KAR Auction Services Inc (NYSE:KAR) – Equities researchers at Jefferies Group decreased their Q1 2019 earnings estimates for shares of KAR Auction Services in a research report issued to clients and investors on Wednesday, April 18th. Jefferies Group analyst B. Jordan now anticipates that the specialty retailer will earn $0.74 per share for the quarter, down from their previous forecast of $0.86. Jefferies Group also issued estimates for KAR Auction Services’ Q2 2019 earnings at $0.76 EPS, Q3 2019 earnings at $0.72 EPS and Q4 2019 earnings at $0.61 EPS.
KAR Auction Services (NYSE:KAR) last released its quarterly earnings data on Tuesday, February 20th. The specialty retailer reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.10. The business had revenue of $890.40 million during the quarter, compared to analyst estimates of $882.22 million. KAR Auction Services had a return on equity of 23.61% and a net margin of 10.47%. The company’s revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS.
A number of other research firms have also weighed in on KAR. JPMorgan Chase lifted their price objective on KAR Auction Services from $62.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, March 19th. Barrington Research reiterated a “buy” rating on shares of KAR Auction Services in a research note on Wednesday, March 21st. Zacks Investment Research upgraded KAR Auction Services from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Tuesday, March 6th. Bank of America lifted their price objective on KAR Auction Services from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, March 2nd. Finally, Gabelli upgraded KAR Auction Services from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. KAR Auction Services presently has a consensus rating of “Buy” and an average price target of $58.89.
NYSE KAR opened at $52.83 on Thursday. The stock has a market cap of $7,202.97, a price-to-earnings ratio of 21.13, a P/E/G ratio of 1.64 and a beta of 1.11. KAR Auction Services has a fifty-two week low of $40.27 and a fifty-two week high of $56.75. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 1.80.
Several institutional investors have recently made changes to their positions in the stock. Xact Kapitalforvaltning AB purchased a new position in shares of KAR Auction Services in the 4th quarter valued at about $582,000. Handelsbanken Fonder AB increased its stake in shares of KAR Auction Services by 48.3% in the 4th quarter. Handelsbanken Fonder AB now owns 307,000 shares of the specialty retailer’s stock valued at $15,507,000 after purchasing an additional 100,000 shares in the last quarter. Alkeon Capital Management LLC increased its stake in shares of KAR Auction Services by 24.3% in the 4th quarter. Alkeon Capital Management LLC now owns 1,294,440 shares of the specialty retailer’s stock valued at $65,382,000 after purchasing an additional 253,195 shares in the last quarter. Pacific Grove Capital LP increased its stake in KAR Auction Services by 52.8% during the 4th quarter. Pacific Grove Capital LP now owns 102,389 shares of the specialty retailer’s stock worth $5,172,000 after buying an additional 35,389 shares in the last quarter. Finally, BB&T Securities LLC increased its stake in KAR Auction Services by 1.9% during the 4th quarter. BB&T Securities LLC now owns 196,631 shares of the specialty retailer’s stock worth $9,931,000 after buying an additional 3,597 shares in the last quarter. Hedge funds and other institutional investors own 98.87% of the company’s stock.
In related news, EVP Lisa A. Price sold 2,188 shares of KAR Auction Services stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $54.00, for a total value of $118,152.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Donald S. Gottwald sold 10,000 shares of KAR Auction Services stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $54.96, for a total value of $549,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,188 shares of company stock valued at $3,140,552. 1.30% of the stock is owned by company insiders.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 4th. Investors of record on Thursday, March 22nd were paid a $0.35 dividend. The ex-dividend date was Wednesday, March 21st. This represents a $1.40 annualized dividend and a dividend yield of 2.65%. KAR Auction Services’s dividend payout ratio is presently 56.00%.
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About KAR Auction Services
KAR Auction Services, Inc is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc (ADESA Auctions or ADESA), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC).
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