Park Avenue Securities LLC grew its position in shares of Ares Capital Co. (NASDAQ:ARCC) by 13.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,089 shares of the investment management company’s stock after purchasing an additional 6,638 shares during the period. Park Avenue Securities LLC’s holdings in Ares Capital were worth $964,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Investec Asset Management LTD purchased a new position in Ares Capital in the fourth quarter worth about $20,921,000. 1832 Asset Management L.P. raised its stake in shares of Ares Capital by 98.0% during the fourth quarter. 1832 Asset Management L.P. now owns 2,633,100 shares of the investment management company’s stock valued at $41,019,000 after acquiring an additional 1,303,034 shares in the last quarter. DPM Capital LLC bought a new stake in shares of Ares Capital during the fourth quarter valued at approximately $11,269,000. Thornburg Investment Management Inc. raised its stake in shares of Ares Capital by 4.1% during the fourth quarter. Thornburg Investment Management Inc. now owns 15,884,489 shares of the investment management company’s stock valued at $247,480,000 after acquiring an additional 632,655 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Ares Capital by 4,999,900.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 500,000 shares of the investment management company’s stock valued at $7,789,000 after acquiring an additional 499,990 shares in the last quarter. Hedge funds and other institutional investors own 37.67% of the company’s stock.
In related news, Director Steven B. Mckeever purchased 5,640 shares of Ares Capital stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $17.52 per share, for a total transaction of $98,812.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Bates Ann Torre purchased 9,725 shares of Ares Capital stock in a transaction that occurred on Wednesday, May 15th. The shares were bought at an average price of $17.61 per share, with a total value of $171,257.25. Following the transaction, the director now owns 24,000 shares in the company, valued at $422,640. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 15,965 shares of company stock valued at $280,478. Insiders own 0.53% of the company’s stock.
NASDAQ ARCC traded down $0.15 on Wednesday, reaching $17.72. 1,619,185 shares of the company’s stock traded hands, compared to its average volume of 1,876,422. The company has a market capitalization of $7.62 billion, a PE ratio of 10.55 and a beta of 0.65. Ares Capital Co. has a fifty-two week low of $14.50 and a fifty-two week high of $18.07. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.47 and a quick ratio of 2.47.
Ares Capital (NASDAQ:ARCC) last posted its earnings results on Tuesday, April 30th. The investment management company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.06. The company had revenue of $373.00 million during the quarter, compared to the consensus estimate of $337.96 million. Ares Capital had a net margin of 59.58% and a return on equity of 10.12%. During the same period in the previous year, the firm posted $0.57 earnings per share. Research analysts expect that Ares Capital Co. will post 1.79 earnings per share for the current year.
The company also recently disclosed a special dividend, which will be paid on Monday, September 30th. Shareholders 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 (DPR) is currently 95.24%.
Several brokerages recently issued reports on ARCC. National Securities reissued a “buy” rating and set a $20.00 price objective on shares of Ares Capital in a report on Wednesday, May 1st. Wedbush set a $20.00 price objective on shares of Ares Capital and gave the company a “buy” rating in a report on Tuesday, May 14th. Zacks Investment Research lowered shares of Ares Capital from a “buy” rating to a “hold” rating in a report on Monday, February 18th. JMP Securities lifted their price target on shares of Ares Capital from $19.00 to $19.50 and gave the stock a “market outperform” rating in a report on Wednesday, February 13th. Finally, BidaskClub raised shares of Ares Capital from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $19.25.
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.
Featured Story: Why is Cost of Capital Important?
Receive News & Ratings for Ares Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ares Capital and related companies with MarketBeat.com's FREE daily email newsletter.