Punch & Associates Investment Management Inc. bought a new stake in shares of Ares Capital Corporation (NASDAQ:ARCC – Free Report) during the 1st quarter, Holdings Channel reports. The firm bought 391,347 shares of the investment management company’s stock, valued at approximately $7,052,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ARCC. Entropy Technologies LP purchased a new stake in Ares Capital during the 1st quarter valued at $192,000. Compound Planning Inc. lifted its holdings in shares of Ares Capital by 8.6% during the 1st quarter. Compound Planning Inc. now owns 30,591 shares of the investment management company’s stock valued at $551,000 after buying an additional 2,415 shares during the period. Modern Wealth Management LLC boosted its stake in shares of Ares Capital by 5.7% in the 1st quarter. Modern Wealth Management LLC now owns 63,447 shares of the investment management company’s stock worth $1,125,000 after buying an additional 3,448 shares during the last quarter. Caxton Associates LLP boosted its stake in shares of Ares Capital by 28.1% in the 1st quarter. Caxton Associates LLP now owns 85,452 shares of the investment management company’s stock worth $1,540,000 after buying an additional 18,763 shares during the last quarter. Finally, Dickmeyer Boyce Financial Management Inc. bought a new stake in shares of Ares Capital in the first quarter worth $1,142,000. Institutional investors own 27.38% of the company’s stock.
Analyst Ratings Changes
ARCC has been the subject of a number of research reports. Oppenheimer reduced their price objective on Ares Capital from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods dropped their target price on Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Thursday, April 16th. Wells Fargo & Company restated an “equal weight” rating and set a $19.00 price target (down from $20.00) on shares of Ares Capital in a research note on Friday, June 12th. B. Riley Financial reduced their price target on shares of Ares Capital from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Finally, Royal Bank Of Canada lowered their price objective on shares of Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 29th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.60.
Ares Capital Stock Performance
Shares of ARCC opened at $18.78 on Friday. The business has a 50-day simple moving average of $18.66 and a two-hundred day simple moving average of $18.97. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.13. Ares Capital Corporation has a 52 week low of $17.40 and a 52 week high of $23.15. The stock has a market cap of $13.48 billion, a price-to-earnings ratio of 11.52 and a beta of 0.56.
Ares Capital (NASDAQ:ARCC – Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The investment management company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). The company had revenue of $763.00 million for the quarter, compared to analysts’ expectations of $778.00 million. Ares Capital had a net margin of 37.30% and a return on equity of 9.85%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 earnings per share. On average, analysts expect that Ares Capital Corporation will post 1.9 EPS for the current year.
Ares Capital Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.48 per share. The ex-dividend date was Monday, June 15th. This represents a $1.92 dividend on an annualized basis and a yield of 10.2%. Ares Capital’s dividend payout ratio (DPR) is presently 117.79%.
Ares Capital 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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