FY2017 Earnings Estimate for KAR Auction Services, Inc Issued By Barrington Research (KAR)
KAR Auction Services, Inc (NYSE:KAR) – Stock analysts at Barrington Research raised their FY2017 EPS estimates for shares of KAR Auction Services in a note issued to investors on Wednesday. Barrington Research analyst G. Prestopino now expects that the specialty retailer will post earnings of $2.30 per share for the year, up from their previous estimate of $2.23. Barrington Research also issued estimates for KAR Auction Services’ FY2018 earnings at $2.50 EPS.
KAR Auction Services (NYSE:KAR) last announced its quarterly earnings results on Tuesday, October 31st. The specialty retailer reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.06. The business had revenue of $843.00 million for the quarter, compared to analysts’ expectations of $846.42 million. KAR Auction Services had a return on equity of 22.26% and a net margin of 6.94%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 EPS. COPYRIGHT VIOLATION NOTICE: This piece was originally published by American Banking News and is owned by of American Banking News. If you are viewing this piece on another website, it was stolen and republished in violation of United States and international trademark and copyright law. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2017/11/02/fy2017-earnings-estimate-for-kar-auction-services-inc-issued-by-barrington-research-kar.html.
Other equities research analysts have also issued reports about the company. Zacks Investment Research raised KAR Auction Services from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Wednesday. J P Morgan Chase & Co increased their price target on KAR Auction Services from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday. BidaskClub upgraded KAR Auction Services from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Jefferies Group LLC reiterated a “buy” rating and issued a $50.00 price target on shares of KAR Auction Services in a report on Tuesday, September 12th. Finally, Stephens downgraded KAR Auction Services from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $51.00 to $48.00 in a report on Thursday, September 7th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. KAR Auction Services has a consensus rating of “Buy” and a consensus price target of $53.60.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of KAR Auction Services by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 11,344,446 shares of the specialty retailer’s stock valued at $476,126,000 after acquiring an additional 57,704 shares during the period. Principal Financial Group Inc. increased its holdings in shares of KAR Auction Services by 18.6% in the 2nd quarter. Principal Financial Group Inc. now owns 5,867,365 shares of the specialty retailer’s stock valued at $246,255,000 after acquiring an additional 918,735 shares during the period. BlackRock Inc. increased its holdings in shares of KAR Auction Services by 1.9% in the 2nd quarter. BlackRock Inc. now owns 5,726,037 shares of the specialty retailer’s stock valued at $240,320,000 after acquiring an additional 107,601 shares during the period. Bessemer Group Inc. increased its holdings in shares of KAR Auction Services by 43.0% in the 2nd quarter. Bessemer Group Inc. now owns 3,115,698 shares of the specialty retailer’s stock valued at $130,767,000 after acquiring an additional 937,368 shares during the period. Finally, Schroder Investment Management Group increased its holdings in shares of KAR Auction Services by 5.0% in the 2nd quarter. Schroder Investment Management Group now owns 2,730,979 shares of the specialty retailer’s stock valued at $114,045,000 after acquiring an additional 130,936 shares during the period. Institutional investors and hedge funds own 99.52% of the company’s stock.
In other KAR Auction Services news, COO Donald S. Gottwald sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $43.68, for a total transaction of $436,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be issued a dividend of $0.35 per share. This is an increase from KAR Auction Services’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a yield of 2.96%. The ex-dividend date is Tuesday, December 19th. KAR Auction Services’s dividend payout ratio (DPR) is presently 75.29%.
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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