment management company’s stock worth $54,352,000 after acquiring an additional 516,104 shares during the last quarter. Institutional investors and hedge funds own 35.10% of the company’s stock.
Shares of NASDAQ ARCC opened at $14.72 on Friday. The stock has a market cap of $6.09 billion, a PE ratio of 7.87 and a beta of 1.13. The business has a fifty day moving average of $12.31 and a two-hundred day moving average of $16.35. Ares Capital Co. has a 52-week low of $7.90 and a 52-week high of $19.33. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.35 and a current ratio of 1.35.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, June 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 10.87%. Ares Capital’s payout ratio is presently 84.66%.
In related news, Director Steven B. Mckeever acquired 3,375 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was bought at an average cost of $14.57 per share, with a total value of $49,173.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have acquired 4,875 shares of company stock valued at $70,154. Company insiders own 0.58% of the company’s stock.
Several brokerages have recently issued reports on ARCC. ValuEngine downgraded shares of Ares Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, April 1st. Wells Fargo & Co decreased their price target on shares of Ares Capital from $20.50 to $15.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 25th. BidaskClub upgraded shares of Ares Capital from a “hold” rating to a “buy” rating in a research note on Friday. Raymond James upgraded shares of Ares Capital from a “market perform” rating to an “outperform” rating and set a $14.00 price target on the stock in a research note on Thursday, April 16th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of Ares Capital from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Tuesday, April 14th. One research analyst has rated the stock with a sell rating and eleven have issued a buy rating to the company. Ares Capital presently has an average rating of “Buy” and an average target price of $16.28.
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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