Advisors Asset Management Inc. boosted its stake in shares of KAR Auction Services Inc. (NYSE:KAR) by 6.0% during the second quarter, Holdings Channel reports. The institutional investor owned 7,981 shares of the company’s stock after buying an additional 455 shares during the period. Advisors Asset Management Inc.’s holdings in KAR Auction Services were worth $333,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Bank of Montreal Can purchased a new position in KAR Auction Services during the second quarter valued at about $137,000. Parametrica Management Ltd purchased a new position in KAR Auction Services during the second quarter valued at about $206,000. CIBC World Markets Inc. purchased a new position in KAR Auction Services during the second quarter valued at about $237,000. Pitcairn Co. boosted its position in KAR Auction Services by 0.4% in the second quarter. Pitcairn Co. now owns 6,896 shares of the company’s stock valued at $288,000 after buying an additional 25 shares in the last quarter. Finally, Fox Run Management L.L.C. boosted its position in KAR Auction Services by 11.1% in the second quarter. Fox Run Management L.L.C. now owns 7,000 shares of the company’s stock valued at $292,000 after buying an additional 700 shares in the last quarter.
KAR Auction Services Inc. (NYSE:KAR) traded up 0.84% during midday trading on Friday, hitting $43.16. The stock had a trading volume of 759,884 shares. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 27.01 and a beta of 1.48. The company’s 50 day moving average price is $42.22 and its 200-day moving average price is $40.54. KAR Auction Services Inc. has a 52 week low of $31.54 and a 52 week high of $43.91.
KAR Auction Services (NYSE:KAR) last issued its earnings results on Tuesday, August 2nd. The company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by $0.01. KAR Auction Services had a return on equity of 19.03% and a net margin of 7.79%. The firm earned $771.80 million during the quarter, compared to analyst estimates of $757.67 million. During the same period in the previous year, the company earned $0.51 EPS. KAR Auction Services’s revenue for the quarter was up 17.2% on a year-over-year basis. Equities analysts anticipate that KAR Auction Services Inc. will post $2.13 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Wednesday, September 21st will be issued a $0.29 dividend. The ex-dividend date of this dividend is Monday, September 19th. This represents a $1.16 dividend on an annualized basis and a yield of 2.69%. KAR Auction Services’s payout ratio is presently 72.50%.
Several equities analysts recently issued reports on the company. Susquehanna assumed coverage on KAR Auction Services in a report on Friday, August 26th. They issued a “positive” rating and a $50.00 price target on the stock. Macquarie restated an “outperform” rating on shares of KAR Auction Services in a report on Monday, August 29th. Zacks Investment Research cut KAR Auction Services from a “buy” rating to a “hold” rating in a report on Saturday, August 6th. Jefferies Group raised their target price on KAR Auction Services from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of KAR Auction Services in a report on Wednesday, August 3rd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $43.71.
In other KAR Auction Services news, EVP Benjamin Skuy sold 15,000 shares of the company’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $42.10, for a total value of $631,500.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Donald S. Gottwald sold 18,125 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $40.38, for a total value of $731,887.50. Following the completion of the sale, the chief operating officer now owns 1,039 shares in the company, valued at approximately $41,954.82. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
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), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC).
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