Punch & Associates Investment Management Inc. reduced its position in Ares Capital Co. (NASDAQ:ARCC) by 2.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 404,750 shares of the investment management company’s stock after selling 12,007 shares during the quarter. Punch & Associates Investment Management Inc.’s holdings in Ares Capital were worth $6,423,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ARCC. Arrowstreet Capital Limited Partnership raised its stake in Ares Capital by 118.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,600,653 shares of the investment management company’s stock valued at $72,322,000 after purchasing an additional 2,494,297 shares during the last quarter. Two Sigma Investments LP increased its stake in shares of Ares Capital by 1,217.0% in the 4th quarter. Two Sigma Investments LP now owns 1,739,696 shares of the investment management company’s stock worth $27,348,000 after acquiring an additional 1,607,603 shares during the last quarter. CNO Financial Group Inc. acquired a new stake in shares of Ares Capital in the 1st quarter worth $12,145,000. OMERS ADMINISTRATION Corp increased its stake in shares of Ares Capital by 35.1% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 2,683,459 shares of the investment management company’s stock worth $42,586,000 after acquiring an additional 697,640 shares during the last quarter. Finally, PL Capital Advisors LLC acquired a new stake in shares of Ares Capital in the 1st quarter worth $5,555,000. 41.37% of the stock is owned by hedge funds and other institutional investors.
In other Ares Capital news, insider Michael J. Arougheti acquired 25,000 shares of the business’s stock in a transaction that occurred on Thursday, March 15th. The stock was purchased at an average cost of $15.60 per share, with a total value of $390,000.00. Following the transaction, the insider now owns 984,535 shares of the company’s stock, valued at $15,358,746. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have purchased a total of 25,600 shares of company stock valued at $399,714 over the last three months. Corporate insiders own 0.49% of the company’s stock.
ARCC has been the subject of a number of recent research reports. Zacks Investment Research downgraded Ares Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. National Securities reaffirmed a “buy” rating and issued a $19.00 target price on shares of Ares Capital in a research note on Thursday, February 15th. JPMorgan Chase & Co. raised their target price on Ares Capital from $16.50 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 11th. BidaskClub downgraded Ares Capital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, February 28th. Finally, Oppenheimer set a $18.00 target price on Ares Capital and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $17.96.
Shares of NASDAQ:ARCC opened at $16.99 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market cap of $7.22 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 3.56 and a beta of 0.61. Ares Capital Co. has a 12-month low of $15.03 and a 12-month high of $16.99.
Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Wednesday, May 2nd. The investment management company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The firm had revenue of $317.00 million during the quarter, compared to the consensus estimate of $309.81 million. Ares Capital had a return on equity of 8.80% and a net margin of 65.81%. The company’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period last year, the company earned $0.28 EPS. sell-side analysts forecast that Ares Capital Co. will post 1.59 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.95%. The ex-dividend date of this dividend is Thursday, June 14th. Ares Capital’s payout ratio is 109.35%.
Ares Capital Company Profile
Ares Capital Corporation is a specialty finance company. The Company operates as a closed-end, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. It invests primarily in the United States middle-market companies.
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