Insider Buying: Michael T. Kestner Acquires 2,000 Shares of KAR Auction Services Stock (KAR)
KAR Auction Services (NYSE:KAR) Director Michael T. Kestner acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 15th. The stock was purchased at an average cost of $29.03 per share, for a total transaction of $58,060.00. Following the acquisition, the director now directly owns 5,922 shares in the company, valued at approximately $171,916. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of KAR Auction Services (NYSE:KAR) traded up 1.84% during mid-day trading on Monday, hitting $29.81. 618,415 shares of the company’s stock traded hands. KAR Auction Services has a one year low of $26.29 and a one year high of $32.65. The stock’s 50-day moving average is $30.53 and its 200-day moving average is $30.29. The company has a market cap of $4.189 billion and a P/E ratio of 54.00.
KAR Auction Services (NYSE:KAR) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.42 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.38 by $0.04. The company had revenue of $585.60 million for the quarter, compared to the consensus estimate of $577.69 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The company’s quarterly revenue was up 8.2% on a year-over-year basis. Analysts expect that KAR Auction Services will post $1.44 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 2nd. Stockholders of record on Wednesday, September 24th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Monday, September 22nd.
Separately, analysts at Zacks upgraded shares of KAR Auction Services from a “neutral” rating to an “outperform” rating in a research note on Friday, August 8th. They now have a $33.30 price target on the stock. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $33.83.
KAR Auction Services, Inc, is a provider of vehicle auction services in North America. The Company operates in three business segments: ADESA, Inc (NYSE:KAR), Insurance Auto Auctions, Inc (IAAI) and Automotive Finance Corporation (AFC).
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