KAR Auction Services (KAR) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of KAR Auction Services (NYSE:KAR) from a buy rating to a hold rating in a research note issued to investors on Saturday.

According to Zacks, “KAR Auction Services, Inc., through its subsidiaries, operates as a used vehicle and salvage auto auction company in North America. The company operates in three segments: ADESA, IAAI, and AFC. The ADESA segment provides whole car auctions and related services to commercial fleet operators, financial institutions, rental car companies, used vehicle dealers, vehicle manufacturers and their captive finance companies, and franchised and independent used vehicle dealers. This segment also provides value-added ancillary services, such as inspections, storage, transportation, reconditioning and titling, and other administrative services. The IAAI segment offers salvage vehicle auctions and related services. The AFC segment offers short-term and inventory-secured financing, known as floorplan financing, to independent used vehicle dealers. KAR Auction Services, Inc. is headquartered in Carmel, Indiana. “

A number of other research analysts have also issued reports on the stock. Stephens set a $57.00 target price on shares of KAR Auction Services and gave the company a hold rating in a research note on Wednesday, January 17th. Gabelli lowered shares of KAR Auction Services from a buy rating to a hold rating and set a $53.00 target price on the stock. in a research note on Thursday, November 2nd. Finally, JPMorgan Chase & Co. raised their price target 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, October 30th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. KAR Auction Services presently has a consensus rating of Hold and an average target price of $54.60.

KAR Auction Services (NYSE:KAR) opened at $51.04 on Friday. KAR Auction Services has a 12 month low of $40.27 and a 12 month high of $55.19. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.90. The stock has a market cap of $6,900.00, a price-to-earnings ratio of 30.02, a P/E/G ratio of 1.85 and a beta of 1.10.

In other KAR Auction Services news, EVP Benjamin Skuy sold 12,000 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $48.50, for a total value of $582,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Lisa A. Price sold 10,000 shares of KAR Auction Services stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $51.18, for a total transaction of $511,800.00. The disclosure for this sale can be found here. Insiders sold a total of 38,563 shares of company stock worth $1,929,930 over the last 90 days. Company insiders own 1.30% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its position in shares of KAR Auction Services by 2.9% during the 3rd quarter. Bessemer Group Inc. now owns 3,207,071 shares of the specialty retailer’s stock valued at $153,105,000 after acquiring an additional 91,373 shares in the last quarter. Schroder Investment Management Group boosted its position in shares of KAR Auction Services by 11.1% during the 3rd quarter. Schroder Investment Management Group now owns 3,033,008 shares of the specialty retailer’s stock valued at $142,612,000 after acquiring an additional 302,029 shares in the last quarter. Frontier Capital Management Co. LLC boosted its position in shares of KAR Auction Services by 3.0% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,641,292 shares of the specialty retailer’s stock valued at $133,412,000 after acquiring an additional 76,299 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of KAR Auction Services by 1.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,147,425 shares of the specialty retailer’s stock valued at $100,972,000 after acquiring an additional 30,299 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of KAR Auction Services by 4.2% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,991,860 shares of the specialty retailer’s stock valued at $100,609,000 after acquiring an additional 79,994 shares in the last quarter. Institutional investors and hedge funds own 99.31% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “KAR Auction Services (KAR) Downgraded by Zacks Investment Research to Hold” was originally reported by Community Financial News and is owned by of Community Financial News. If you are accessing this report on another website, it was copied illegally and reposted in violation of U.S. and international copyright & trademark legislation. The legal version of this report can be accessed at https://www.com-unik.info/2018/02/06/kar-auction-services-kar-downgraded-by-zacks-investment-research-to-hold.html.

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).

Get a free copy of the Zacks research report on KAR Auction Services (KAR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for KAR Auction Services (NYSE:KAR)

Receive News & Ratings for KAR Auction Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KAR Auction Services and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit