Eventide Asset Management LLC held its stake in shares of KAR Auction Services, Inc (NYSE:KAR) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 900,000 shares of the specialty retailer’s stock at the end of the first quarter. KAR Auction Services makes up 2.6% of Eventide Asset Management LLC’s portfolio, making the stock its 6th largest position. Eventide Asset Management LLC owned approximately 0.66% of KAR Auction Services worth $39,303,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the stock. GSA Capital Partners LLP bought a new stake in shares of KAR Auction Services during the fourth quarter worth $832,000. A.R.T. Advisors LLC bought a new stake in shares of KAR Auction Services during the fourth quarter worth $413,000. Scotia Capital Inc. bought a new stake in shares of KAR Auction Services during the fourth quarter worth $342,000. Envestnet Asset Management Inc. boosted its stake in shares of KAR Auction Services by 12.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,329 shares of the specialty retailer’s stock worth $272,000 after buying an additional 715 shares in the last quarter. Finally, Folger Hill Asset Management LP boosted its stake in shares of KAR Auction Services by 70.0% in the fourth quarter. Folger Hill Asset Management LP now owns 85,000 shares of the specialty retailer’s stock worth $3,623,000 after buying an additional 35,000 shares in the last quarter.
Shares of KAR Auction Services, Inc (NYSE KAR) traded down 2.11% during midday trading on Friday, hitting $42.61. 1,031,707 shares of the company were exchanged. The firm has a market cap of $5.84 billion, a P/E ratio of 25.67 and a beta of 1.18. The company’s 50 day moving average price is $43.39 and its 200 day moving average price is $43.92. KAR Auction Services, Inc has a one year low of $38.16 and a one year high of $47.03.
KAR Auction Services (NYSE:KAR) last issued its quarterly earnings results on Tuesday, May 9th. The specialty retailer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.04. KAR Auction Services had a return on equity of 20.54% and a net margin of 7.16%. The business had revenue of $866.60 million for the quarter, compared to analyst estimates of $848.73 million. During the same quarter in the prior year, the firm posted $0.55 earnings per share. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. Equities analysts expect that KAR Auction Services, Inc will post $2.22 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Stockholders of record on Wednesday, June 21st will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Monday, June 19th. KAR Auction Services’s dividend payout ratio (DPR) is presently 77.11%.
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A number of equities research analysts recently weighed in on the stock. Wolfe Research assumed coverage on shares of KAR Auction Services in a research note on Thursday, March 2nd. They set an “outperform” rating on the stock. Zacks Investment Research cut shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Friday, March 10th. Finally, Gabelli assumed coverage on shares of KAR Auction Services in a research note on Friday, April 7th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $50.33.
In other news, CEO John W. Kett sold 8,321 shares of the company’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $43.36, for a total transaction of $360,798.56. Following the transaction, the chief executive officer now owns 35,966 shares of the company’s stock, valued at $1,559,485.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Donald S. Gottwald sold 18,125 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $44.29, for a total value of $802,756.25. The disclosure for this sale can be found here. Insiders have sold 46,297 shares of company stock worth $2,030,342 in the last ninety days. 1.30% of the stock is currently owned by insiders.
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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