CIBC Private Wealth Group LLC decreased its holdings in Ares Capital Co. (NASDAQ:ARCC) by 4.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 109,337 shares of the investment management company’s stock after selling 5,594 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Ares Capital were worth $2,037,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in ARCC. Ropes Wealth Advisors LLC bought a new position in shares of Ares Capital during the 2nd quarter worth approximately $27,000. Nordea Investment Management AB lifted its position in shares of Ares Capital by 50.9% during the 1st quarter. Nordea Investment Management AB now owns 1,684 shares of the investment management company’s stock worth $29,000 after buying an additional 568 shares in the last quarter. Arcadia Investment Management Corp MI lifted its position in shares of Ares Capital by 109.9% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,889 shares of the investment management company’s stock worth $34,000 after buying an additional 989 shares in the last quarter. Lenox Wealth Advisors LLC bought a new position in shares of Ares Capital during the 3rd quarter worth approximately $38,000. Finally, NewSquare Capital LLC bought a new position in shares of Ares Capital during the 2nd quarter worth approximately $40,000. 36.25% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Daniel G. Kelly, Jr. purchased 6,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was bought at an average price of $18.44 per share, for a total transaction of $110,640.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Penelope F. Roll purchased 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average price of $18.36 per share, with a total value of $36,720.00. Following the purchase, the chief financial officer now owns 11,147 shares in the company, valued at $204,658.92. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 13,425 shares of company stock valued at $247,289. 0.53% of the stock is currently owned by company insiders.
Several research firms have commented on ARCC. BidaskClub cut shares of Ares Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. ValuEngine cut shares of Ares Capital from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Zacks Investment Research raised shares of Ares Capital from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Monday, August 26th. Raymond James lifted their target price on shares of Ares Capital from $19.00 to $19.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, BMO Capital Markets raised shares of Ares Capital from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $19.00 to $20.00 in a research report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. Ares Capital presently has a consensus rating of “Buy” and a consensus price target of $19.57.
Shares of ARCC stock opened at $18.56 on Monday. The company has a 50 day moving average of $18.69 and a 200-day moving average of $18.14. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.82. Ares Capital Co. has a 12-month low of $14.50 and a 12-month high of $19.28. The firm has a market cap of $7.90 billion, a P/E ratio of 11.04 and a beta of 0.59.
Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings results on Tuesday, July 30th. The investment management company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.05. Ares Capital had a net margin of 53.81% and a return on equity of 10.72%. The company had revenue of $382.00 million during the quarter, compared to analyst estimates of $363.60 million. During the same quarter last year, the business posted $0.60 EPS. Ares Capital’s quarterly revenue was up 14.7% compared to the same quarter last year. As a group, equities analysts expect that Ares Capital Co. will post 1.86 EPS for the current year.
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.
Recommended Story: What is the return on assets formula?
Want to see what other hedge funds are holding ARCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ares Capital Co. (NASDAQ:ARCC).
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.