KAR Auction Services Inc. (KAR) Expected to Earn FY2016 Earnings of $2.14 Per Share
KAR Auction Services Inc. (NYSE:KAR) – Equities researchers at Jefferies Group reduced their FY2016 earnings per share estimates for KAR Auction Services in a note issued to investors on Tuesday. Jefferies Group analyst B. Jordan now expects that the brokerage will earn $2.14 per share for the year, down from their previous forecast of $2.16. Jefferies Group has a “Buy” rating and a $50.00 price objective on the stock. Jefferies Group also issued estimates for KAR Auction Services’ Q1 2017 earnings at $0.64 EPS and FY2017 earnings at $2.46 EPS.
KAR Auction Services (NYSE:KAR) last posted its earnings results on Tuesday, August 2nd. The company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by $0.01. KAR Auction Services had a return on equity of 19.03% and a net margin of 7.79%. The business earned $771.80 million during the quarter, compared to the consensus estimate of $757.67 million. During the same quarter last year, the firm earned $0.51 earnings per share. The business’s quarterly revenue was up 17.2% on a year-over-year basis.
A number of other research firms have also recently issued reports on KAR. Zacks Investment Research raised KAR Auction Services from a “sell” rating to a “hold” rating in a research note on Tuesday, October 11th. Northcoast Research cut KAR Auction Services from a “buy” rating to a “neutral” rating in a research report on Thursday, July 14th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of KAR Auction Services in a research report on Wednesday, August 3rd. Macquarie reaffirmed an “outperform” rating on shares of KAR Auction Services in a research report on Monday, August 29th. Finally, Susquehanna initiated coverage on KAR Auction Services in a research report on Friday, August 26th. They set a “positive” rating and a $50.00 price objective for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $43.71.
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KAR Auction Services (NYSE:KAR) traded up 0.41% during mid-day trading on Wednesday, hitting $43.95. 336,797 shares of the stock were exchanged. The stock has a market cap of $6.06 billion, a PE ratio of 27.50 and a beta of 1.37. KAR Auction Services has a 52-week low of $31.54 and a 52-week high of $44.10. The stock’s 50 day moving average is $42.84 and its 200 day moving average is $41.08.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Investors of record on Wednesday, September 21st were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, September 19th. This represents a $1.16 annualized dividend and a yield of 2.65%. KAR Auction Services’s dividend payout ratio (DPR) is presently 72.50%.
In other KAR Auction Services news, Director Mark E. Hill acquired 12,000 shares of the company’s stock in a transaction on Friday, September 9th. The shares were purchased at an average price of $41.78 per share, for a total transaction of $501,360.00. Following the completion of the purchase, the director now directly owns 25,500 shares of the company’s stock, valued at $1,065,390. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Donald S. Gottwald sold 18,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $40.38, for a total value of $731,887.50. Following the completion of the sale, the chief operating officer now owns 1,039 shares in the company, valued at approximately $41,954.82. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Wealthsource Partners LLC acquired a new stake in KAR Auction Services during the first quarter valued at about $462,000. Adage Capital Partners GP L.L.C. raised its stake in KAR Auction Services by 3.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,380,500 shares of the company’s stock valued at $52,652,000 after buying an additional 50,000 shares in the last quarter. Renaissance Technologies LLC raised its stake in KAR Auction Services by 592.6% in the first quarter. Renaissance Technologies LLC now owns 487,600 shares of the company’s stock valued at $18,597,000 after buying an additional 417,200 shares in the last quarter. HBK Investments L P raised its stake in KAR Auction Services by 152.7% in the first quarter. HBK Investments L P now owns 19,711 shares of the company’s stock valued at $752,000 after buying an additional 11,911 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in KAR Auction Services by 5.4% in the first quarter. Geode Capital Management LLC now owns 947,388 shares of the company’s stock valued at $36,133,000 after buying an additional 48,546 shares in the last quarter.
KAR Auction Services Company Profile
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), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC).
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