KAR Auction Services Shares Gap Up on Insider Buying Activity (KAR)
KAR Auction Services (NYSE:KAR) shares gapped up before the market opened on Tuesday following insider buying activity, AnalystRatings.NET reports. The stock had previously closed at $29.71, but opened at $29.81. KAR Auction Services shares last traded at $30.06, with a volume of 239,749 shares traded.
Specifically, Insider Thomas J. Caruso sold 8,075 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $29.40, for a total transaction of $237,405.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
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 assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $33.83.
The stock has a 50-day moving average of $30.4 and a 200-day moving average of $30.34. The company has a market cap of $4.213 billion and a P/E ratio of 55.00.
KAR Auction Services (NYSE:KAR) last posted its quarterly earnings results 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 declared a quarterly dividend, which is scheduled for Thursday, October 2nd. Investors of record on Wednesday, September 24th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Monday, September 22nd.
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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