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

Ares Capital Co. (NASDAQ:ARCC)’s share 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 changing hands. The stock had previously closed at $23.67.

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

Institutional Trading of Ares Capital

A number of institutional investors have recently bought and sold shares of the company. Horizon Financial Services LLC acquired a new stake in Ares Capital in the 3rd quarter worth about $28,000. Blue Trust Inc. raised its holdings in shares of Ares Capital by 56.8% in the 3rd quarter. Blue Trust Inc. now owns 2,510 shares of the investment management company’s stock worth $52,000 after purchasing an additional 909 shares during the period. Montag A & Associates Inc. lifted its stake in shares of Ares Capital by 92.6% in the 4th quarter. Montag A & Associates Inc. now owns 2,889 shares of the investment management company’s stock valued at $63,000 after purchasing an additional 1,389 shares in the last quarter. Farmers & Merchants Investments Inc. grew its holdings in shares of Ares Capital by 200.0% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 3,000 shares of the investment management company’s stock worth $66,000 after purchasing an additional 2,000 shares during the period. Finally, Quarry LP purchased a new position in Ares Capital in the third quarter valued at approximately $67,000. 27.38% of the stock is currently owned by hedge funds and other institutional investors.

Ares Capital Trading Up 0.4 %

The business’s 50-day simple moving average is $22.28 and its two-hundred day simple moving average is $21.45. The stock has a market capitalization of $15.35 billion, a price-to-earnings ratio of 9.14 and a beta of 1.01. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.29 and a quick ratio of 1.29.

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.