Ares Capital (NASDAQ:ARCC) Price Target Raised to $24.00 at Wells Fargo & Company

Ares Capital (NASDAQ:ARCC) had its price objective upped by analysts at Wells Fargo & Company from $23.00 to $24.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the investment management company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 2.32% from the company’s current price.

ARCC has been the subject of a number of other reports. StockNews.com upgraded Ares Capital from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. B. Riley lifted their price target on shares of Ares Capital from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.43.

Ares Capital Price Performance

Shares of ARCC traded down $0.09 during mid-day trading on Wednesday, hitting $23.46. 657,985 shares of the company traded hands, compared to its average volume of 3,830,306. 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 market capitalization of $15.15 billion, a price-to-earnings ratio of 9.02 and a beta of 1.00. The business has a 50-day moving average of $22.19 and a 200 day moving average of $21.40. Ares Capital has a one year low of $19.32 and a one year high of $23.56.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings data on Wednesday, October 30th. The investment management company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.01). The firm had revenue of $755.00 million during the quarter, compared to the consensus estimate of $770.45 million. Ares Capital had a net margin of 53.71% and a return on equity of 12.06%. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.59 earnings per share. As a group, equities analysts expect that Ares Capital will post 2.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ares Capital

Several large investors have recently bought and sold shares of ARCC. International Assets Investment Management LLC increased its position in shares of Ares Capital by 2,104.7% in the 3rd quarter. International Assets Investment Management LLC now owns 3,613,285 shares of the investment management company’s stock valued at $756,620,000 after buying an additional 3,449,395 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Ares Capital by 8.3% in the third quarter. Van ECK Associates Corp now owns 12,656,154 shares of the investment management company’s stock worth $272,107,000 after acquiring an additional 975,045 shares in the last quarter. CCLA Investment Management increased its holdings in shares of Ares Capital by 31.6% in the fourth quarter. CCLA Investment Management now owns 2,211,955 shares of the investment management company’s stock worth $48,419,000 after acquiring an additional 531,305 shares in the last quarter. Columbus Macro LLC acquired a new stake in shares of Ares Capital during the fourth quarter worth about $8,870,000. Finally, Partners Group Holding AG lifted its holdings in shares of Ares Capital by 21.2% during the 3rd quarter. Partners Group Holding AG now owns 1,787,401 shares of the investment management company’s stock valued at $37,428,000 after purchasing an additional 312,255 shares in the last quarter. Institutional investors own 27.38% of the company’s stock.

Ares Capital Company 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.