Spinnaker Investment Group LLC Invests $557,000 in Ares Capital Corporation $ARCC

Spinnaker Investment Group LLC purchased a new position in Ares Capital Corporation (NASDAQ:ARCC) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 27,270 shares of the investment management company’s stock, valued at approximately $557,000.

Other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP purchased a new position in shares of Ares Capital during the 1st quarter valued at approximately $10,858,000. Quantbot Technologies LP acquired a new stake in Ares Capital in the first quarter valued at $180,000. CW Advisors LLC raised its stake in shares of Ares Capital by 196.7% in the 1st quarter. CW Advisors LLC now owns 423,845 shares of the investment management company’s stock valued at $9,389,000 after purchasing an additional 280,973 shares in the last quarter. Strategies Wealth Advisors LLC bought a new position in shares of Ares Capital during the first quarter worth about $211,000. Finally, Sax Wealth Advisors LLC bought a new position in shares of Ares Capital during the first quarter worth about $493,000. Institutional investors and hedge funds own 27.38% of the company’s stock.

Insider Buying and Selling

In other news, CEO Michael Kort Schnabel purchased 13,000 shares of the company’s stock in a transaction on Friday, October 31st. The shares were bought at an average price of $20.39 per share, for a total transaction of $265,070.00. Following the completion of the purchase, the chief executive officer owned 28,000 shares of the company’s stock, valued at $570,920. This trade represents a 86.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ARCC shares. UBS Group cut their price objective on Ares Capital from $22.50 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 14th. Citigroup reissued a “market outperform” rating on shares of Ares Capital in a research report on Thursday, October 30th. JPMorgan Chase & Co. reduced their price objective on Ares Capital from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 1st. Royal Bank Of Canada lowered their target price on shares of Ares Capital from $24.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, October 29th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Ares Capital in a report on Monday, December 15th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.25.

Ares Capital Price Performance

Shares of ARCC opened at $19.94 on Friday. Ares Capital Corporation has a 12 month low of $18.26 and a 12 month high of $23.84. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.20 and a quick ratio of 2.20. The stock has a fifty day moving average price of $20.25 and a 200 day moving average price of $21.34. The company has a market cap of $14.27 billion, a P/E ratio of 9.97 and a beta of 0.59.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings results on Tuesday, October 28th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $766.48 million. Ares Capital had a net margin of 45.16% and a return on equity of 10.08%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 earnings per share. On average, research analysts forecast that Ares Capital Corporation will post 2.19 earnings per share for the current year.

Ares Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 9.6%. The ex-dividend date of this dividend is Monday, December 15th. Ares Capital’s payout ratio is presently 96.00%.

Ares Capital Profile

Ares Capital Corporation (NASDAQ: ARCC) is a publicly traded business development company (BDC) that specializes in providing debt and equity financing solutions to U.S. middle-market companies. As a BDC, Ares Capital offers investors access to a diversified portfolio of tailored credit investments, including senior secured loans, unitranche financing, mezzanine debt and equity co-investments. The firm’s flexible capital structures are designed to support companies seeking growth capital, refinancing or strategic acquisitions.

Through its credit platform, Ares Capital focuses on originations, underwriting and portfolio management across a range of industries, with a particular emphasis on sectors such as healthcare, technology, industrials and business services.