Park Avenue Securities LLC acquired a new position in KAR Auction Services Inc (NYSE:KAR) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,370 shares of the specialty retailer’s stock, valued at approximately $202,000.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of KAR Auction Services by 19.5% in the 2nd quarter. BlackRock Inc. now owns 7,506,952 shares of the specialty retailer’s stock worth $411,380,000 after acquiring an additional 1,226,197 shares during the period. Mawer Investment Management Ltd. increased its holdings in shares of KAR Auction Services by 3.2% in the 2nd quarter. Mawer Investment Management Ltd. now owns 3,385,579 shares of the specialty retailer’s stock worth $185,530,000 after acquiring an additional 103,842 shares during the period. Ramsey Quantitative Systems acquired a new stake in shares of KAR Auction Services in the 2nd quarter worth about $311,000. Richard Bernstein Advisors LLC acquired a new stake in shares of KAR Auction Services in the 2nd quarter worth about $2,270,000. Finally, Bank of America Corp DE increased its holdings in shares of KAR Auction Services by 97.8% in the 2nd quarter. Bank of America Corp DE now owns 1,477,098 shares of the specialty retailer’s stock worth $80,944,000 after acquiring an additional 730,355 shares during the period. 99.24% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently weighed in on KAR shares. ValuEngine cut shares of KAR Auction Services from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Zacks Investment Research cut shares of KAR Auction Services from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. Stephens reaffirmed a “hold” rating and issued a $60.00 price objective on shares of KAR Auction Services in a report on Thursday, August 9th. Barrington Research set a $70.00 price objective on shares of KAR Auction Services and gave the stock a “buy” rating in a report on Monday, November 5th. Finally, Gabelli cut shares of KAR Auction Services from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $65.29.
Shares of KAR opened at $56.54 on Friday. The stock has a market capitalization of $7.51 billion, a P/E ratio of 22.62, a P/E/G ratio of 1.67 and a beta of 1.08. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.31 and a quick ratio of 1.31. KAR Auction Services Inc has a 52-week low of $47.43 and a 52-week high of $64.55.
KAR Auction Services (NYSE:KAR) last announced its earnings results on Tuesday, November 6th. The specialty retailer reported $0.70 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.71 by ($0.01). The company had revenue of $933.50 million during the quarter, compared to the consensus estimate of $910.43 million. KAR Auction Services had a net margin of 11.62% and a return on equity of 26.74%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. Equities research analysts expect that KAR Auction Services Inc will post 2.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Thursday, December 20th will be given a $0.35 dividend. The ex-dividend date is Wednesday, December 19th. This represents a $1.40 dividend on an annualized basis and a yield of 2.48%. KAR Auction Services’s dividend payout ratio is presently 56.00%.
In related news, COO Donald S. Gottwald sold 10,000 shares of the stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $61.53, for a total value of $615,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Benjamin Skuy sold 59,560 shares of the stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $62.74, for a total transaction of $3,736,794.40. The disclosure for this sale can be found here. Insiders sold a total of 127,560 shares of company stock valued at $7,978,854 in the last quarter. 1.29% of the stock is currently 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.
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