Frontier Capital Management Co. LLC lowered its stake in KAR Auction Services, Inc (NYSE:KAR) by 5.8% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,862,545 shares of the specialty retailer’s stock after selling 175,488 shares during the period. KAR Auction Services makes up about 0.9% of Frontier Capital Management Co. LLC’s holdings, making the stock its 19th largest position. Frontier Capital Management Co. LLC owned 2.09% of KAR Auction Services worth $120,141,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also made changes to their positions in KAR. Toronto Dominion Bank boosted its position in shares of KAR Auction Services by 7.2% in the first quarter. Toronto Dominion Bank now owns 2,830 shares of the specialty retailer’s stock valued at $124,000 after buying an additional 190 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of KAR Auction Services by 378.4% in the first quarter. Tower Research Capital LLC TRC now owns 2,966 shares of the specialty retailer’s stock valued at $130,000 after buying an additional 2,346 shares during the last quarter. CENTRAL TRUST Co acquired a new position in shares of KAR Auction Services during the second quarter valued at approximately $150,000. SG Americas Securities LLC acquired a new position in shares of KAR Auction Services during the first quarter valued at approximately $162,000. Finally, Bronfman E.L. Rothschild L.P. boosted its position in shares of KAR Auction Services by 3.6% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 4,897 shares of the specialty retailer’s stock valued at $214,000 after buying an additional 168 shares during the last quarter.
Shares of KAR Auction Services, Inc (NYSE KAR) traded down 0.416% during mid-day trading on Friday, reaching $44.325. 97,542 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $41.92 and its 200 day moving average price is $43.39. KAR Auction Services, Inc has a 52-week low of $38.16 and a 52-week high of $47.03. The company has a market cap of $6.09 billion, a PE ratio of 27.193 and a beta of 1.12.
KAR Auction Services (NYSE:KAR) last posted its quarterly earnings data on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.07. The firm had revenue of $858 million for the quarter, compared to the consensus estimate of $850.67 million. KAR Auction Services had a net margin of 6.83% and a return on equity of 21.46%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.55 EPS. On average, equities research analysts predict that KAR Auction Services, Inc will post $2.25 EPS 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 dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Tuesday, September 19th. KAR Auction Services’s dividend payout ratio is 78.53%.
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Several research analysts recently commented on the stock. Zacks Investment Research cut shares of KAR Auction Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. BidaskClub cut shares of KAR Auction Services from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. Finally, Gabelli began coverage on shares of KAR Auction Services in a research note on Tuesday, July 4th. They issued a “buy” rating and a $62.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $54.33.
In related news, CEO John W. Kett sold 10,011 shares of the business’s stock in a transaction dated 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 approximately $2,771,903.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Donald S. Gottwald sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.68, for a total transaction of $436,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 39,932 shares of company stock worth $1,713,678 over the last ninety days. Insiders own 1.30% 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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