Ares Capital (NASDAQ:ARCC) Sets New 12-Month High on Analyst Upgrade

Ares Capital Co. (NASDAQ:ARCC)’s stock price hit a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $23.00 to $24.50. JPMorgan Chase & Co. currently has an overweight rating on the stock. Ares Capital traded as high as $23.77 and last traded at $23.76, with a volume of 3786340 shares trading hands. The stock had previously closed at $23.67.

ARCC has been the topic of several other research reports. Wells Fargo & Company lifted their target price on Ares Capital from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. B. Riley lifted their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, StockNews.com upgraded shares of Ares Capital from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.79.

Institutional Investors Weigh In On Ares Capital

A number of institutional investors and hedge funds have recently bought and sold shares of the business. First Horizon Advisors Inc. grew its stake in shares of Ares Capital by 20.3% in the 4th quarter. First Horizon Advisors Inc. now owns 3,564 shares of the investment management company’s stock worth $78,000 after purchasing an additional 602 shares during the last quarter. Sigma Planning Corp grew its position in Ares Capital by 3.5% in the fourth quarter. Sigma Planning Corp now owns 147,991 shares of the investment management company’s stock worth $3,240,000 after buying an additional 5,033 shares during the last quarter. Bell Bank increased its holdings in shares of Ares Capital by 13.2% in the fourth quarter. Bell Bank now owns 484,052 shares of the investment management company’s stock valued at $10,596,000 after buying an additional 56,325 shares in the last quarter. Lane & Associates LLC acquired a new stake in shares of Ares Capital during the 4th quarter valued at $210,000. Finally, Compass Capital Corp MA ADV bought a new stake in shares of Ares Capital during the 4th quarter worth $404,000. 27.38% of the stock is owned by institutional investors and hedge funds.

Ares Capital Stock Up 0.5 %

The firm has a market capitalization of $15.38 billion, a price-to-earnings ratio of 9.15 and a beta of 1.00. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.06. The stock has a fifty day moving average of $22.32 and a 200-day moving average of $21.47.

About Ares Capital

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.