Three Peaks Capital Management LLC reduced its position in KAR Auction Services, Inc (NYSE:KAR) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 132,470 shares of the specialty retailer’s stock after selling 2,920 shares during the period. Three Peaks Capital Management LLC’s holdings in KAR Auction Services were worth $5,560,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in KAR. BARING ASSET MANAGEMENT Ltd purchased a new stake in shares of KAR Auction Services during the second quarter worth about $332,000. Bank of New York Mellon Corp increased its stake in shares of KAR Auction Services by 8.5% in the second quarter. Bank of New York Mellon Corp now owns 1,548,450 shares of the specialty retailer’s stock worth $64,988,000 after buying an additional 121,592 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of KAR Auction Services by 37.9% in the second quarter. SG Americas Securities LLC now owns 5,123 shares of the specialty retailer’s stock worth $215,000 after buying an additional 1,408 shares during the last quarter. Sarasin & Partners LLP increased its stake in shares of KAR Auction Services by 2.0% in the second quarter. Sarasin & Partners LLP now owns 1,733,343 shares of the specialty retailer’s stock worth $72,748,000 after buying an additional 34,449 shares during the last quarter. Finally, WASHINGTON TRUST Co increased its stake in shares of KAR Auction Services by 16.3% in the second quarter. WASHINGTON TRUST Co now owns 249,924 shares of the specialty retailer’s stock worth $10,489,000 after buying an additional 35,109 shares during the last quarter.
Shares of KAR Auction Services, Inc (NYSE KAR) opened at 43.90 on Friday. The company has a 50-day moving average of $41.98 and a 200-day moving average of $43.38. KAR Auction Services, Inc has a 52 week low of $38.16 and a 52 week high of $47.03. The stock has a market capitalization of $6.03 billion, a P/E ratio of 26.93 and a beta of 1.12.
KAR Auction Services (NYSE:KAR) last posted its quarterly earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.07. KAR Auction Services had a return on equity of 21.46% and a net margin of 6.83%. The business had revenue of $858 million for the quarter, compared to the consensus estimate of $850.67 million. During the same quarter in the prior year, the company earned $0.55 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. On average, analysts anticipate that KAR Auction Services, Inc will post $2.25 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Wednesday, September 20th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Tuesday, September 19th. KAR Auction Services’s payout ratio is 78.53%.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of KAR Auction Services from a “sell” rating to a “hold” rating in a report on Friday, August 11th. BidaskClub raised shares of KAR Auction Services from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Gabelli began coverage on shares of KAR Auction Services in a research note on Tuesday, July 4th. They issued a “buy” rating and a $62.00 target price on the stock. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $54.33.
In other news, COO Donald S. Gottwald sold 10,000 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $43.68, for a total transaction of $436,800.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO John W. Kett sold 10,008 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $42.06, for a total value of $420,936.48. Following the transaction, the chief executive officer now directly owns 58,941 shares in the company, valued at approximately $2,479,058.46. The disclosure for this sale can be found here. Insiders have sold a total of 39,932 shares of company stock worth $1,713,678 in the last three months. Corporate insiders own 1.30% of the company’s stock.
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).
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