KAR Auction Services, Inc (NYSE:KAR) – Stock analysts at Northcoast Research raised their FY2017 earnings estimates for shares of KAR Auction Services in a note issued to investors on Wednesday. Northcoast Research analyst J. Healy now anticipates that the specialty retailer will post earnings per share of $2.35 for the year, up from their previous forecast of $2.25. Northcoast Research also issued estimates for KAR Auction Services’ Q4 2017 earnings at $0.51 EPS and FY2018 earnings at $2.69 EPS.
A number of other research firms have also recently weighed in on KAR. Zacks Investment Research cut shares of KAR Auction Services from a “buy” rating to a “hold” rating in a research report on Monday. Stephens cut shares of KAR Auction Services from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $51.00 to $48.00 in a research report on Thursday, September 7th. J P Morgan Chase & Co increased their price objective on shares of KAR Auction Services from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday. Jefferies Group LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of KAR Auction Services in a research report on Tuesday, September 12th. Finally, BidaskClub raised shares of KAR Auction Services from a “strong sell” rating to a “sell” rating in a research report on Monday, July 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. KAR Auction Services has a consensus rating of “Buy” and an average target price of $51.80.
KAR Auction Services (NYSE:KAR) last posted its quarterly earnings results on Tuesday, October 31st. The specialty retailer reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.06. KAR Auction Services had a net margin of 6.94% and a return on equity of 22.26%. The firm had revenue of $843.00 million during the quarter, compared to the consensus estimate of $846.42 million. During the same quarter in the previous year, the firm posted $0.50 earnings per share. The company’s revenue was up 6.8% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.90%. The ex-dividend date is Tuesday, December 19th. This is a boost from KAR Auction Services’s previous quarterly dividend of $0.32. KAR Auction Services’s dividend payout ratio (DPR) is currently 75.29%.
In other KAR Auction Services news, COO Donald S. Gottwald sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.68, for a total value of $436,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company’s stock.
Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its position 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 valued at $171,000 after buying an additional 2,087 shares during the period. Brookstone Capital Management purchased a new position in KAR Auction Services in the 2nd quarter valued at approximately $269,000. Ameriprise Financial Inc. boosted its position in KAR Auction Services by 39.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 693,871 shares of the specialty retailer’s stock valued at $29,125,000 after buying an additional 194,621 shares during the period. Amalgamated Bank boosted its position in KAR Auction Services by 26.9% in the 2nd quarter. Amalgamated Bank now owns 25,512 shares of the specialty retailer’s stock valued at $1,071,000 after buying an additional 5,402 shares during the period. Finally, CENTRAL TRUST Co purchased a new position in KAR Auction Services in the 2nd quarter valued at approximately $150,000. 99.52% of the stock is owned by institutional investors.
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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