KC Investment Advisors LLC trimmed its stake in shares of Ares Capital Co. (NASDAQ:ARCC) by 5.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,297 shares of the investment management company’s stock after selling 1,138 shares during the period. KC Investment Advisors LLC’s holdings in Ares Capital were worth $398,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp raised its stake in shares of Ares Capital by 92.4% during the second quarter. Van ECK Associates Corp now owns 3,681,525 shares of the investment management company’s stock worth $72,121,000 after buying an additional 1,768,073 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in shares of Ares Capital during the first quarter worth approximately $21,198,000. GP Brinson Investments LLC bought a new stake in shares of Ares Capital during the first quarter worth approximately $6,946,000. Ares Management LLC raised its stake in shares of Ares Capital by 39.3% during the first quarter. Ares Management LLC now owns 1,307,564 shares of the investment management company’s stock worth $24,465,000 after buying an additional 368,610 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its stake in shares of Ares Capital by 32.7% during the first quarter. Nuveen Asset Management LLC now owns 867,741 shares of the investment management company’s stock worth $16,235,000 after buying an additional 213,811 shares during the last quarter. Institutional investors own 29.42% of the company’s stock.
A number of research firms recently weighed in on ARCC. Raymond James boosted their price target on shares of Ares Capital from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Monday, August 2nd. Royal Bank of Canada upped their target price on shares of Ares Capital from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, July 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $20.00.
Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Tuesday, July 27th. The investment management company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.10. Ares Capital had a net margin of 101.77% and a return on equity of 10.87%. The company had revenue of $459.00 million during the quarter, compared to the consensus estimate of $385.97 million. On average, research analysts forecast that Ares Capital Co. will post 1.84 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 15th will be issued a dividend of $0.41 per share. This is a boost from Ares Capital’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, September 14th. This represents a $1.64 annualized dividend and a yield of 8.06%. Ares Capital’s dividend payout ratio is presently 94.25%.
Ares Capital Profile
Ares Capital Corp is a closed-end non-diversified management investment company. The fund targets companies operating in the fields of Health Care Services, Software & Services, Consumer Durables & Apparel, Energy, Food & Beverage, and Retail. It provides financing for buyouts, acquisitions, recapitalizations, restructurings, rescue financing, growth capital and general refinancing.
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