KAR Auction Services (NYSE:KAR) issued an update on its FY18 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.89-3.04 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.71.
KAR Auction Services (NYSE KAR) traded down $0.16 during trading hours on Wednesday, hitting $55.75. The company had a trading volume of 2,305,343 shares, compared to its average volume of 1,031,833. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.31 and a quick ratio of 1.31. KAR Auction Services has a 12-month low of $40.27 and a 12-month high of $56.75. The stock has a market capitalization of $7,543.03, a PE ratio of 21.16, a P/E/G ratio of 1.72 and a beta of 1.08.
KAR Auction Services (NYSE:KAR) last released its earnings results on Tuesday, February 20th. The specialty retailer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $890.40 million during the quarter, compared to analysts’ expectations of $882.22 million. During the same quarter last year, the business posted $0.45 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. research analysts predict that KAR Auction Services will post 2.97 EPS for the current year.
KAR has been the subject of several research analyst reports. Bank of America increased their target price on KAR Auction Services from $60.00 to $66.00 and gave the stock a buy rating in a research report on Friday, March 2nd. Robert W. Baird reissued a buy rating and set a $60.00 price target on shares of KAR Auction Services in a research note on Thursday, March 1st. Gabelli raised KAR Auction Services from a hold rating to a buy rating in a research note on Thursday, March 1st. Barrington Research set a $55.00 price target on KAR Auction Services and gave the company a buy rating in a research note on Sunday, February 25th. Finally, Zacks Investment Research raised KAR Auction Services from a hold rating to a buy rating and set a $57.00 price target for the company in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $57.13.
In other news, EVP Lisa A. Price sold 6,563 shares of the firm’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $54.05, for a total value of $354,730.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rebecca C. Polak sold 44,000 shares of the firm’s stock in a transaction that occurred 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 completion of 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. Over the last three months, insiders have sold 62,751 shares of company stock valued at $3,495,282. 1.30% of the stock is owned by corporate insiders.
A hedge fund recently raised its stake in KAR Auction Services stock. The Manufacturers Life Insurance Company grew its stake in KAR Auction Services Inc (NYSE:KAR) by 9.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,210 shares of the specialty retailer’s stock after purchasing an additional 363 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in KAR Auction Services were worth $177,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 98.88% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “KAR Auction Services (NYSE:KAR) Issues FY18 Earnings Guidance” was originally published by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this article on another site, it was copied illegally and republished in violation of US and international copyright & trademark laws. The correct version of this article can be read at https://stocknewstimes.com/2018/03/14/kar-auction-services-kar-issues-fy18-earnings-guidance.html.
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).
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.