Analysts Set KAR Auction Services, Inc (NYSE:KAR) Target Price at $54.00

KAR Auction Services, Inc (NYSE:KAR) has received an average recommendation of “Buy” from the six analysts that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $56.00.

KAR has been the topic of a number of recent research reports. Zacks Investment Research upgraded KAR Auction Services from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. Gabelli initiated 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. Finally, BidaskClub upgraded KAR Auction Services from a “strong sell” rating to a “sell” rating in a research note on Monday, July 24th.

KAR Auction Services (NYSE:KAR) traded up 1.15% during trading on Monday, reaching $43.04. 1,284,885 shares of the company’s stock traded hands. The firm has a market cap of $5.86 billion, a price-to-earnings ratio of 26.40 and a beta of 1.12. The company has a 50 day moving average of $41.64 and a 200 day moving average of $43.44. KAR Auction Services has a one year low of $38.16 and a one year high of $47.03.

KAR Auction Services (NYSE:KAR) last posted its quarterly earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.07. The firm had revenue of $858 million during the quarter, compared to the consensus estimate of $850.67 million. KAR Auction Services had a return on equity of 21.56% and a net margin of 6.83%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.55 earnings per share. Equities research analysts predict that KAR Auction Services will post $2.24 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Wednesday, September 20th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Tuesday, September 19th. KAR Auction Services’s dividend payout ratio (DPR) is 78.53%.

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In other news, CEO John W. Kett sold 9,913 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $2,275,275.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John W. Kett sold 10,011 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $42.01, for a total value of $420,562.11. Following the transaction, the chief executive officer now directly owns 65,982 shares of the company’s stock, valued at $2,771,903.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,932 shares of company stock worth $1,276,878. Insiders own 1.30% of the company’s stock.

A number of institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of KAR Auction Services by 158.4% in the second quarter. Renaissance Technologies LLC now owns 400,300 shares of the specialty retailer’s stock worth $16,801,000 after buying an additional 245,400 shares during the period. Parametric Portfolio Associates LLC raised its position in shares of KAR Auction Services by 5.1% in the second quarter. Parametric Portfolio Associates LLC now owns 323,008 shares of the specialty retailer’s stock worth $13,557,000 after buying an additional 15,658 shares during the period. Advisor Group Inc. raised its position in shares of KAR Auction Services by 109.6% in the second quarter. Advisor Group Inc. now owns 6,332 shares of the specialty retailer’s stock worth $250,000 after buying an additional 3,311 shares during the period. Suntrust Banks Inc. raised its position in shares of KAR Auction Services by 7.6% in the second quarter. Suntrust Banks Inc. now owns 72,483 shares of the specialty retailer’s stock worth $3,041,000 after buying an additional 5,142 shares during the period. Finally, Quantbot Technologies LP raised its position in shares of KAR Auction Services by 17.2% in the second quarter. Quantbot Technologies LP now owns 13,187 shares of the specialty retailer’s stock worth $553,000 after buying an additional 1,934 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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