KAR Auction Services, Inc (KAR) Short Interest Update
KAR Auction Services, Inc (NYSE:KAR) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,743,754 shares, an increase of 114.2% from the August 15th total of 814,107 shares. Based on an average daily volume of 989,381 shares, the short-interest ratio is presently 1.8 days. Approximately 1.3% of the company’s shares are sold short.
KAR Auction Services (NYSE KAR) opened at 46.01 on Friday. KAR Auction Services has a 12-month low of $38.16 and a 12-month high of $47.03. The firm’s 50 day moving average price is $44.16 and its 200-day moving average price is $43.28. The stock has a market cap of $6.32 billion, a P/E ratio of 28.23 and a beta of 1.10.
KAR Auction Services (NYSE:KAR) last posted its quarterly earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.07. KAR Auction Services had a net margin of 6.83% and a return on equity of 21.46%. The firm had revenue of $858.00 million during the quarter, compared to the consensus estimate of $850.67 million. During the same quarter in the previous year, the firm posted $0.55 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. Equities research analysts anticipate that KAR Auction Services will post $2.25 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Wednesday, September 20th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Tuesday, September 19th. KAR Auction Services’s dividend payout ratio is presently 78.53%.
A number of research analysts have weighed in on KAR shares. Stephens downgraded KAR Auction Services from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $51.00 to $48.00 in a report on Thursday, September 7th. Zacks Investment Research upgraded KAR Auction Services from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Jefferies Group LLC reiterated a “buy” rating and set a $50.00 target price on shares of KAR Auction Services in a report on Tuesday, September 12th. BidaskClub downgraded KAR Auction Services from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. Finally, Gabelli started coverage on KAR Auction Services in a report on Tuesday, July 4th. They set a “buy” rating and a $62.00 target price on the stock. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $52.75.
In related news, COO Donald S. Gottwald sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.68, for a total transaction of $436,800.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John W. Kett sold 10,008 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $42.06, for a total value of $420,936.48. Following the transaction, the chief executive officer now owns 58,941 shares in the company, valued at approximately $2,479,058.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,039 shares of company stock worth $1,279,186. 1.30% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Archford Capital Strategies LLC raised its stake in shares of KAR Auction Services by 832.0% during the second quarter. Archford Capital Strategies LLC now owns 932 shares of the specialty retailer’s stock valued at $103,000 after acquiring an additional 832 shares in the last quarter. Acrospire Investment Management LLC bought a new stake in shares of KAR Auction Services during the second quarter valued at approximately $118,000. Toronto Dominion Bank raised its stake in shares of KAR Auction Services by 7.2% during the first quarter. Toronto Dominion Bank now owns 2,830 shares of the specialty retailer’s stock valued at $124,000 after acquiring an additional 190 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of KAR Auction Services by 378.4% during the first quarter. Tower Research Capital LLC TRC now owns 2,966 shares of the specialty retailer’s stock valued at $130,000 after acquiring an additional 2,346 shares in the last quarter. Finally, CENTRAL TRUST Co bought a new stake in shares of KAR Auction Services during the second quarter valued at approximately $150,000. 99.27% of the stock is owned by hedge funds and other institutional investors.
ILLEGAL ACTIVITY NOTICE: This article was originally published by Daily Political and is the property of of Daily Political. If you are reading this article on another site, it was illegally stolen and republished in violation of U.S. and international trademark & copyright law. The legal version of this article can be viewed at https://www.dailypolitical.com/2017/09/23/kar-auction-services-inc-kar-short-interest-update.html.
About KAR Auction Services
KAR Auction Services, Inc is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc (ADESA Auctions or ADESA), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC).
Receive News & Ratings for KAR Auction Services Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KAR Auction Services Inc and related companies with MarketBeat.com's FREE daily email newsletter.