KAR Auction Services, Inc (KAR) Releases FY17 Earnings Guidance
KAR Auction Services, Inc (NYSE:KAR) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.15-2.25 for the period, compared to the Thomson Reuters consensus estimate of $2.22.
Shares of KAR Auction Services, Inc (KAR) traded down 2.15% during mid-day trading on Tuesday, hitting $40.56. 1,611,084 shares of the stock traded hands. The firm’s 50-day moving average is $41.88 and its 200-day moving average is $43.58. KAR Auction Services, Inc has a 52 week low of $38.16 and a 52 week high of $47.03. The stock has a market cap of $5.56 billion, a price-to-earnings ratio of 24.43 and a beta of 1.12.
KAR Auction Services (NYSE:KAR) last posted its quarterly earnings data on Tuesday, May 9th. The specialty retailer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $866.60 million during the quarter, compared to the consensus estimate of $848.73 million. KAR Auction Services had a return on equity of 20.54% and a net margin of 7.16%. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.55 earnings per share. On average, analysts forecast that KAR Auction Services, Inc will post $2.22 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Wednesday, September 20th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.16%. KAR Auction Services’s dividend payout ratio (DPR) is 77.11%.
KAR has been the subject of a number of research reports. Zacks Investment Research upgraded KAR Auction Services from a sell rating to a hold rating in a report on Friday, May 12th. Gabelli initiated coverage on KAR Auction Services in a report on Tuesday, July 4th. They issued a buy rating and a $62.00 price objective for the company. Finally, BidaskClub downgraded KAR Auction Services from a hold rating to a sell rating in a report on Saturday, June 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $54.33.
In other news, CEO John W. Kett sold 10,011 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $42.01, for a total value of $420,562.11. Following the sale, the chief executive officer now directly owns 65,982 shares of the company’s stock, valued at $2,771,903.82. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO John W. Kett sold 10,008 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $42.06, for a total value of $420,936.48. Following the completion of the sale, the chief executive officer now directly owns 58,941 shares in the company, valued at $2,479,058.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,057 shares of company stock worth $2,079,634. Insiders own 1.30% 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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