Ares Capital Co. (NASDAQ:ARCC) was the target of a large decrease in short interest in June. As of June 30th, there was short interest totalling 4,243,000 shares, a decrease of 15.5% from the May 30th total of 5,021,800 shares. Based on an average daily volume of 1,580,000 shares, the short-interest ratio is presently 2.7 days. Approximately 1.0% of the company’s stock are short sold.
In other news, Director Bates Ann Torre acquired 9,725 shares of Ares Capital stock in a transaction on Wednesday, May 15th. The stock was acquired at an average cost of $17.61 per share, with a total value of $171,257.25. Following the transaction, the director now owns 24,000 shares of the company’s stock, valued at approximately $422,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel G. Kelly, Jr. acquired 4,500 shares of Ares Capital stock in a transaction on Monday, June 10th. The stock was purchased at an average cost of $18.01 per share, with a total value of $81,045.00. The disclosure for this purchase can be found here. Insiders acquired a total of 20,465 shares of company stock valued at $361,733 over the last ninety days. 0.53% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its holdings in Ares Capital by 656.9% in the 1st quarter. Parallel Advisors LLC now owns 1,582 shares of the investment management company’s stock worth $27,000 after buying an additional 1,373 shares during the period. Weaver Consulting Group bought a new position in Ares Capital in the 1st quarter worth approximately $29,000. Nordea Investment Management AB boosted its holdings in Ares Capital by 50.9% in the 1st quarter. Nordea Investment Management AB now owns 1,684 shares of the investment management company’s stock worth $29,000 after buying an additional 568 shares during the period. Capital Financial Planning LLC bought a new position in Ares Capital in the 4th quarter worth approximately $28,000. Finally, Howe & Rusling Inc. bought a new position in Ares Capital in the 1st quarter worth approximately $33,000. 37.58% of the stock is owned by institutional investors.
A number of research analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Great Portland Estates from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. Wedbush set a $20.00 target price on shares of Ares Capital and gave the company a “buy” rating in a research report on Tuesday, May 14th. National Securities reissued a “buy” rating and set a $20.00 target price on shares of Ares Capital in a research report on Wednesday, May 1st. Finally, BidaskClub raised shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, July 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $19.25.
Ares Capital stock opened at $18.22 on Friday. Ares Capital has a twelve month low of $14.50 and a twelve month high of $18.25. The company’s 50 day moving average is $17.92. The company has a market cap of $7.77 billion, a P/E ratio of 10.85 and a beta of 0.63. The company has a quick ratio of 2.47, a current ratio of 2.47 and a debt-to-equity ratio of 0.84.
Ares Capital (NASDAQ:ARCC) last released its earnings results on Tuesday, April 30th. The investment management company reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.06. The firm had revenue of $373.00 million during the quarter, compared to the consensus estimate of $337.96 million. Ares Capital had a net margin of 59.58% and a return on equity of 10.12%. During the same period in the prior year, the firm earned $0.57 EPS. As a group, research analysts expect that Ares Capital will post 1.79 earnings per share for the current fiscal year.
The firm also recently disclosed a special dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.02 dividend. This represents a yield of 9.04%. The ex-dividend date is Friday, September 13th. Ares Capital’s dividend payout ratio (DPR) is presently 95.24%.
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.
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