Acrospire Investment Management LLC acquired a new position in KAR Auction Services, Inc (NYSE:KAR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,800 shares of the specialty retailer’s stock, valued at approximately $118,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Thrivent Financial For Lutherans bought a new stake in KAR Auction Services in the second quarter worth about $3,950,000. PNC Financial Services Group Inc. lifted its stake in KAR Auction Services by 105.6% in the second quarter. PNC Financial Services Group Inc. now owns 4,063 shares of the specialty retailer’s stock worth $171,000 after purchasing an additional 2,087 shares during the last quarter. Laurion Capital Management LP lifted its stake in KAR Auction Services by 126.9% in the second quarter. Laurion Capital Management LP now owns 12,481 shares of the specialty retailer’s stock worth $524,000 after purchasing an additional 6,981 shares during the last quarter. BlueMountain Capital Management LLC bought a new stake in KAR Auction Services in the second quarter worth about $1,253,000. Finally, Amalgamated Bank lifted its stake in KAR Auction Services by 26.9% in the second quarter. Amalgamated Bank now owns 25,512 shares of the specialty retailer’s stock worth $1,071,000 after purchasing an additional 5,402 shares during the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.
KAR Auction Services, Inc (NYSE KAR) opened at 46.1801 on Wednesday. The stock’s 50 day moving average is $44.16 and its 200-day moving average is $43.28. KAR Auction Services, Inc has a 12 month low of $38.16 and a 12 month high of $47.03. The stock has a market capitalization of $6.34 billion, a price-to-earnings ratio of 28.3314 and a beta of 1.10.
KAR Auction Services (NYSE:KAR) last issued its quarterly earnings data on Tuesday, August 8th. The specialty retailer reported $0.65 EPS for the quarter, topping the 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 firm had revenue of $858.00 million for the quarter, compared to analyst estimates of $850.67 million. During the same period in the prior year, the business posted $0.55 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities research analysts expect that KAR Auction Services, Inc will post $2.25 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Wednesday, September 20th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, September 19th. This represents a $1.28 annualized dividend and a dividend yield of 2.83%. KAR Auction Services’s dividend payout ratio is currently 78.53%.
In other news, CEO John W. Kett sold 10,011 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $42.01, for a total value of $420,562.11. Following the transaction, the chief executive officer now directly owns 65,982 shares in the company, valued at approximately $2,771,903.82. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John W. Kett sold 10,008 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $42.06, for a total transaction of $420,936.48. Following the completion of the transaction, the chief executive officer now owns 58,941 shares in the company, valued at $2,479,058.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,039 shares of company stock worth $1,279,186. Company insiders own 1.30% of the company’s stock.
Several analysts have issued reports on KAR shares. Zacks Investment Research downgraded shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Stephens lowered shares of KAR Auction Services from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $51.00 to $48.00 in a research report on Thursday, September 7th. Gabelli initiated coverage on shares of KAR Auction Services in a research report on Tuesday, July 4th. They set a “buy” rating and a $62.00 target price on the stock. BidaskClub lowered shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research report on Saturday, June 17th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of KAR Auction Services in a research report on Tuesday, September 12th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $52.75.
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KAR Auction Services Company Profile
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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