grace capital Invests $165,000 in Ares Capital Co. (ARCC) Stock
grace capital bought a new position in shares of Ares Capital Co. (NASDAQ:ARCC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 10,000 shares of the investment management company’s stock, valued at approximately $165,000.
Other institutional investors have also bought and sold shares of the company. Legacy Advisors LLC grew its position in Ares Capital by 869.0% during the second quarter. Legacy Advisors LLC now owns 9,060 shares of the investment management company’s stock worth $149,000 after buying an additional 8,125 shares in the last quarter. McKinley Carter Wealth Services Inc. purchased a new position in Ares Capital during the first quarter worth about $159,000. Quad Cities Investment Group LLC purchased a new position in Ares Capital during the first quarter worth about $162,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Ares Capital during the second quarter worth about $174,000. Finally, Cerebellum GP LLC purchased a new position in Ares Capital during the second quarter worth about $176,000. Institutional investors and hedge funds own 40.41% of the company’s stock.
In related news, Director Eric B. Siegel bought 6,990 shares of the stock in a transaction dated Wednesday, September 12th. The stock was bought at an average price of $17.30 per share, with a total value of $120,927.00. Following the purchase, the director now owns 36,630 shares in the company, valued at approximately $633,699. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bates Ann Torre bought 9,000 shares of the stock in a transaction dated Wednesday, August 29th. The stock was bought at an average cost of $17.44 per share, with a total value of $156,960.00. Following the purchase, the director now owns 20,000 shares in the company, valued at approximately $348,800. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 16,190 shares of company stock valued at $281,359. Corporate insiders own 0.49% of the company’s stock.
Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings results on Wednesday, August 1st. The investment management company reported $0.39 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. Ares Capital had a return on equity of 8.98% and a net margin of 69.31%. The firm had revenue of $333.00 million during the quarter, compared to analyst estimates of $322.06 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. equities research analysts anticipate that Ares Capital Co. will post 1.58 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $1.56 annualized dividend and a yield of 9.00%. This is a positive change from Ares Capital’s previous quarterly dividend of $0.38. Ares Capital’s payout ratio is 109.35%.
Several equities analysts recently commented on the company. BidaskClub upgraded Ares Capital from a “sell” rating to a “hold” rating in a research report on Friday, September 7th. Citigroup began coverage on Ares Capital in a research note on Thursday, August 23rd. They set a “buy” rating and a $19.00 price target for the company. National Securities reaffirmed a “buy” rating and set a $19.00 price target on shares of Ares Capital in a research note on Monday, August 6th. Finally, JMP Securities lifted their price target on Ares Capital from $18.00 to $18.50 and gave the stock a “market outperform” rating in a research note on Monday, June 4th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $18.32.
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.
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