KAR Auction Services, Inc (KAR) Given Consensus Recommendation of “Buy” by Brokerages
KAR Auction Services, Inc (NYSE:KAR) has been given an average rating of “Buy” by the seven research firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $53.60.
A number of equities research analysts have recently issued reports on KAR shares. Zacks Investment Research lowered shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Stephens lowered shares of KAR Auction Services from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $51.00 to $48.00 in a research note on Thursday, September 7th. Jefferies Group LLC restated a “buy” rating and issued a $50.00 target price on shares of KAR Auction Services in a research note on Tuesday, September 12th. Gabelli started coverage on shares of KAR Auction Services in a research note on Tuesday, July 4th. They issued a “buy” rating and a $62.00 target price on the stock. Finally, BidaskClub upgraded shares of KAR Auction Services from a “strong sell” rating to a “sell” rating in a research note on Monday, July 24th.
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Shares of KAR Auction Services (KAR) opened at 47.33 on Wednesday. KAR Auction Services has a 1-year low of $38.16 and a 1-year high of $48.65. The firm has a 50-day moving average price of $47.08 and a 200-day moving average price of $44.07. The firm has a market capitalization of $6.50 billion, a PE ratio of 29.04 and a beta of 1.07.
KAR Auction Services (NYSE:KAR) last issued its quarterly earnings data on Tuesday, October 31st. The specialty retailer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. KAR Auction Services had a net margin of 6.83% and a return on equity of 21.46%. The firm had revenue of $843.00 million for the quarter, compared to analyst estimates of $846.42 million. During the same quarter in the previous year, the business posted $0.50 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. On average, analysts forecast that KAR Auction Services will post $2.24 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Wednesday, December 20th will be paid a dividend of $0.35 per share. This is a positive change from KAR Auction Services’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a yield of 2.96%. KAR Auction Services’s dividend payout ratio is 78.53%.
In related news, COO Donald S. Gottwald sold 10,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $43.68, for a total transaction of $436,800.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Archford Capital Strategies LLC raised its stake in KAR Auction Services by 832.0% during the second quarter. Archford Capital Strategies LLC now owns 932 shares of the specialty retailer’s stock worth $103,000 after acquiring an additional 832 shares during the period. Acrospire Investment Management LLC acquired a new stake in KAR Auction Services during the second quarter worth about $118,000. CENTRAL TRUST Co acquired a new stake in KAR Auction Services during the second quarter worth about $150,000. SG Americas Securities LLC acquired a new stake in KAR Auction Services during the first quarter worth about $162,000. Finally, PNC Financial Services Group Inc. raised its stake in KAR Auction Services by 105.6% during the second quarter. PNC Financial Services Group Inc. now owns 4,063 shares of the specialty retailer’s stock worth $171,000 after acquiring an additional 2,087 shares during the period. Hedge funds and other institutional investors own 99.52% of the company’s stock.
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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