Ares Capital (NASDAQ:ARCC) Sets New 52-Week High Following Analyst Upgrade

Ares Capital Co. (NASDAQ:ARCC)’s stock price hit a new 52-week high during mid-day 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.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Round Rock Advisors LLC purchased a new position in shares of Ares Capital in the 4th quarter worth approximately $1,512,000. SG Americas Securities LLC purchased a new position in Ares Capital in the fourth quarter worth $519,000. Chicago Partners Investment Group LLC grew its stake in Ares Capital by 5.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 507,374 shares of the investment management company’s stock valued at $11,208,000 after purchasing an additional 25,347 shares during the period. Franklin Resources Inc. increased its position in shares of Ares Capital by 24.3% during the 3rd quarter. Franklin Resources Inc. now owns 650,163 shares of the investment management company’s stock valued at $13,900,000 after purchasing an additional 127,219 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Ares Capital by 4.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 885,406 shares of the investment management company’s stock worth $18,540,000 after purchasing an additional 38,559 shares during the period. 27.38% of the stock is currently owned by hedge funds and other institutional investors.

Ares Capital Stock Up 0.0 %

The company has a market capitalization of $15.38 billion, a PE ratio of 9.16 and a beta of 1.01. The stock’s fifty day moving average is $22.35 and its two-hundred day moving average is $21.49. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.06.

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.