State Board of Administration of Florida Retirement System boosted its stake in shares of KAR Auction Services Inc (NYSE:KAR) by 0.6% during the first quarter, HoldingsChannel reports. The firm owned 139,801 shares of the specialty retailer’s stock after acquiring an additional 820 shares during the period. State Board of Administration of Florida Retirement System’s holdings in KAR Auction Services were worth $7,173,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in KAR. Motco lifted its stake in shares of KAR Auction Services by 1,732.4% in the first quarter. Motco now owns 623 shares of the specialty retailer’s stock worth $32,000 after buying an additional 589 shares during the last quarter. Riverview Trust Co acquired a new stake in shares of KAR Auction Services in the fourth quarter worth $33,000. Arlington Partners LLC lifted its stake in shares of KAR Auction Services by 70.0% in the first quarter. Arlington Partners LLC now owns 850 shares of the specialty retailer’s stock worth $44,000 after buying an additional 350 shares during the last quarter. Cornerstone Advisors Inc. acquired a new stake in shares of KAR Auction Services in the first quarter worth $46,000. Finally, Private Capital Group LLC lifted its stake in shares of KAR Auction Services by 32.8% in the fourth quarter. Private Capital Group LLC now owns 993 shares of the specialty retailer’s stock worth $48,000 after buying an additional 245 shares during the last quarter. 99.23% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on the stock. Zacks Investment Research cut shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Tuesday. Barrington Research restated a “buy” rating and issued a $62.50 price objective on shares of KAR Auction Services in a research note on Friday, May 3rd. Finally, Robert W. Baird restated a “buy” rating and issued a $56.00 price objective on shares of KAR Auction Services in a research note on Wednesday, February 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $61.50.
KAR Auction Services (NYSE:KAR) last issued its quarterly earnings data on Tuesday, May 7th. The specialty retailer reported $0.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.07). KAR Auction Services had a return on equity of 25.43% and a net margin of 8.17%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. KAR Auction Services’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, analysts anticipate that KAR Auction Services Inc will post 2.94 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Friday, May 31st. KAR Auction Services’s payout ratio is currently 47.30%.
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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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