K.J. Harrison & Partners Inc increased its stake in KAR Auction Services, Inc (NYSE:KAR) by 3.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,700 shares of the specialty retailer’s stock after purchasing an additional 2,700 shares during the quarter. KAR Auction Services makes up 1.2% of K.J. Harrison & Partners Inc’s investment portfolio, making the stock its 26th largest holding. K.J. Harrison & Partners Inc owned about 0.05% of KAR Auction Services worth $3,471,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of KAR. Archford Capital Strategies LLC increased its stake in KAR Auction Services by 832.0% in the 2nd quarter. Archford Capital Strategies LLC now owns 932 shares of the specialty retailer’s stock worth $103,000 after purchasing an additional 832 shares in the last quarter. Acrospire Investment Management LLC purchased a new position in KAR Auction Services in the 2nd quarter worth about $118,000. CENTRAL TRUST Co purchased a new position in KAR Auction Services in the 2nd quarter worth about $150,000. SG Americas Securities LLC purchased a new position in KAR Auction Services in the 1st quarter worth about $162,000. Finally, PNC Financial Services Group Inc. increased its stake in KAR Auction Services by 105.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,063 shares of the specialty retailer’s stock worth $171,000 after purchasing an additional 2,087 shares in the last quarter. 99.52% of the stock is currently owned by hedge funds and other institutional investors.
In other KAR Auction Services news, COO Donald S. Gottwald sold 10,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.68, for a total value of $436,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by corporate insiders.
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A number of equities analysts recently weighed in on KAR shares. Gabelli started coverage on KAR Auction Services in a research note on Tuesday, July 4th. They issued a “buy” rating and a $62.00 price target on the stock. Zacks Investment Research cut KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. BidaskClub cut KAR Auction Services from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Stephens cut KAR Auction Services from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $51.00 to $48.00 in a research note on Thursday, September 7th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of KAR Auction Services in a research note on Tuesday, September 12th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $53.80.
KAR Auction Services, Inc (KAR) traded up 1.618% during trading on Tuesday, reaching $47.669. The company’s stock had a trading volume of 1,742,884 shares. KAR Auction Services, Inc has a 52 week low of $38.16 and a 52 week high of $48.65. The firm has a market cap of $6.55 billion, a P/E ratio of 29.245 and a beta of 1.07. The stock’s 50 day moving average is $47.04 and its 200-day moving average is $44.05.
KAR Auction Services (NYSE:KAR) last announced its quarterly 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. KAR Auction Services had a return on equity of 21.46% and a net margin of 6.83%. The company had revenue of $858.00 million during the quarter, compared to the consensus estimate of $850.67 million. During the same period in the prior year, the company earned $0.55 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities research analysts forecast that KAR Auction Services, Inc will post $2.25 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Wednesday, September 20th were issued a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, September 19th. This represents a $1.28 annualized dividend and a dividend yield of 2.73%. KAR Auction Services’s dividend payout ratio (DPR) is currently 78.53%.
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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