Research analysts at SunTrust Banks started coverage on shares of KAR Auction Services (NYSE:KAR) in a research note issued on Thursday. The firm set a “buy” rating on the specialty retailer’s stock.
A number of other research firms also recently commented on KAR. Robert W. Baird reiterated a “buy” rating and issued a $60.00 price objective 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 & Co. increased their price objective on KAR Auction Services from $62.00 to $63.00 and gave the company an “overweight” rating in a report on Monday. Zacks Investment Research upgraded KAR Auction Services from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a report on Tuesday, March 6th. Finally, Barrington Research reiterated a “buy” rating on shares of KAR Auction Services in a report on Wednesday. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. KAR Auction Services has an average rating of “Buy” and an average target price of $58.13.
KAR Auction Services stock traded down $2.32 on Thursday, hitting $53.38. The stock had a trading volume of 1,409,135 shares, compared to its average volume of 1,018,911. KAR Auction Services has a fifty-two week low of $40.27 and a fifty-two week high of $56.75. The stock has a market cap of $7,459.69, a P/E ratio of 20.22, a P/E/G ratio of 1.70 and a beta of 1.08. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.80.
KAR Auction Services (NYSE:KAR) last released its quarterly earnings data on Tuesday, February 20th. The specialty retailer reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.10. KAR Auction Services had a return on equity of 23.61% and a net margin of 10.47%. The business had revenue of $890.40 million for the quarter, compared to the consensus estimate of $882.22 million. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. analysts forecast that KAR Auction Services will post 2.97 EPS for the current year.
In related news, insider Rebecca C. Polak sold 44,000 shares of the company’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $56.20, for a total value of $2,472,800.00. Following the completion of the sale, the insider now directly owns 90,390 shares of the company’s stock, valued at approximately $5,079,918. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Lisa A. Price sold 6,563 shares of the company’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $54.05, for a total value of $354,730.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,751 shares of company stock valued at $3,495,282. Insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ladenburg Thalmann Financial Services Inc. lifted its position in KAR Auction Services by 88.9% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,477 shares of the specialty retailer’s stock worth $262,000 after acquiring an additional 2,577 shares during the period. Swiss National Bank lifted its position in KAR Auction Services by 2.0% during the 4th quarter. Swiss National Bank now owns 233,900 shares of the specialty retailer’s stock worth $11,814,000 after acquiring an additional 4,500 shares during the period. Hutchens Investment Management Inc acquired a new stake in KAR Auction Services during the 4th quarter worth approximately $252,000. Legal & General Group Plc lifted its position in KAR Auction Services by 22.2% during the 3rd quarter. Legal & General Group Plc now owns 99,652 shares of the specialty retailer’s stock worth $4,756,000 after acquiring an additional 18,100 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in 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 worth $100,972,000 after acquiring an additional 30,299 shares during the period. 98.88% of the stock is owned by hedge funds and other 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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