My Legacy Advisors LLC Trims Stock Position in Ares Capital Co. (NASDAQ:ARCC)

My Legacy Advisors LLC cut its position in shares of Ares Capital Co. (NASDAQ:ARCC) by 18.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,006 shares of the investment management company’s stock after selling 2,013 shares during the quarter. My Legacy Advisors LLC’s holdings in Ares Capital were worth $204,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ARCC. Horizon Financial Services LLC acquired a new stake in Ares Capital in the 3rd quarter valued at approximately $28,000. Blue Trust Inc. boosted its position in shares of Ares Capital by 56.8% in the third quarter. Blue Trust Inc. now owns 2,510 shares of the investment management company’s stock worth $52,000 after buying an additional 909 shares during the period. Quarry LP acquired a new stake in shares of Ares Capital in the third quarter worth $67,000. Centennial Bank AR acquired a new stake in shares of Ares Capital in the third quarter worth $102,000. Finally, FSC Wealth Advisors LLC boosted its position in Ares Capital by 562.5% during the third quarter. FSC Wealth Advisors LLC now owns 5,300 shares of the investment management company’s stock valued at $111,000 after purchasing an additional 4,500 shares during the last quarter. 27.38% of the stock is currently owned by institutional investors and hedge funds.

Ares Capital Stock Performance

Shares of Ares Capital stock opened at $23.18 on Monday. The firm has a market capitalization of $14.98 billion, a P/E ratio of 8.92 and a beta of 1.00. The company’s 50 day moving average price is $21.94 and its two-hundred day moving average price is $21.29. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.29 and a quick ratio of 1.29. Ares Capital Co. has a fifty-two week low of $19.32 and a fifty-two week high of $23.22.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings results on Wednesday, October 30th. The investment management company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.01). The company had revenue of $755.00 million during the quarter, compared to the consensus estimate of $770.45 million. Ares Capital had a net margin of 53.71% and a return on equity of 12.06%. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the firm posted $0.59 earnings per share. On average, equities analysts forecast that Ares Capital Co. will post 2.36 earnings per share for the current fiscal year.

Ares Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 8.28%. The ex-dividend date was Friday, December 13th. Ares Capital’s payout ratio is 73.85%.

Analysts Set New Price Targets

Several equities analysts have weighed in on ARCC shares. B. Riley raised their target price on Ares Capital from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. StockNews.com upgraded Ares Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company upgraded Ares Capital from an “equal weight” rating to an “overweight” rating in a research note on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Ares Capital currently has a consensus rating of “Moderate Buy” and an average target price of $22.29.

About Ares Capital

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.