Great West Life Assurance Co. Can Reduces Holdings in KAR Auction Services Inc (KAR)

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Great West Life Assurance Co. Can lessened its stake in KAR Auction Services Inc (NYSE:KAR) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 730,709 shares of the specialty retailer’s stock after selling 11,278 shares during the quarter. Great West Life Assurance Co. Can owned 0.54% of KAR Auction Services worth $40,122,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in KAR. Townsend & Associates Inc acquired a new position in KAR Auction Services in the 2nd quarter valued at approximately $120,000. Stephens Inc. AR acquired a new position in KAR Auction Services in the 1st quarter valued at approximately $215,000. Mission Wealth Management LP acquired a new position in KAR Auction Services in the 2nd quarter valued at approximately $230,000. Point72 Asia Hong Kong Ltd increased its stake in KAR Auction Services by 1,686.2% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 4,644 shares of the specialty retailer’s stock valued at $252,000 after buying an additional 4,384 shares during the period. Finally, Zweig DiMenna Associates LLC acquired a new position in KAR Auction Services in the 1st quarter valued at approximately $255,000. Hedge funds and other institutional investors own 98.53% of the company’s stock.

Shares of KAR opened at $63.23 on Friday. KAR Auction Services Inc has a 12 month low of $43.90 and a 12 month high of $64.55. The firm has a market cap of $8.54 billion, a PE ratio of 22.41, a price-to-earnings-growth ratio of 1.90 and a beta of 1.06. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.76.

KAR Auction Services (NYSE:KAR) last announced its quarterly earnings results on Tuesday, August 7th. The specialty retailer reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.02. KAR Auction Services had a net margin of 11.50% and a return on equity of 26.15%. The company had revenue of $956.60 million for the quarter, compared to analyst estimates of $923.01 million. equities research analysts forecast that KAR Auction Services Inc will post 3 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 3rd. Investors of record on Thursday, September 20th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Wednesday, September 19th. KAR Auction Services’s dividend payout ratio is currently 56.00%.

Several research analysts have recently commented on KAR shares. Zacks Investment Research upgraded shares of KAR Auction Services from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Tuesday, August 7th. Barrington Research restated a “buy” rating on shares of KAR Auction Services in a research note on Monday, August 6th. Robert W. Baird increased their price target on shares of KAR Auction Services from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday, August 9th. ValuEngine lowered shares of KAR Auction Services from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Finally, SunTrust Banks set a $70.00 price target on shares of KAR Auction Services and gave the stock a “buy” rating in a research note on Thursday, August 9th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $60.89.

In related news, CEO James P. Hallett sold 150,000 shares of the company’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $62.11, for a total transaction of $9,316,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Donald S. Gottwald sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $55.20, for a total transaction of $552,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 365,018 shares of company stock valued at $21,867,746. 1.29% of the stock is owned by insiders.

KAR Auction Services Company Profile

KAR Auction Services, Inc, together with its subsidiaries, provides used car auction and salvage auction services in the United States, Canada, Mexico, and the United Kingdom. The company operates through three segments: ADESA Auctions, IAA, and AFC. The ADESA Auctions segment offers whole car auctions and related services to the vehicle remarketing industry through online auctions and auction facilities.

Further Reading: Hedge Funds

Institutional Ownership by Quarter for KAR Auction Services (NYSE:KAR)

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