Ares Capital Corporation $ARCC Holdings Cut by Carnegie Investment Counsel

Carnegie Investment Counsel reduced its stake in Ares Capital Corporation (NASDAQ:ARCC) by 10.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 365,723 shares of the investment management company’s stock after selling 43,812 shares during the period. Carnegie Investment Counsel’s holdings in Ares Capital were worth $6,590,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Strs Ohio acquired a new stake in shares of Ares Capital during the 1st quarter worth approximately $189,210,000. UBS Group AG grew its stake in Ares Capital by 41.8% during the 4th quarter. UBS Group AG now owns 11,201,905 shares of the investment management company’s stock worth $226,615,000 after buying an additional 3,301,890 shares during the last quarter. Marshall Wace LLP bought a new position in Ares Capital during the 3rd quarter worth $36,943,000. Altshuler Shaham Ltd acquired a new stake in Ares Capital in the fourth quarter worth $33,380,000. Finally, Michael & Susan Dell Foundation acquired a new stake in Ares Capital in the fourth quarter worth $26,089,000. 27.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ARCC shares. JPMorgan Chase & Co. cut their target price on Ares Capital from $19.00 to $18.50 and set an “overweight” rating on the stock in a research note on Thursday, July 2nd. Oppenheimer lowered their price target on shares of Ares Capital from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Citizens Jmp dropped their price objective on shares of Ares Capital from $23.00 to $22.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Wells Fargo & Company reiterated an “equal weight” rating and issued a $19.00 price objective (down from $20.00) on shares of Ares Capital in a research report on Friday, June 12th. Finally, B. Riley Financial reduced their target price on shares of Ares Capital from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Ares Capital has an average rating of “Moderate Buy” and an average price target of $20.60.

Ares Capital Stock Performance

NASDAQ:ARCC opened at $18.78 on Monday. The stock has a market cap of $13.48 billion, a price-to-earnings ratio of 11.52 and a beta of 0.56. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.40 and a current ratio of 1.40. Ares Capital Corporation has a 1 year low of $17.40 and a 1 year high of $23.42. The business has a fifty day moving average of $18.67 and a 200-day moving average of $19.05.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Tuesday, April 28th. The investment management company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). The company had revenue of $763.00 million for the quarter, compared to the consensus estimate of $778.00 million. Ares Capital had a net margin of 37.30% and a return on equity of 9.85%. Ares Capital’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 earnings per share. Equities analysts predict that Ares Capital Corporation will post 1.9 earnings per share for the current year.

Ares Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.92 annualized dividend and a yield of 10.2%. Ares Capital’s dividend payout ratio (DPR) is presently 117.79%.

Ares Capital Company 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.