Griffin Asset Management Inc. Buys 1,663 Shares of Ares Capital Co. (NASDAQ:ARCC)

Griffin Asset Management Inc. boosted its stake in Ares Capital Co. (NASDAQ:ARCCGet Rating) by 4.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 42,328 shares of the investment management company’s stock after acquiring an additional 1,663 shares during the quarter. Griffin Asset Management Inc.’s holdings in Ares Capital were worth $887,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Glassy Mountain Advisors Inc. lifted its stake in Ares Capital by 6.6% in the 1st quarter. Glassy Mountain Advisors Inc. now owns 121,335 shares of the investment management company’s stock valued at $2,542,000 after purchasing an additional 7,495 shares during the last quarter. EWG Elevate Inc. raised its stake in shares of Ares Capital by 2.9% during the first quarter. EWG Elevate Inc. now owns 484,561 shares of the investment management company’s stock valued at $10,152,000 after acquiring an additional 13,527 shares during the last quarter. Brookstone Capital Management bought a new position in shares of Ares Capital during the first quarter valued at $1,419,000. My Legacy Advisors LLC bought a new position in shares of Ares Capital during the first quarter valued at $725,000. Finally, Telemus Capital LLC raised its stake in shares of Ares Capital by 16.6% during the first quarter. Telemus Capital LLC now owns 25,374 shares of the investment management company’s stock valued at $532,000 after acquiring an additional 3,614 shares during the last quarter. 29.44% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Ares Capital from a “neutral” rating to an “overweight” rating and set a $22.00 price objective for the company in a research report on Wednesday, April 27th. Wells Fargo & Company increased their price objective on shares of Ares Capital from $22.50 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 25th. StockNews.com upgraded shares of Ares Capital from a “sell” rating to a “hold” rating in a report on Wednesday. Hovde Group reduced their price target on shares of Ares Capital to $19.00 in a report on Friday, May 20th. Finally, TheStreet cut shares of Ares Capital from a “b-” rating to a “c+” rating in a report on Monday, May 23rd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Ares Capital stock opened at $17.55 on Thursday. Ares Capital Co. has a 1-year low of $17.03 and a 1-year high of $23.00. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 5.70 and a beta of 1.01. The firm’s fifty day moving average price is $19.64 and its two-hundred day moving average price is $20.61. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 1.13.

Ares Capital (NASDAQ:ARCCGet Rating) last released its quarterly earnings data on Tuesday, April 26th. The investment management company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.06). Ares Capital had a net margin of 75.13% and a return on equity of 10.23%. The business had revenue of $440.00 million during the quarter, compared to the consensus estimate of $486.12 million. During the same period last year, the business posted $0.43 earnings per share. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. On average, research analysts forecast that Ares Capital Co. will post 1.77 EPS for the current year.

In other news, EVP Michael J. Arougheti purchased 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 14th. The shares were bought at an average cost of $17.75 per share, with a total value of $5,325,000.00. Following the completion of the transaction, the executive vice president now directly owns 1,782,709 shares of the company’s stock, valued at $31,643,084.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Lewis Smith purchased 54,000 shares of the company’s stock in a transaction that occurred on Thursday, May 19th. The shares were purchased at an average cost of $18.64 per share, for a total transaction of $1,006,560.00. Following the completion of the transaction, the insider now directly owns 89,000 shares of the company’s stock, valued at $1,658,960. The disclosure for this purchase can be found here. Insiders acquired 356,775 shares of company stock worth $6,381,371 over the last ninety days. Insiders own 0.59% of the company’s stock.

Ares Capital Company Profile (Get Rating)

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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