Progeny 3 Inc. Has $41.34 Million Position in Ares Capital Co. (NASDAQ:ARCC)

Progeny 3 Inc. raised its position in Ares Capital Co. (NASDAQ:ARCC) by 4.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,983,594 shares of the investment management company’s stock after purchasing an additional 88,353 shares during the quarter. Ares Capital accounts for about 4.0% of Progeny 3 Inc.’s holdings, making the stock its 13th biggest holding. Progeny 3 Inc. owned about 0.32% of Ares Capital worth $41,338,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jamison Private Wealth Management Inc. increased its position in Ares Capital by 62.7% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 1,233 shares of the investment management company’s stock valued at $26,000 after acquiring an additional 475 shares during the period. Capital Investment Advisors LLC increased its holdings in Ares Capital by 1.6% in the second quarter. Capital Investment Advisors LLC now owns 32,691 shares of the investment management company’s stock valued at $681,000 after purchasing an additional 499 shares during the period. Lewis Asset Management LLC increased its holdings in Ares Capital by 2.1% in the first quarter. Lewis Asset Management LLC now owns 24,805 shares of the investment management company’s stock valued at $516,000 after purchasing an additional 500 shares during the period. Chapin Davis Inc. lifted its holdings in Ares Capital by 2.2% during the 1st quarter. Chapin Davis Inc. now owns 22,966 shares of the investment management company’s stock worth $478,000 after buying an additional 501 shares during the period. Finally, Perigon Wealth Management LLC grew its position in shares of Ares Capital by 1.8% in the 1st quarter. Perigon Wealth Management LLC now owns 33,354 shares of the investment management company’s stock valued at $694,000 after buying an additional 584 shares during the last quarter. 27.38% of the stock is currently owned by institutional investors.

Ares Capital Price Performance

Shares of NASDAQ ARCC opened at $20.69 on Tuesday. The firm has a market capitalization of $12.71 billion, a P/E ratio of 7.09 and a beta of 1.01. The firm’s 50-day moving average price is $20.72 and its 200-day moving average price is $20.78. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.05. Ares Capital Co. has a 1-year low of $18.55 and a 1-year high of $21.84.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings results on Tuesday, July 30th. The investment management company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.03. Ares Capital had a return on equity of 12.24% and a net margin of 59.76%. The business had revenue of $755.00 million for the quarter, compared to the consensus estimate of $714.27 million. During the same period in the prior year, the business earned $0.58 EPS. Equities research analysts anticipate that Ares Capital Co. will post 2.38 earnings per share for the current fiscal year.

Ares Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 9.28%. The ex-dividend date of this dividend is Friday, September 13th. Ares Capital’s payout ratio is currently 65.75%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ARCC. Royal Bank of Canada restated an “outperform” rating and set a $22.00 price objective on shares of Ares Capital in a research report on Monday, August 5th. JMP Securities upped their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the company a “market outperform” rating in a research note on Tuesday, July 30th. UBS Group raised shares of Ares Capital to a “hold” rating in a research note on Friday, August 23rd. Finally, Compass Point raised shares of Ares Capital to a “strong-buy” rating in a research report on Tuesday, July 30th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.71.

Ares Capital Company 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.