Oppenheimer Raises Ares Capital (NASDAQ:ARCC) Price Target to $22.00

Ares Capital (NASDAQ:ARCC) had its target price boosted by equities research analysts at Oppenheimer from $21.00 to $22.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the investment management company’s stock. Oppenheimer’s target price would indicate a potential upside of 5.52% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Ares Capital in a report on Tuesday, March 26th. B. Riley cut Ares Capital from a “buy” rating to a “neutral” rating and set a $21.00 target price on the stock. in a report on Monday, January 8th. Finally, Wells Fargo & Company boosted their target price on Ares Capital from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Monday, January 29th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.00.

Ares Capital Stock Performance

ARCC opened at $20.85 on Thursday. The business’s 50 day moving average is $20.38 and its 200-day moving average is $20.05. The stock has a market cap of $12.65 billion, a PE ratio of 7.81 and a beta of 0.99. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.06. Ares Capital has a twelve month low of $17.53 and a twelve month high of $21.00.

Ares Capital (NASDAQ:ARCC) last released its quarterly earnings results on Wednesday, May 1st. The investment management company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $701.00 million for the quarter, compared to the consensus estimate of $703.85 million. Ares Capital had a net margin of 58.22% and a return on equity of 12.50%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm posted $0.56 EPS. On average, analysts predict that Ares Capital will post 2.35 earnings per share for the current year.

Institutional Trading of Ares Capital

Several large investors have recently added to or reduced their stakes in ARCC. Confluence Investment Management LLC acquired a new stake in Ares Capital during the 1st quarter valued at $86,227,000. International Assets Investment Management LLC grew its holdings in shares of Ares Capital by 1,865.8% during the 4th quarter. International Assets Investment Management LLC now owns 4,214,991 shares of the investment management company’s stock valued at $844,260,000 after acquiring an additional 4,000,570 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Ares Capital by 17.4% during the 1st quarter. Van ECK Associates Corp now owns 9,719,943 shares of the investment management company’s stock valued at $202,369,000 after acquiring an additional 1,437,864 shares in the last quarter. Melia Wealth LLC purchased a new position in shares of Ares Capital during the 4th quarter valued at $13,992,000. Finally, Tudor Investment Corp Et Al purchased a new position in shares of Ares Capital during the 3rd quarter valued at $11,952,000. 27.38% of the stock is owned by institutional investors and hedge funds.

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.