State of Tennessee Treasury Department boosted its holdings in Ares Capital Co. (NASDAQ:ARCC) by 416.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,251,700 shares of the investment management company’s stock after acquiring an additional 1,009,500 shares during the quarter. State of Tennessee Treasury Department owned 0.30% of Ares Capital worth $13,493,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Manchester Financial Inc. raised its holdings in Ares Capital by 100.4% in the 1st quarter. Manchester Financial Inc. now owns 2,405 shares of the investment management company’s stock valued at $26,000 after acquiring an additional 1,205 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Ares Capital by 791.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,452 shares of the investment management company’s stock worth $26,000 after acquiring an additional 2,177 shares during the period. HHM Wealth Advisors LLC acquired a new position in shares of Ares Capital during the first quarter worth about $28,000. Princeton Global Asset Management LLC increased its stake in shares of Ares Capital by 230.1% during the first quarter. Princeton Global Asset Management LLC now owns 2,869 shares of the investment management company’s stock worth $31,000 after acquiring an additional 2,000 shares during the period. Finally, Retirement Network increased its stake in shares of Ares Capital by 989.2% during the first quarter. Retirement Network now owns 3,540 shares of the investment management company’s stock worth $38,000 after acquiring an additional 3,215 shares during the period. Institutional investors and hedge funds own 33.37% of the company’s stock.

A number of brokerages have recently issued reports on ARCC. JPMorgan Chase & Co. dropped their price target on shares of Ares Capital from $19.50 to $15.50 and set an “overweight” rating on the stock in a research note on Monday, May 4th. Raymond James boosted their price target on shares of Ares Capital from $14.00 to $15.50 and gave the stock an “outperform” rating in a research note on Wednesday. Wells Fargo & Co dropped 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. TheStreet lowered shares of Ares Capital from a “b” rating to a “c+” rating in a research note on Wednesday, March 18th. Finally, Oppenheimer decreased their price objective on shares of Ares Capital from $19.00 to $16.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the company. Ares Capital currently has a consensus rating of “Buy” and a consensus price target of $16.55.

In other news, Director Michael K. Parks purchased 2,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average cost of $14.71 per share, with a total value of $29,420.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.60% of the stock is owned by corporate insiders.

Shares of Ares Capital stock traded down $0.17 during trading hours on Friday, hitting $14.10. The company’s stock had a trading volume of 56,792 shares, compared to its average volume of 2,806,783. Ares Capital Co. has a 1-year low of $7.90 and a 1-year high of $19.33. The business has a fifty day moving average of $14.58 and a 200 day moving average of $15.74. The company has a market capitalization of $6.03 billion, a PE ratio of -237.83 and a beta of 1.17. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.24.

Ares Capital (NASDAQ:ARCC) last released its quarterly earnings data on Tuesday, May 5th. The investment management company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.02). Ares Capital had a positive return on equity of 10.81% and a negative net margin of 2.17%. The business had revenue of $369.00 million during the quarter, compared to analyst estimates of $378.83 million. During the same period in the previous year, the company earned $0.48 EPS. Ares Capital’s revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts anticipate that Ares Capital Co. will post 1.58 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 11.35%. The ex-dividend date of this dividend is Friday, June 12th. Ares Capital’s payout ratio is currently 84.66%.

Ares Capital Company 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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Institutional Ownership by Quarter for Ares Capital (NASDAQ:ARCC)

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