KAR Auction Services, Inc (NYSE:KAR) – Investment analysts at Northcoast Research lowered their Q3 2017 earnings estimates for shares of KAR Auction Services in a research report issued on Thursday. Northcoast Research analyst J. Healy now anticipates that the specialty retailer will post earnings per share of $0.43 for the quarter, down from their previous estimate of $0.56. Northcoast Research also issued estimates for KAR Auction Services’ Q4 2017 earnings at $0.36 EPS and FY2018 earnings at $2.51 EPS.
KAR Auction Services (NYSE:KAR) last posted its earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.07. KAR Auction Services had a net margin of 6.83% and a return on equity of 21.46%. The business had revenue of $858 million for the quarter, compared to analysts’ expectations of $850.67 million. During the same period in the prior year, the company posted $0.55 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year.
KAR has been the subject of a number of other reports. Zacks Investment Research lowered shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. BidaskClub lowered shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Finally, Gabelli began coverage on shares of KAR Auction Services in a research note on Tuesday, July 4th. They issued a “buy” rating and a $62.00 price objective for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $54.33.
Shares of KAR Auction Services (NYSE:KAR) opened at 43.04 on Friday. The stock has a market capitalization of $5.91 billion, a PE ratio of 26.40 and a beta of 1.12. The firm has a 50-day moving average of $41.68 and a 200 day moving average of $43.43. KAR Auction Services has a 1-year low of $38.16 and a 1-year high of $47.03.
Several hedge funds have recently added to or reduced their stakes in KAR. BlackRock Inc. raised its stake in KAR Auction Services by 20,047.2% in the first quarter. BlackRock Inc. now owns 5,618,436 shares of the specialty retailer’s stock valued at $245,357,000 after buying an additional 5,590,549 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in KAR Auction Services during the first quarter valued at approximately $71,664,000. Marshall Wace North America L.P. purchased a new stake in KAR Auction Services during the first quarter valued at approximately $71,664,000. FMR LLC raised its stake in KAR Auction Services by 9.7% in the first quarter. FMR LLC now owns 16,076,350 shares of the specialty retailer’s stock valued at $702,054,000 after buying an additional 1,421,328 shares during the last quarter. Finally, Janus Capital Management LLC raised its stake in KAR Auction Services by 479.1% in the first quarter. Janus Capital Management LLC now owns 1,348,178 shares of the specialty retailer’s stock valued at $58,875,000 after buying an additional 1,115,378 shares during the last quarter.
In other KAR Auction Services news, CEO John W. Kett sold 10,008 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $42.06, for a total transaction of $420,936.48. Following the completion of the sale, the chief executive officer now directly owns 58,941 shares of the company’s stock, valued at $2,479,058.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John W. Kett sold 9,913 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $43.92, for a total transaction of $435,378.96. Following the sale, the chief executive officer now directly owns 51,805 shares of the company’s stock, valued at $2,275,275.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,932 shares of company stock valued at $1,276,878. Insiders own 1.30% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Wednesday, September 20th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Tuesday, September 19th. KAR Auction Services’s payout ratio is 78.53%.
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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