KAR Auction Services Inc. (KAR) Reaches New 52-Week High at $42.26
KAR Auction Services Inc. (NYSE:KAR)’s share price reached a new 52-week high on Friday . The company traded as high as $42.26 and last traded at $42.14, with a volume of 446,655 shares traded. The stock had previously closed at $41.52.
A number of equities analysts have recently weighed in on KAR shares. Sterne Agee CRT upped their price target on shares of KAR Auction Services to $45.00 in a research note on Friday, May 6th. Jefferies Group reaffirmed a “buy” rating and set a $47.00 price target (up from $45.00) on shares of KAR Auction Services in a research note on Thursday, May 5th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of KAR Auction Services in a research note on Wednesday, May 4th. Finally, Zacks Investment Research raised shares of KAR Auction Services from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $42.17.
The firm has a market cap of $5.79 billion and a PE ratio of 26.85. The company’s 50 day moving average price is $40.74 and its 200 day moving average price is $37.47.
KAR Auction Services (NYSE:KAR) last released its quarterly earnings data on Tuesday, May 3rd. The company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. The business earned $745 million during the quarter, compared to analyst estimates of $695.79 million. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 EPS. Equities analysts anticipate that KAR Auction Services Inc. will post $2.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Wednesday, June 22nd were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Monday, June 20th.
In other KAR Auction Services news, insider Thomas J. Caruso sold 48,860 shares of the firm’s stock in a transaction on Wednesday, June 29th. The stock was sold at an average price of $41.14, for a total value of $2,010,100.40. Following the sale, the insider now directly owns 13,585 shares in the company, valued at $558,886.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Warren W. Byrd sold 27,978 shares of the firm’s stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $40.04, for a total value of $1,120,239.12. Following the completion of the sale, the executive vice president now owns 10,028 shares in the company, valued at $401,521.12. The disclosure for this sale can be found here.
A number of large investors recently bought and sold shares of KAR. Wells Fargo & Company MN boosted its stake in KAR Auction Services by 111.4% in the fourth quarter. Wells Fargo & Company MN now owns 8,994,713 shares of the company’s stock worth $333,074,000 after buying an additional 4,740,569 shares during the last quarter. Marshall Wace LLP bought a new stake in KAR Auction Services during the fourth quarter worth about $18,776,000. WBI Investments Inc. bought a new stake in KAR Auction Services during the fourth quarter worth about $12,992,000. First Trust Advisors LP boosted its stake in KAR Auction Services by 44.1% in the fourth quarter. First Trust Advisors LP now owns 647,319 shares of the company’s stock worth $23,970,000 after buying an additional 198,212 shares during the last quarter. Finally, J. Goldman & Co LP bought a new stake in KAR Auction Services during the fourth quarter worth about $5,045,000.
KAR Auction Services, Inc is a provider of vehicle auction services in North America. We operate as three reportable business segments: ADESA, Inc (ADESA Auctions), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC). ADESA Auctions is a provider of whole car auctions and related services to the vehicle remarketing industry in North America.
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