Mackay Shields LLC increased its stake in shares of KAR Auction Services Inc (NYSE:KAR) by 175.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 228,904 shares of the specialty retailer’s stock after buying an additional 145,776 shares during the period. Mackay Shields LLC’s holdings in KAR Auction Services were worth $5,620,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Baskin Financial Services Inc. acquired a new position in KAR Auction Services during the 2nd quarter valued at about $260,000. Janus Henderson Group PLC lifted its position in KAR Auction Services by 44.5% during the 2nd quarter. Janus Henderson Group PLC now owns 3,416,468 shares of the specialty retailer’s stock valued at $85,412,000 after purchasing an additional 1,052,915 shares during the period. Clear Street Markets LLC acquired a new position in KAR Auction Services during the 2nd quarter valued at about $1,366,000. Boston Financial Mangement LLC lifted its position in KAR Auction Services by 0.8% during the 2nd quarter. Boston Financial Mangement LLC now owns 484,611 shares of the specialty retailer’s stock valued at $12,115,000 after purchasing an additional 4,043 shares during the period. Finally, RMB Capital Management LLC acquired a new position in KAR Auction Services during the 2nd quarter valued at about $1,298,000. Institutional investors and hedge funds own 99.42% of the company’s stock.
A number of research analysts have issued reports on KAR shares. CJS Securities downgraded shares of KAR Auction Services from an “outperform” rating to a “market perform” rating in a research report on Thursday. Zacks Investment Research downgraded shares of KAR Auction Services from a “strong-buy” rating to a “hold” rating in a research report on Friday. Finally, ValuEngine upgraded shares of KAR Auction Services from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.58.
KAR Auction Services (NYSE:KAR) last announced its quarterly earnings results on Tuesday, November 5th. The specialty retailer reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.04). The firm had revenue of $701.90 million during the quarter, compared to analyst estimates of $697.46 million. KAR Auction Services had a net margin of 6.95% and a return on equity of 16.83%. The business’s revenue was up 14.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 earnings per share. On average, equities analysts anticipate that KAR Auction Services Inc will post 1.16 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 20th will be given a $0.19 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.53%. KAR Auction Services’s dividend payout ratio is 25.68%.
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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