Carnegie Investment Counsel Decreases Position in Ares Capital Corporation $ARCC

Carnegie Investment Counsel lowered 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 SEC. The institutional investor owned 365,723 shares of the investment management company’s stock after selling 43,812 shares during the quarter. Carnegie Investment Counsel owned about 0.05% of Ares Capital worth $6,590,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Canal Capital Management LLC boosted its holdings in Ares Capital by 1.6% in the 4th quarter. Canal Capital Management LLC now owns 32,955 shares of the investment management company’s stock worth $667,000 after acquiring an additional 520 shares during the period. Roman Butler Fullerton & Co. raised its stake in shares of Ares Capital by 1.9% during the first quarter. Roman Butler Fullerton & Co. now owns 27,713 shares of the investment management company’s stock valued at $504,000 after purchasing an additional 528 shares during the period. First Citizens Bank & Trust Co. raised its stake in shares of Ares Capital by 5.3% during the fourth quarter. First Citizens Bank & Trust Co. now owns 10,530 shares of the investment management company’s stock valued at $213,000 after purchasing an additional 532 shares during the period. Perigon Wealth Management LLC lifted its position in shares of Ares Capital by 1.6% during the fourth quarter. Perigon Wealth Management LLC now owns 34,700 shares of the investment management company’s stock worth $702,000 after purchasing an additional 547 shares in the last quarter. Finally, Diversify Advisory Services LLC lifted its position in shares of Ares Capital by 2.0% during the fourth quarter. Diversify Advisory Services LLC now owns 28,186 shares of the investment management company’s stock worth $589,000 after purchasing an additional 563 shares in the last quarter. 27.38% of the stock is currently owned by hedge funds and other institutional investors.

Ares Capital Stock Performance

NASDAQ:ARCC opened at $18.78 on Monday. The company has a market cap of $13.48 billion, a PE ratio of 11.52 and a beta of 0.56. The business’s 50 day moving average is $18.67 and its two-hundred day moving average is $19.05. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.13. Ares Capital Corporation has a 52 week low of $17.40 and a 52 week high of $23.42.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings results 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 firm had revenue of $763.00 million during 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 was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.50 earnings per share. On average, analysts predict that Ares Capital Corporation will post 1.9 EPS for the current year.

Ares Capital Announces Dividend

The firm 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 was Monday, June 15th. This represents a $1.92 annualized dividend and a yield of 10.2%. Ares Capital’s payout ratio is presently 117.79%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. 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 report on Wednesday, April 29th. Keefe, Bruyette & Woods cut their price objective on shares of Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Thursday, April 16th. Royal Bank Of Canada decreased their price objective 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. Truist Financial lowered their target price on Ares Capital from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Finally, Citizens Jmp lowered their target price on Ares Capital from $23.00 to $22.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Eight 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 currently has a consensus rating of “Moderate Buy” and an average price target of $20.60.

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.