Carnegie Capital Asset Management LLC bought a new stake in Ares Capital Co. (NASDAQ:ARCC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,905 shares of the investment management company’s stock, valued at approximately $118,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Manchester Financial Inc. raised its stake in shares of Ares Capital by 100.4% during the 1st quarter. Manchester Financial Inc. now owns 2,405 shares of the investment management company’s stock worth $26,000 after purchasing an additional 1,205 shares in the last quarter. Princeton Global Asset Management LLC raised its stake in shares of Ares Capital by 230.1% during the 1st quarter. Princeton Global Asset Management LLC now owns 2,869 shares of the investment management company’s stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. Valeo Financial Advisors LLC raised its stake in shares of Ares Capital by 87.6% during the 4th quarter. Valeo Financial Advisors LLC now owns 1,726 shares of the investment management company’s stock worth $32,000 after purchasing an additional 806 shares in the last quarter. Retirement Network raised its stake in shares of Ares Capital by 989.2% during the 1st quarter. Retirement Network now owns 3,540 shares of the investment management company’s stock worth $38,000 after purchasing an additional 3,215 shares in the last quarter. Finally, WASHINGTON TRUST Co bought a new stake in shares of Ares Capital during the 1st quarter worth approximately $43,000. Hedge funds and other institutional investors own 35.10% of the company’s stock.
A number of equities research analysts have recently issued reports on ARCC shares. Compass Point upgraded Ares Capital from a “neutral” rating to a “buy” rating in a research note on Thursday, April 2nd. ValuEngine cut Ares Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, April 1st. Zacks Investment Research upgraded Ares Capital from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Tuesday, April 14th. TheStreet cut Ares Capital from a “b” rating to a “c+” rating in a research note on Wednesday, March 18th. Finally, JPMorgan Chase & Co. dropped their price target on Ares Capital from $19.50 to $15.50 and set an “overweight” rating on the stock in a research note on Monday, May 4th. One equities research analyst has rated the stock with a sell rating and eleven have issued a buy rating to the company’s stock. Ares Capital has an average rating of “Buy” and an average target price of $16.28.
Shares of NASDAQ ARCC opened at $14.72 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.35 and a quick ratio of 1.35. The stock’s fifty day moving average price is $12.31 and its two-hundred day moving average price is $16.35. Ares Capital Co. has a one year low of $7.90 and a one year high of $19.33. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of 7.87 and a beta of 1.13.
Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Tuesday, May 5th. The investment management company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). Ares Capital had a negative net margin of 2.17% and a positive return on equity of 10.81%. The firm had revenue of $369.00 million during the quarter, compared to analyst estimates of $378.83 million. During the same period in the prior year, the company earned $0.48 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities analysts anticipate that Ares Capital Co. will post 1.58 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 10.87%. The ex-dividend date is Friday, June 12th. Ares Capital’s dividend payout ratio (DPR) is currently 84.66%.
Ares Capital 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.
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