KAR Auction Services Inc. (KAR) Sets New 1-Year High at $43.04
KAR Auction Services Inc. (NYSE:KAR)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $43.04 and last traded at $43.00, with a volume of 593,478 shares. The stock had previously closed at $42.35.
A number of brokerages recently issued reports on KAR. Jefferies Group reissued a “buy” rating and issued a $47.00 price objective (up from $45.00) on shares of KAR Auction Services in a report on Thursday, May 5th. Northcoast Research lowered KAR Auction Services from a “buy” rating to a “neutral” rating in a report on Thursday, July 14th. Sterne Agee CRT reissued a “buy” rating and issued a $45.00 price objective on shares of KAR Auction Services in a report on Friday, May 20th. JPMorgan Chase & Co. reissued a “buy” rating on shares of KAR Auction Services in a report on Wednesday, May 4th. Finally, Zacks Investment Research lowered KAR Auction Services from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $42.17.
The company’s 50 day moving average price is $41.19 and its 200 day moving average price is $37.85. The company has a market capitalization of $5.90 billion and a P/E ratio of 27.39.
KAR Auction Services (NYSE:KAR) last announced its quarterly earnings results 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 had revenue of $745 million for the quarter, compared to the consensus estimate of $695.79 million. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.47 EPS. Analysts forecast that KAR Auction Services Inc. will post $2.15 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Wednesday, June 22nd were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Monday, June 20th.
In other KAR Auction Services news, EVP David Vignes sold 48,505 shares of the firm’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $41.52, for a total transaction of $2,013,927.60. Following the completion of the transaction, the executive vice president now owns 10,275 shares in the company, valued at $426,618. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Warren W. Byrd sold 1,300 shares of the firm’s stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $39.45, for a total transaction of $51,285.00. Following the transaction, the executive vice president now owns 1,300 shares of the company’s stock, valued at approximately $51,285. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently bought and sold shares of the company. Gluskin Sheff & Assoc Inc. purchased a new position in KAR Auction Services during the fourth quarter worth about $2,014,000. Dimensional Fund Advisors LP boosted its position in KAR Auction Services by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,666,592 shares of the company’s stock worth $61,716,000 after buying an additional 22,281 shares during the period. WBI Investments Inc. purchased a new position in KAR Auction Services during the fourth quarter worth about $12,992,000. Marshall Wace LLP purchased a new position in KAR Auction Services during the fourth quarter worth about $18,776,000. Finally, Suntrust Banks Inc. boosted its position in KAR Auction Services by 8.1% in the fourth quarter. Suntrust Banks Inc. now owns 34,119 shares of the company’s stock worth $1,263,000 after buying an additional 2,556 shares during the period.
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.