Alps Advisors Inc. acquired a new position in shares of KAR Auction Services Inc (NYSE:KAR) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,715 shares of the specialty retailer’s stock, valued at approximately $461,000.
Other institutional investors also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its holdings in KAR Auction Services by 32.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 16,460 shares of the specialty retailer’s stock valued at $902,000 after acquiring an additional 4,020 shares in the last quarter. Raymond James Trust N.A. increased its holdings in KAR Auction Services by 16.7% during the 2nd quarter. Raymond James Trust N.A. now owns 11,511 shares of the specialty retailer’s stock valued at $630,000 after acquiring an additional 1,651 shares in the last quarter. Bank of Montreal Can purchased a new position in KAR Auction Services during the 2nd quarter valued at about $8,752,000. Amalgamated Bank increased its holdings in KAR Auction Services by 7.6% during the 2nd quarter. Amalgamated Bank now owns 31,083 shares of the specialty retailer’s stock valued at $1,703,000 after acquiring an additional 2,191 shares in the last quarter. Finally, Townsend & Associates Inc purchased a new position in KAR Auction Services during the 2nd quarter valued at about $120,000. Hedge funds and other institutional investors own 97.27% of the company’s stock.
Shares of KAR traded down $0.11 during mid-day trading on Monday, hitting $57.03. The company had a trading volume of 507,600 shares, compared to its average volume of 888,513. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.32 and a current ratio of 1.32. KAR Auction Services Inc has a 1-year low of $48.22 and a 1-year high of $64.55. The stock has a market capitalization of $7.69 billion, a PE ratio of 22.80, a P/E/G ratio of 1.65 and a beta of 1.13.
KAR Auction Services (NYSE:KAR) last posted its earnings results on Tuesday, November 6th. The specialty retailer reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The firm had revenue of $933.50 million for the quarter, compared to analyst estimates of $910.43 million. KAR Auction Services had a return on equity of 26.50% and a net margin of 11.62%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. As a group, sell-side analysts expect that KAR Auction Services Inc will post 2.94 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Thursday, December 20th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, December 19th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. KAR Auction Services’s dividend payout ratio (DPR) is presently 56.00%.
In related news, COO Donald S. Gottwald sold 10,000 shares of KAR Auction Services stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $62.98, for a total value of $629,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.29% of the stock is currently owned by insiders.
Several equities analysts have weighed in on KAR shares. Barrington Research restated a “buy” rating on shares of KAR Auction Services in a report on Monday, August 6th. Zacks Investment Research upgraded shares of KAR Auction Services from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a report on Tuesday, August 7th. SunTrust Banks set a $70.00 price target on shares of KAR Auction Services and gave the stock a “buy” rating in a report on Thursday, August 9th. Gabelli downgraded shares of KAR Auction Services from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. They noted that the move was a valuation call. Finally, Robert W. Baird lifted their price target on shares of KAR Auction Services from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, August 9th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $65.29.
About KAR Auction Services
KAR Auction Services, Inc, together with its subsidiaries, provides used car auction and salvage auction services in the United States, Canada, Mexico, and the United Kingdom. The company operates through three segments: ADESA Auctions, IAA, and AFC. The ADESA Auctions segment offers whole car auctions and related services to the vehicle remarketing industry through online auctions and auction facilities.
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