Elemental Capital Partners LLC bought a new stake in Ares Capital Corporation (NASDAQ:ARCC – Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 53,643 shares of the investment management company’s stock, valued at approximately $967,000. Ares Capital comprises 0.4% of Elemental Capital Partners LLC’s holdings, making the stock its 7th biggest holding.
Other institutional investors have also modified their holdings of the company. AQR Capital Management LLC boosted its stake in Ares Capital by 6.5% during the 1st quarter. AQR Capital Management LLC now owns 16,502 shares of the investment management company’s stock valued at $365,000 after purchasing an additional 1,000 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ares Capital during the first quarter valued at approximately $273,000. Goldman Sachs Group Inc. boosted its position in shares of Ares Capital by 14.5% during the first quarter. Goldman Sachs Group Inc. now owns 2,835,007 shares of the investment management company’s stock worth $62,824,000 after buying an additional 358,829 shares during the period. Empowered Funds LLC grew its holdings in Ares Capital by 139.9% in the 1st quarter. Empowered Funds LLC now owns 27,655 shares of the investment management company’s stock worth $613,000 after buying an additional 16,128 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in Ares Capital in the 1st quarter valued at approximately $14,766,000. Institutional investors own 27.38% of the company’s stock.
Ares Capital Stock Up 0.4%
ARCC opened at $18.73 on Friday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market capitalization of $13.45 billion, a PE ratio of 11.49 and a beta of 0.56. The stock’s fifty day moving average is $18.70 and its 200-day moving average is $19.11. Ares Capital Corporation has a one year low of $17.40 and a one year high of $23.42.
Ares Capital Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.48 per share. The ex-dividend date was Monday, June 15th. This represents a $1.92 annualized dividend and a dividend yield of 10.3%. Ares Capital’s dividend payout ratio (DPR) is 117.79%.
Wall Street Analysts Forecast Growth
ARCC has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price target on Ares Capital from $19.00 to $18.50 and set an “overweight” rating for the company in a research report on Thursday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ares Capital in a report on Tuesday, June 9th. Royal Bank Of Canada decreased their target price on shares of Ares Capital from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Wells Fargo & Company reissued an “equal weight” rating and set a $19.00 target price (down from $20.00) on shares of Ares Capital in a research note on Friday, June 12th. Finally, B. Riley Financial dropped their price target on shares of Ares Capital from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Ares Capital currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.60.
Read Our Latest Research Report on ARCC
Ares Capital Company Profile
Ares Capital Corporation (NASDAQ: ARCC) is a publicly traded business development company (BDC) that specializes in providing debt and equity financing solutions to U.S. middle-market companies. As a BDC, Ares Capital offers investors access to a diversified portfolio of tailored credit investments, including senior secured loans, unitranche financing, mezzanine debt and equity co-investments. The firm’s flexible capital structures are designed to support companies seeking growth capital, refinancing or strategic acquisitions.
Through its credit platform, Ares Capital focuses on originations, underwriting and portfolio management across a range of industries, with a particular emphasis on sectors such as healthcare, technology, industrials and business services.
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