Meeder Asset Management Inc. decreased its position in KAR Auction Services Inc (NYSE:KAR) by 56.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,025 shares of the specialty retailer’s stock after selling 1,351 shares during the quarter. Meeder Asset Management Inc.’s holdings in KAR Auction Services were worth $53,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KAR. Raymond James Trust N.A. boosted its position in shares of KAR Auction Services by 27.9% during the first quarter. Raymond James Trust N.A. now owns 15,754 shares of the specialty retailer’s stock valued at $808,000 after buying an additional 3,437 shares during the last quarter. Retirement Systems of Alabama boosted its position in KAR Auction Services by 23.7% in the first quarter. Retirement Systems of Alabama now owns 77,169 shares of the specialty retailer’s stock worth $3,960,000 after purchasing an additional 14,804 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of KAR Auction Services by 12.2% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 44,935 shares of the specialty retailer’s stock worth $2,306,000 after buying an additional 4,880 shares during the period. W.E. Donoghue & Co. LLC bought a new stake in KAR Auction Services during the 1st quarter valued at approximately $1,059,000. Finally, First Manhattan Co. raised its stake in KAR Auction Services by 63.5% during the 1st quarter. First Manhattan Co. now owns 3,261,519 shares of the specialty retailer’s stock valued at $167,348,000 after purchasing an additional 1,266,287 shares during the period. 99.23% of the stock is currently owned by hedge funds and other institutional investors.
KAR has been the topic of several recent analyst reports. Zacks Investment Research downgraded KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Tuesday, May 14th. Robert W. Baird reissued a “buy” rating and set a $56.00 target price on shares of KAR Auction Services in a research note on Wednesday, February 20th. Finally, Barrington Research reissued a “buy” rating on shares of KAR Auction Services in a research note on Wednesday, February 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $61.50.
NYSE KAR traded down $0.27 during trading on Wednesday, hitting $55.26. 1,023,000 shares of the stock traded hands, compared to its average volume of 1,547,397. The stock has a market capitalization of $7.40 billion, a PE ratio of 18.67, a P/E/G ratio of 1.95 and a beta of 1.14. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.17 and a quick ratio of 1.17. KAR Auction Services Inc has a 12-month low of $43.32 and a 12-month high of $64.55.
KAR Auction Services (NYSE:KAR) last released its quarterly earnings results on Tuesday, May 7th. The specialty retailer reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.07). The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.01 billion. KAR Auction Services had a net margin of 8.17% and a return on equity of 25.43%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 EPS. On average, analysts anticipate that KAR Auction Services Inc will post 2.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Friday, May 31st. KAR Auction Services’s dividend payout ratio is presently 47.30%.
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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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