Granite Investment Partners LLC grew its stake in shares of KAR Auction Services Inc (NYSE:KAR) by 23.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,880 shares of the specialty retailer’s stock after purchasing an additional 4,197 shares during the quarter. Granite Investment Partners LLC’s holdings in KAR Auction Services were worth $1,123,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of KAR. BlackRock Inc. lifted its stake in shares of KAR Auction Services by 46.2% during the first quarter. BlackRock Inc. now owns 10,730,329 shares of the specialty retailer’s stock worth $550,575,000 after purchasing an additional 3,392,759 shares in the last quarter. Boston Partners lifted its stake in shares of KAR Auction Services by 98.1% during the fourth quarter. Boston Partners now owns 5,470,361 shares of the specialty retailer’s stock worth $261,045,000 after purchasing an additional 2,708,310 shares in the last quarter. First Manhattan Co. lifted its stake in shares of KAR Auction Services by 63.5% during the first quarter. First Manhattan Co. now owns 3,261,519 shares of the specialty retailer’s stock worth $167,348,000 after purchasing an additional 1,266,287 shares in the last quarter. Norges Bank acquired a new position in shares of KAR Auction Services during the fourth quarter worth about $58,745,000. Finally, Clarkston Capital Partners LLC acquired a new position in shares of KAR Auction Services during the first quarter worth about $28,141,000. Institutional investors own 99.47% of the company’s stock.
Shares of NYSE:KAR traded up $0.04 during trading on Wednesday, hitting $60.09. The company’s stock had a trading volume of 58,521 shares, compared to its average volume of 1,504,249. The company has a debt-to-equity ratio of 2.38, a quick ratio of 1.17 and a current ratio of 1.17. KAR Auction Services Inc has a fifty-two week low of $43.32 and a fifty-two week high of $64.55. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 2.13 and a beta of 1.06.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, May 31st. KAR Auction Services’s dividend payout ratio (DPR) is 47.30%.
A number of research analysts have commented on the company. Zacks Investment Research upgraded KAR Auction Services from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine upgraded KAR Auction Services from a “hold” rating to a “buy” rating in a research note on Friday, June 7th. Barrington Research reiterated a “buy” rating and issued a $62.50 price target on shares of KAR Auction Services in a research note on Friday, May 3rd. Finally, Robert W. Baird reiterated a “buy” rating and issued a $56.00 price target on shares of KAR Auction Services in a research note on Wednesday, February 20th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $61.50.
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KAR Auction Services Company Profile
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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