KAR Auction Services, Inc (KAR) Shares Bought by Royal Bank of Canada

Royal Bank of Canada lifted its stake in shares of KAR Auction Services, Inc (NYSE:KAR) by 3.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 404,167 shares of the specialty retailer’s stock after buying an additional 12,848 shares during the quarter. Royal Bank of Canada owned about 0.29% of KAR Auction Services worth $16,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its position in shares of KAR Auction Services by 1.1% during the first quarter. Envestnet Asset Management Inc. now owns 6,398 shares of the specialty retailer’s stock valued at $280,000 after buying an additional 69 shares during the period. Teacher Retirement System of Texas increased its position in shares of KAR Auction Services by 0.7% during the second quarter. Teacher Retirement System of Texas now owns 10,954 shares of the specialty retailer’s stock valued at $460,000 after buying an additional 81 shares during the period. Comerica Bank increased its position in shares of KAR Auction Services by 1.4% during the first quarter. Comerica Bank now owns 6,094 shares of the specialty retailer’s stock valued at $269,000 after buying an additional 87 shares during the period. Utah Retirement Systems increased its position in shares of KAR Auction Services by 0.4% during the first quarter. Utah Retirement Systems now owns 25,200 shares of the specialty retailer’s stock valued at $1,100,000 after buying an additional 100 shares during the period. Finally, Dumont & Blake Investment Advisors LLC increased its position in shares of KAR Auction Services by 0.6% during the second quarter. Dumont & Blake Investment Advisors LLC now owns 16,180 shares of the specialty retailer’s stock valued at $679,000 after buying an additional 100 shares during the period. Institutional investors own 99.27% of the company’s stock.

KAR Auction Services (NYSE:KAR) last posted its quarterly earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 EPS for the quarter, beating 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 business had revenue of $858.00 million during the quarter, compared to analyst estimates of $850.67 million. During the same quarter in the previous year, the business posted $0.55 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Wednesday, September 20th were issued a $0.32 dividend. The ex-dividend date was Tuesday, September 19th. This represents a $1.28 annualized dividend and a dividend yield of 2.69%. KAR Auction Services’s dividend payout ratio is currently 78.53%.

In other news, CEO John W. Kett sold 10,011 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $42.01, for a total value of $420,562.11. Following the completion of the sale, the chief executive officer now owns 65,982 shares in the company, valued at approximately $2,771,903.82. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Donald S. Gottwald sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $43.68, for a total transaction of $436,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,031 shares of company stock valued at $858,249. Company insiders own 1.30% of the company’s stock.

Several equities analysts recently issued reports on KAR shares. Stephens cut shares of KAR Auction Services from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $51.00 to $48.00 in a research report on Thursday, September 7th. Jefferies Group LLC reiterated a “buy” rating and set a $50.00 price target on shares of KAR Auction Services in a research report on Tuesday, September 12th. Gabelli started coverage on shares of KAR Auction Services in a research report on Tuesday, July 4th. They set a “buy” rating and a $62.00 price target on the stock. BidaskClub upgraded shares of KAR Auction Services from a “strong sell” rating to a “sell” rating in a research report on Monday, July 24th. Finally, Zacks Investment Research upgraded shares of KAR Auction Services from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $53.50.

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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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Institutional Ownership by Quarter for KAR Auction Services (NYSE:KAR)

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