Wells Fargo & Company MN Buys 183,166 Shares of KAR Auction Services Inc (KAR)

Wells Fargo & Company MN lifted its stake in KAR Auction Services Inc (NYSE:KAR) by 7.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,762,612 shares of the specialty retailer’s stock after purchasing an additional 183,166 shares during the quarter. Wells Fargo & Company MN’s holdings in KAR Auction Services were worth $149,734,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of KAR Auction Services by 13.3% in the 4th quarter. BlackRock Inc. now owns 7,018,588 shares of the specialty retailer’s stock worth $354,508,000 after purchasing an additional 825,974 shares during the period. Deutsche Bank AG boosted its holdings in shares of KAR Auction Services by 5.8% in the 4th quarter. Deutsche Bank AG now owns 706,627 shares of the specialty retailer’s stock worth $35,689,000 after purchasing an additional 38,804 shares during the period. Swiss National Bank boosted its holdings in shares of KAR Auction Services by 2.0% in the 4th quarter. Swiss National Bank now owns 233,900 shares of the specialty retailer’s stock worth $11,814,000 after purchasing an additional 4,500 shares during the period. American International Group Inc. boosted its holdings in shares of KAR Auction Services by 21.7% in the 4th quarter. American International Group Inc. now owns 17,399 shares of the specialty retailer’s stock worth $879,000 after purchasing an additional 3,107 shares during the period. Finally, Jefferies Group LLC boosted its holdings in shares of KAR Auction Services by 39.5% in the 4th quarter. Jefferies Group LLC now owns 23,208 shares of the specialty retailer’s stock worth $1,172,000 after purchasing an additional 6,571 shares during the period.

Shares of KAR stock opened at $53.80 on Monday. KAR Auction Services Inc has a 52-week low of $40.27 and a 52-week high of $56.75. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market cap of $7.26 billion, a P/E ratio of 21.52, a price-to-earnings-growth ratio of 1.28 and a beta of 1.10.

KAR Auction Services (NYSE:KAR) last issued its quarterly earnings results on Tuesday, May 8th. The specialty retailer reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.06. KAR Auction Services had a return on equity of 24.93% and a net margin of 10.81%. The firm had revenue of $950.50 million during the quarter, compared to analyst estimates of $923.66 million. During the same period last year, the company earned $0.62 EPS. KAR Auction Services’s quarterly revenue was up 9.7% compared to the same quarter last year. research analysts expect that KAR Auction Services Inc will post 2.99 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Thursday, June 21st will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Wednesday, June 20th. KAR Auction Services’s dividend payout ratio is currently 56.00%.

KAR has been the subject of a number of recent research reports. Robert W. Baird reiterated a “buy” rating and issued a $60.00 target price on shares of KAR Auction Services in a report on Thursday, March 1st. Gabelli upgraded KAR Auction Services from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. JPMorgan Chase lifted their target price on KAR Auction Services from $62.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, March 19th. Zacks Investment Research upgraded KAR Auction Services from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a report on Tuesday, March 6th. Finally, Barrington Research reiterated a “buy” rating on shares of KAR Auction Services in a report on Monday, May 7th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. KAR Auction Services currently has an average rating of “Buy” and an average price target of $58.78.

In other KAR Auction Services news, COO Donald S. Gottwald sold 10,000 shares of KAR Auction Services stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $54.96, for a total transaction of $549,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rebecca C. Polak sold 44,000 shares of KAR Auction Services stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $56.20, for a total value of $2,472,800.00. Following the sale, the insider now directly owns 90,390 shares of the company’s stock, valued at $5,079,918. The disclosure for this sale can be found here. Insiders have sold a total of 66,188 shares of company stock valued at $3,674,452 over the last three months. 1.29% of the stock is owned by corporate insiders.

KAR Auction Services Company Profile

KAR Auction Services, Inc, together with its subsidiaries, provides used car auction and salvage auction services in the United States, Canada, Mexico, and the United Kingdom. The company operates through three segments: ADESA Auctions, IAA, and AFC. The ADESA Auctions segment offers whole car auctions and related services to the vehicle remarketing industry through online auctions and auction facilities.

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Institutional Ownership by Quarter for KAR Auction Services (NYSE:KAR)

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