HBK Sorce Advisory LLC raised its stake in shares of KAR Auction Services Inc (NYSE:KAR) by 4.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 14,981 shares of the specialty retailer’s stock after buying an additional 706 shares during the quarter. HBK Sorce Advisory LLC’s holdings in KAR Auction Services were worth $375,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. raised its stake in KAR Auction Services by 46.2% during the 1st quarter. BlackRock Inc. now owns 10,730,329 shares of the specialty retailer’s stock valued at $550,575,000 after buying an additional 3,392,759 shares during the last quarter. Mawer Investment Management Ltd. increased its stake in shares of KAR Auction Services by 7.9% in the 2nd quarter. Mawer Investment Management Ltd. now owns 3,978,332 shares of the specialty retailer’s stock worth $99,458,000 after purchasing an additional 290,995 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of KAR Auction Services by 44.5% in the 2nd quarter. Janus Henderson Group PLC now owns 3,416,468 shares of the specialty retailer’s stock worth $85,412,000 after purchasing an additional 1,052,915 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of KAR Auction Services by 9.2% in the 2nd quarter. Bessemer Group Inc. now owns 2,719,450 shares of the specialty retailer’s stock worth $67,988,000 after purchasing an additional 229,719 shares in the last quarter. Finally, Scopia Capital Management LP increased its stake in shares of KAR Auction Services by 143.9% in the 2nd quarter. Scopia Capital Management LP now owns 2,565,615 shares of the specialty retailer’s stock worth $64,140,000 after purchasing an additional 1,513,721 shares in the last quarter.
Several equities research analysts have recently commented on the company. Zacks Investment Research upgraded KAR Auction Services from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 29th. Robert W. Baird assumed coverage on KAR Auction Services in a research note on Friday, June 28th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. lowered KAR Auction Services from an “overweight” rating to a “neutral” rating and set a $25.00 price objective for the company. in a research note on Monday, July 1st. Barrington Research restated a “buy” rating and issued a $42.50 price objective on shares of KAR Auction Services in a research note on Friday, June 28th. Finally, SunTrust Banks reduced their price objective on KAR Auction Services from $65.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, July 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. KAR Auction Services currently has a consensus rating of “Hold” and a consensus target price of $39.58.
KAR Auction Services (NYSE:KAR) last issued its earnings results on Tuesday, August 6th. The specialty retailer reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.10). The firm had revenue of $719.00 million during the quarter, compared to the consensus estimate of $692.00 million. KAR Auction Services had a return on equity of 19.93% and a net margin of 7.67%. The company’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.82 EPS. As a group, equities research analysts forecast that KAR Auction Services Inc will post 1.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Friday, September 20th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.08%. The ex-dividend date is Thursday, September 19th. KAR Auction Services’s dividend payout ratio is currently 25.68%.
KAR Auction Services 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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