$845.34 Million in Sales Expected for KAR Auction Services, Inc (KAR) This Quarter
Equities research analysts predict that KAR Auction Services, Inc (NYSE:KAR) will report $845.34 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for KAR Auction Services’ earnings, with the highest sales estimate coming in at $858.75 million and the lowest estimate coming in at $830.30 million. KAR Auction Services posted sales of $771.80 million in the same quarter last year, which suggests a positive year over year growth rate of 9.5%. The business is scheduled to announce its next quarterly earnings results after the market closes on Tuesday, August 8th.
According to Zacks, analysts expect that KAR Auction Services will report full year sales of $845.34 million for the current year, with estimates ranging from $3.38 billion to $3.44 billion. For the next fiscal year, analysts expect that the firm will report sales of $3.63 billion per share, with estimates ranging from $3.58 billion to $3.71 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover KAR Auction Services.
KAR Auction Services (NYSE:KAR) last released its quarterly earnings results on Tuesday, May 9th. The specialty retailer reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.04. The company had revenue of $866.60 million for the quarter, compared to analyst estimates of $848.73 million. KAR Auction Services had a net margin of 7.16% and a return on equity of 20.54%. The firm’s revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the business earned $0.55 earnings per share.
KAR has been the subject of several recent research reports. Zacks Investment Research raised shares of KAR Auction Services from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Gabelli began coverage on shares of KAR Auction Services in a research report on Tuesday, July 4th. They set a “buy” rating and a $62.00 price target for the company. Finally, BidaskClub raised shares of KAR Auction Services from a “strong sell” rating to a “sell” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $53.25.
KAR Auction Services (NYSE KAR) traded up 0.50% during mid-day trading on Wednesday, reaching $42.15. 149,220 shares of the company traded hands. The stock’s 50 day moving average price is $42.31 and its 200 day moving average price is $43.75. KAR Auction Services has a 52 week low of $38.16 and a 52 week high of $47.03. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 25.39 and a beta of 1.12.
The business also recently declared a quarterly dividend, which was paid on Thursday, July 6th. Stockholders of record on Wednesday, June 21st were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Monday, June 19th. KAR Auction Services’s payout ratio is currently 77.11%.
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In related news, COO Donald S. Gottwald sold 18,125 shares of the firm’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $44.29, for a total transaction of $802,756.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John W. Kett sold 9,938 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $43.41, for a total value of $431,408.58. Following the transaction, the chief executive officer now owns 44,694 shares in the company, valued at $1,940,166.54. The disclosure for this sale can be found here. Insiders have sold 47,984 shares of company stock valued at $2,090,480 in the last three months. Corporate insiders own 1.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. Toronto Dominion Bank boosted its position in shares of KAR Auction Services by 7.2% in the first quarter. Toronto Dominion Bank now owns 2,830 shares of the specialty retailer’s stock valued at $124,000 after buying an additional 190 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of KAR Auction Services by 378.4% in the first quarter. Tower Research Capital LLC TRC now owns 2,966 shares of the specialty retailer’s stock valued at $130,000 after buying an additional 2,346 shares during the period. CENTRAL TRUST Co purchased a new position in shares of KAR Auction Services during the second quarter valued at about $150,000. SG Americas Securities LLC purchased a new position in shares of KAR Auction Services during the first quarter valued at about $162,000. Finally, Bronfman E.L. Rothschild L.P. boosted its position in shares of KAR Auction Services by 3.6% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 4,897 shares of the specialty retailer’s stock valued at $214,000 after buying an additional 168 shares during the period.
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 or ADESA), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC).
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