Ares Capital (ARCC) Stake Lowered by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its holdings in Ares Capital (NASDAQ:ARCC) by 50.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,800,000 shares of the investment management company’s stock after selling 1,800,000 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.42% of Ares Capital worth $28,566,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Eagle Global Advisors LLC grew its stake in Ares Capital by 6.9% during the 1st quarter. Eagle Global Advisors LLC now owns 48,030 shares of the investment management company’s stock worth $762,000 after buying an additional 3,090 shares during the last quarter. V Wealth Management LLC grew its stake in Ares Capital by 9.4% during the 4th quarter. V Wealth Management LLC now owns 43,638 shares of the investment management company’s stock worth $699,000 after buying an additional 3,757 shares during the last quarter. Summit X LLC grew its stake in Ares Capital by 20.0% during the 4th quarter. Summit X LLC now owns 23,120 shares of the investment management company’s stock worth $364,000 after buying an additional 3,850 shares during the last quarter. HBK Investments L P grew its stake in Ares Capital by 2.6% during the 4th quarter. HBK Investments L P now owns 154,445 shares of the investment management company’s stock worth $2,428,000 after buying an additional 3,945 shares during the last quarter. Finally, Fernwood Investment Management LLC grew its stake in Ares Capital by 4.1% during the 1st quarter. Fernwood Investment Management LLC now owns 101,280 shares of the investment management company’s stock worth $1,607,000 after buying an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 42.77% of the company’s stock.

In related news, insider Michael J. Arougheti bought 25,000 shares of the stock in a transaction on Thursday, March 15th. The shares were bought at an average cost of $15.60 per share, for a total transaction of $390,000.00. Following the purchase, the insider now owns 984,535 shares of the company’s stock, valued at approximately $15,358,746. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders acquired a total of 25,600 shares of company stock worth $399,574 over the last quarter. Company insiders own 0.49% of the company’s stock.

A number of research firms recently issued reports on ARCC. Oppenheimer set a $18.00 price target on Ares Capital and gave the stock a “buy” rating in a research note on Tuesday, February 13th. ValuEngine downgraded Ares Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Zacks Investment Research downgraded Ares Capital from a “buy” rating to a “hold” rating in a research note on Thursday, May 3rd. National Securities restated a “buy” rating and set a $19.00 price target on shares of Ares Capital in a research note on Tuesday. Finally, BidaskClub downgraded Ares Capital from a “hold” rating to a “sell” rating in a research note on Thursday, April 19th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $17.91.

Shares of Ares Capital opened at $16.57 on Thursday, Marketbeat Ratings reports. Ares Capital has a twelve month low of $16.49 and a twelve month high of $16.54. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 3.47 and a beta of 0.58. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71.

Ares Capital (NASDAQ:ARCC) last announced its earnings results on Wednesday, May 2nd. The investment management company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.02. Ares Capital had a return on equity of 8.80% and a net margin of 65.81%. The company had revenue of $317.00 million for the quarter, compared to the consensus estimate of $309.81 million. During the same period last year, the business posted $0.28 EPS. The company’s revenue was up 15.3% on a year-over-year basis. equities analysts expect that Ares Capital will post 1.59 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $1.52 annualized dividend and a dividend yield of 9.17%. Ares Capital’s dividend payout ratio (DPR) is currently 109.35%.

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

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