Ares Capital Corporation (ARCC) reported quarterly earnings results on Wednesday, May-4-2016. The company said it had a profit of $0.42 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.39. The company posted revenue of $248.00 million in the period, compared to analysts expectations of $255.95 million. The company’s revenue was down -2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS.
Many Wall Street Analysts have commented on Ares Capital Corporation. Shares were Reiterated by Barclays on Feb 25, 2016 to “Overweight” and Lowered the Price Target to $ 16 from a previous price target of $18 .
Ares Capital Corporation closed down -0.01 points or -0.07% at $15.18 with 8,47,319 shares getting traded on Monday. Post opening the session at $15.18, the shares hit an intraday low of $15.15 and an intraday high of $15.3 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Apr 21, 2016, Steve Bartlett (director) purchased 200 shares at $15.05 per share price. According to the SEC, on Mar 15, 2016, R. Kipp Deveer (CEO) purchased 40,000 shares at $13.90 per share price. On Mar 10, 2016, Scott C Lem (CAO, VP & Treasurer) purchased 1,800 shares at $14.00 per share price, according to the Form-4 filing with the securities and exchange commission.
Ares Capital Corporation is a specialty finance company that is engaged in closed-end non-diversified management investment businesses. The Companys investment objective is to generate both current income and capital appreciation through debt and equity investments investing invest primarily in United States middle-market companies. The Company primarily has three areas of focus: Corporate non-syndicated senior debt mezzanine debt and non-control equity to middle-market companies; Project Finance: high yield senior and mezzanine debt to finance power generation projects; Venture Finance senior secured loans to early-stage and emerging growth companies backed by venture capital firms. The Company invests in sectors such as Healthcare Services Business Services Education Energy Restaurants and Food Services Financial Services among others. The Company is externally managed by its investment adviser Ares Capital Management LLC.