Jefferies Group LLC reissued their buy rating on shares of KAR Auction Services, Inc (NYSE:KAR) in a research report released on Tuesday morning. The firm currently has a $50.00 price objective on the specialty retailer’s stock.
Other analysts have also issued reports about the company. Gabelli assumed coverage on KAR Auction Services in a report on Tuesday, July 4th. They issued a buy rating and a $62.00 price objective for the company. BidaskClub raised KAR Auction Services from a sell rating to a hold rating in a report on Monday, July 31st. Zacks Investment Research lowered KAR Auction Services from a hold rating to a sell rating in a report on Wednesday, July 12th. Finally, Stephens lowered KAR Auction Services from an overweight rating to an equal weight rating and lowered their price objective for the company from $51.00 to $48.00 in a report on Thursday, September 7th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. KAR Auction Services presently has an average rating of Buy and an average target price of $52.75.
KAR Auction Services (NYSE KAR) opened at 45.27 on Tuesday. The stock has a market cap of $6.22 billion, a P/E ratio of 27.77 and a beta of 1.10. The stock has a 50 day moving average price of $43.57 and a 200-day moving average price of $43.26. KAR Auction Services has a 12-month low of $38.16 and a 12-month high of $47.03.
KAR Auction Services (NYSE:KAR) last announced its quarterly earnings data on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.07. The firm had revenue of $858.00 million during the quarter, compared to analyst estimates of $850.67 million. KAR Auction Services had a return on equity of 21.46% and a net margin of 6.83%. KAR Auction Services’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.55 earnings per share. On average, equities analysts expect that KAR Auction Services will post $2.25 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Wednesday, September 20th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Tuesday, September 19th. KAR Auction Services’s dividend payout ratio is currently 78.53%.
In other news, COO Donald S. Gottwald sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $43.68, for a total transaction of $436,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John W. Kett sold 10,008 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $42.06, for a total value of $420,936.48. Following the transaction, the chief executive officer now directly owns 58,941 shares of the company’s stock, valued at $2,479,058.46. The disclosure for this sale can be found here. Insiders have sold 30,039 shares of company stock valued at $1,279,186 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.
Large investors have recently bought and sold shares of the company. Archford Capital Strategies LLC grew its holdings in shares of KAR Auction Services by 832.0% during the second quarter. Archford Capital Strategies LLC now owns 932 shares of the specialty retailer’s stock valued at $103,000 after purchasing an additional 832 shares during the last quarter. Acrospire Investment Management LLC bought a new position in shares of KAR Auction Services during the second quarter valued at approximately $118,000. Toronto Dominion Bank grew its holdings in shares of KAR Auction Services by 7.2% during the first quarter. Toronto Dominion Bank now owns 2,830 shares of the specialty retailer’s stock valued at $124,000 after purchasing an additional 190 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of KAR Auction Services by 378.4% during the first quarter. Tower Research Capital LLC TRC now owns 2,966 shares of the specialty retailer’s stock valued at $130,000 after purchasing an additional 2,346 shares during the last quarter. Finally, CENTRAL TRUST Co bought a new position in shares of KAR Auction Services during the second quarter valued at approximately $150,000. 99.95% of the stock is owned by institutional investors.
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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