Short Interest in Ares Capital Corp. Declines By 33.2% (ARCC)
Shares of Ares Capital Corp. (NASDAQ:ARCC) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 2,060,261 shares, a decline of 33.2% from the July 15th total of 3,083,900 shares, Analyst Ratings Network reports. Approximately 0.7% of the company’s shares are short sold. Based on an average daily volume of 3,426,788 shares, the days-to-cover ratio is currently 0.6 days.
In other Ares Capital Corp. news, CEO R. Kipp Deveer purchased 10,000 shares of Ares Capital Corp. stock in a transaction dated Thursday, August 7th. The shares were purchased at an average price of $16.51 per share, for a total transaction of $165,100.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at RBC Capital cut their price target on shares of Ares Capital Corp. from $19.00 to $18.00 in a research note on Thursday, August 7th. They now have a “sector perform” rating on the stock. Separately, analysts at JMP Securities reiterated an “outperform” rating on shares of Ares Capital Corp. in a research note on Thursday, August 7th. They now have a $18.00 price target on the stock, down previously from $18.50. Finally, analysts at Keefe, Bruyette & Woods cut their price target on shares of Ares Capital Corp. from $18.00 to $17.25 in a research note on Wednesday, August 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $18.04.
Shares of Ares Capital Corp. (NASDAQ:ARCC) opened at 16.71 on Wednesday. Ares Capital Corp. has a one year low of $16.21 and a one year high of $18.63. The stock has a 50-day moving average of $17.13 and a 200-day moving average of $17.37.
Ares Capital Corp. (NASDAQ:ARCC) last released its earnings data on Tuesday, August 5th. The company reported $0.34 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.04. The company had revenue of $224.92 million for the quarter, compared to the consensus estimate of $231.50 million. During the same quarter last year, the company posted $0.38 earnings per share. Ares Capital Corp.’s revenue was up 9.1% compared to the same quarter last year. On average, analysts predict that Ares Capital Corp. will post $1.50 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 9.12%. The ex-dividend date of this dividend is Thursday, September 11th.
Ares Capital Corporation (NASDAQ:ARCC) is a specialty finance company, which is a closed-end, non-diversified management investment company.
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