Scopia Capital Management LP Makes New $89.91 Million Investment in IAA (NYSE:IAA)

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Scopia Capital Management LP purchased a new position in shares of IAA (NYSE:IAA) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,318,366 shares of the company’s stock, valued at approximately $89,906,000. IAA accounts for about 4.0% of Scopia Capital Management LP’s investment portfolio, making the stock its 10th largest position.

Other large investors also recently bought and sold shares of the company. Morgan Stanley purchased a new position in shares of IAA in the 2nd quarter valued at $20,364,000. AQR Capital Management LLC purchased a new position in shares of IAA in the 2nd quarter valued at $15,342,000. Paloma Partners Management Co purchased a new position in shares of IAA in the 2nd quarter valued at $2,617,000. Man Group plc purchased a new position in shares of IAA in the 2nd quarter valued at $10,266,000. Finally, SkyTop Capital Management LLC purchased a new position in shares of IAA in the 2nd quarter valued at $14,152,000. 93.83% of the stock is currently owned by institutional investors.

IAA stock traded up $0.37 during midday trading on Friday, hitting $44.49. 16,691 shares of the stock were exchanged, compared to its average volume of 688,787. IAA has a 1 year low of $38.08 and a 1 year high of $49.96. The company has a 50 day simple moving average of $46.40.

IAA (NYSE:IAA) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.08. The company had revenue of $366.40 million for the quarter, compared to analyst estimates of $357.90 million. During the same period in the prior year, the business earned $0.41 earnings per share. IAA’s revenue was up 10.0% on a year-over-year basis. As a group, sell-side analysts predict that IAA will post 1.6 earnings per share for the current year.

A number of brokerages have recently commented on IAA. Robert W. Baird began coverage on shares of IAA in a research note on Friday, June 28th. They issued an “outperform” rating on the stock. Stephens assumed coverage on shares of IAA in a research note on Monday, July 1st. They set an “overweight” rating and a $45.00 price target on the stock. Zacks Investment Research raised shares of IAA from a “hold” rating to a “strong-buy” rating and set a $54.00 price target on the stock in a research note on Thursday, August 29th. Jefferies Financial Group assumed coverage on shares of IAA in a research note on Wednesday, July 31st. They set a “buy” rating and a $55.00 price target on the stock. Finally, Northcoast Research reaffirmed a “neutral” rating on shares of IAA in a research note on Monday, July 1st. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. IAA currently has an average rating of “Buy” and an average price target of $49.67.

About IAA

IAA, Inc provides salvage vehicle auctions and related services. It offers salvage auction services, such as inbound transportation logistics, inspection, evaluation, salvage recovery, titling, and settlement administrative services. The company's salvage auctions facilitate the remarketing of damaged vehicles designated as total losses by insurance companies, charity donation vehicles, recovered stolen (or theft) vehicles, and low value used vehicles through live and online auctions.

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Institutional Ownership by Quarter for IAA (NYSE:IAA)

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