Stone Ridge Asset Management LLC purchased a new stake in KAR Auction Services Inc (NYSE:KAR) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 56,637 shares of the specialty retailer’s stock, valued at approximately $2,861,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KAR. SeaCrest Wealth Management LLC bought a new stake in shares of KAR Auction Services in the 4th quarter valued at about $103,000. SG Americas Securities LLC bought a new stake in shares of KAR Auction Services in the 4th quarter valued at about $105,000. Cerebellum GP LLC bought a new stake in shares of KAR Auction Services in the 4th quarter valued at about $127,000. KBC Group NV grew its position in shares of KAR Auction Services by 81.5% in the 3rd quarter. KBC Group NV now owns 2,696 shares of the specialty retailer’s stock valued at $129,000 after buying an additional 1,211 shares during the last quarter. Finally, Assetmark Inc. grew its position in shares of KAR Auction Services by 336.4% in the 4th quarter. Assetmark Inc. now owns 3,116 shares of the specialty retailer’s stock valued at $157,000 after buying an additional 2,402 shares during the last quarter. Hedge funds and other institutional investors own 98.88% of the company’s stock.
In related news, COO Donald S. Gottwald sold 10,000 shares of the company’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $54.96, for a total transaction of $549,600.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Lisa A. Price sold 6,563 shares of the company’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $54.05, for a total value of $354,730.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,751 shares of company stock worth $1,022,482. 1.30% of the stock is owned by corporate insiders.
KAR Auction Services (NYSE:KAR) last announced its earnings results on Tuesday, February 20th. The specialty retailer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.53 by $0.10. KAR Auction Services had a return on equity of 23.61% and a net margin of 10.47%. The company had revenue of $890.40 million for the quarter, compared to analyst estimates of $882.22 million. During the same quarter in the prior year, the company earned $0.45 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. research analysts forecast that KAR Auction Services Inc will post 2.97 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 4th. Investors of record on Thursday, March 22nd will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, March 21st. This represents a $1.40 annualized dividend and a dividend yield of 2.47%. KAR Auction Services’s payout ratio is 53.03%.
A number of equities research analysts have commented on KAR shares. Robert W. Baird reiterated a “buy” rating and issued a $60.00 price target on shares of KAR Auction Services in a research report on Thursday, March 1st. Gabelli upgraded KAR Auction Services from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research upgraded KAR Auction Services from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research report on Tuesday, March 6th. Barrington Research set a $55.00 price target on KAR Auction Services and gave the company a “buy” rating in a research report on Sunday, February 25th. Finally, Bank of America upped their price target on KAR Auction Services from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, March 2nd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $57.13.
KAR Auction Services 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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