Q3 2017 EPS Estimates for KAR Auction Services, Inc (KAR) Cut by Analyst
KAR Auction Services, Inc (NYSE:KAR) – Stock analysts at Northcoast Research decreased their Q3 2017 earnings per share estimates for KAR Auction Services in a report released on Thursday. Northcoast Research analyst J. Healy now forecasts that the specialty retailer will post earnings per share of $0.43 for the quarter, down from their previous forecast of $0.56. Northcoast Research also issued estimates for KAR Auction Services’ Q4 2017 earnings at $0.36 EPS and FY2018 earnings at $2.51 EPS.
A number of other research firms have also issued reports on KAR. BidaskClub lowered KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Zacks Investment Research upgraded KAR Auction Services from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. Finally, Gabelli assumed coverage on KAR Auction Services in a research note on Tuesday, July 4th. They set a “buy” rating and a $62.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.33.
Shares of KAR Auction Services (NYSE:KAR) opened at 42.55 on Friday. KAR Auction Services has a 12-month low of $38.16 and a 12-month high of $47.03. The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of 26.10 and a beta of 1.12. The stock’s 50 day moving average price is $41.64 and its 200 day moving average price is $43.44.
KAR Auction Services (NYSE:KAR) last released its earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.07. The company had revenue of $858 million for the quarter, compared to analyst estimates of $850.67 million. KAR Auction Services had a return on equity of 21.56% and a net margin of 6.83%. KAR Auction Services’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.55 EPS.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in KAR Auction Services by 20,047.2% in the first quarter. BlackRock Inc. now owns 5,618,436 shares of the specialty retailer’s stock valued at $245,357,000 after buying an additional 5,590,549 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in KAR Auction Services during the first quarter valued at approximately $71,664,000. Marshall Wace North America L.P. acquired a new position in KAR Auction Services during the first quarter valued at approximately $71,664,000. FMR LLC boosted its position in KAR Auction Services by 9.7% in the first quarter. FMR LLC now owns 16,076,350 shares of the specialty retailer’s stock valued at $702,054,000 after buying an additional 1,421,328 shares during the last quarter. Finally, Janus Capital Management LLC boosted its position in KAR Auction Services by 479.1% in the first quarter. Janus Capital Management LLC now owns 1,348,178 shares of the specialty retailer’s stock valued at $58,875,000 after buying an additional 1,115,378 shares during the last quarter.
In related news, CEO John W. Kett sold 9,913 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $43.92, for a total transaction of $435,378.96. Following the completion of the transaction, the chief executive officer now directly owns 51,805 shares in the company, valued at $2,275,275.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO John W. Kett sold 10,011 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $42.01, for a total value of $420,562.11. Following the transaction, the chief executive officer now owns 65,982 shares of the company’s stock, valued at $2,771,903.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,932 shares of company stock valued at $1,276,878. 1.30% of the stock is owned by company insiders.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Wednesday, September 20th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.01%. The ex-dividend date is Tuesday, September 19th. KAR Auction Services’s payout ratio is 78.53%.
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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