KAR Auction Services (KAR) Upgraded to Buy at Gabelli
Gabelli upgraded shares of KAR Auction Services (NYSE:KAR) from a hold rating to a buy rating in a report released on Thursday morning, MarketBeat Ratings reports. Gabelli also issued estimates for KAR Auction Services’ FY2018 earnings at $3.05 EPS, FY2019 earnings at $3.75 EPS, FY2020 earnings at $4.00 EPS, FY2021 earnings at $4.45 EPS and FY2022 earnings at $5.00 EPS.
A number of other analysts have also weighed in on the company. Zacks Investment Research lowered KAR Auction Services from a buy rating to a hold rating in a research note on Wednesday, January 3rd. Stephens set a $57.00 target price on KAR Auction Services and gave the company a hold rating in a research note on Wednesday, January 17th. Barrington Research set a $55.00 target price on KAR Auction Services and gave the company a buy rating in a research note on Sunday, February 25th. Finally, Robert W. Baird restated a buy rating and issued a $58.00 target price on shares of KAR Auction Services in a research note on Friday, February 23rd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. KAR Auction Services has an average rating of Buy and a consensus target price of $56.63.
Shares of KAR Auction Services (NYSE:KAR) traded down $0.10 during trading hours on Thursday, hitting $54.11. The stock had a trading volume of 1,527,339 shares, compared to its average volume of 1,211,753. KAR Auction Services has a 52 week low of $40.27 and a 52 week high of $55.19. The firm has a market capitalization of $7,272.87, a price-to-earnings ratio of 20.50, a PEG ratio of 1.71 and a beta of 1.08. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.31 and a current ratio of 1.31.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 4th. Shareholders of record on Thursday, March 22nd will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Wednesday, March 21st. KAR Auction Services’s dividend payout ratio (DPR) is currently 53.03%.
In other KAR Auction Services news, EVP Lisa A. Price sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $51.18, for a total transaction of $511,800.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 18,751 shares of company stock worth $984,682. Company insiders own 1.30% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of KAR. Millennium Management LLC boosted its holdings in KAR Auction Services by 157.0% during the fourth quarter. Millennium Management LLC now owns 1,391,785 shares of the specialty retailer’s stock worth $70,299,000 after buying an additional 850,204 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of KAR Auction Services by 13.3% during the 4th quarter. BlackRock Inc. now owns 7,018,588 shares of the specialty retailer’s stock valued at $354,508,000 after purchasing an additional 825,974 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of KAR Auction Services by 84.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,631,960 shares of the specialty retailer’s stock valued at $82,430,000 after purchasing an additional 748,589 shares in the last quarter. Gates Capital Management Inc. lifted its holdings in shares of KAR Auction Services by 75.2% during the 4th quarter. Gates Capital Management Inc. now owns 1,501,057 shares of the specialty retailer’s stock valued at $75,818,000 after purchasing an additional 644,093 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC lifted its holdings in shares of KAR Auction Services by 139,965.7% during the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 588,276 shares of the specialty retailer’s stock valued at $28,084,000 after purchasing an additional 587,856 shares in the last quarter. Hedge funds and other institutional investors own 97.65% of the company’s stock.
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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).
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