Gateway Wealth Partners LLC Acquires 141,844 Shares of Ares Capital Corporation $ARCC

Gateway Wealth Partners LLC boosted its holdings in Ares Capital Corporation (NASDAQ:ARCC) by 111.4% in the first quarter, HoldingsChannel reports. The firm owned 269,136 shares of the investment management company’s stock after purchasing an additional 141,844 shares during the period. Gateway Wealth Partners LLC’s holdings in Ares Capital were worth $4,850,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ARCC. Palladiem LLC acquired a new position in shares of Ares Capital during the 4th quarter valued at $26,000. SWAN Capital LLC bought a new position in Ares Capital during the third quarter worth $27,000. Sankala Group LLC acquired a new stake in Ares Capital in the fourth quarter worth $28,000. Quarry LP acquired a new stake in Ares Capital in the third quarter worth $33,000. Finally, Core Wealth Advisors LLC bought a new stake in Ares Capital in the fourth quarter valued at $33,000. 27.38% of the stock is owned by institutional investors and hedge funds.

Ares Capital Stock Performance

Shares of ARCC stock opened at $18.89 on Tuesday. The firm has a market capitalization of $13.56 billion, a PE ratio of 11.59 and a beta of 0.56. The firm has a fifty day simple moving average of $18.66 and a two-hundred day simple moving average of $18.94. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.13. Ares Capital Corporation has a 12 month low of $17.40 and a 12 month high of $23.12.

Ares Capital (NASDAQ:ARCC) last released its quarterly earnings data on Tuesday, April 28th. The investment management company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.01). Ares Capital had a return on equity of 9.85% and a net margin of 37.30%.The business had revenue of $763.00 million for the quarter, compared to analyst estimates of $778.00 million. During the same quarter in the previous year, the company posted $0.50 EPS. The business’s quarterly revenue was up 4.2% on a year-over-year basis. Analysts forecast that Ares Capital Corporation will post 1.9 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on ARCC. Keefe, Bruyette & Woods dropped 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. JPMorgan Chase & Co. reduced their target price on Ares Capital from $19.00 to $18.50 and set an “overweight” rating for the company in a research note on Thursday, July 2nd. Truist Financial decreased their target price on Ares Capital from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $19.00 price target (down from $20.00) on shares of Ares Capital in a research note on Friday, June 12th. Finally, Oppenheimer cut their price target on Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, April 29th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.60.

Ares Capital 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.