Bank of Nova Scotia acquired a new stake in shares of KAR Auction Services Inc (NYSE:KAR) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 35,900 shares of the specialty retailer’s stock, valued at approximately $1,967,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. BlackRock Inc. raised its position in KAR Auction Services by 19.5% during the second quarter. BlackRock Inc. now owns 7,506,952 shares of the specialty retailer’s stock valued at $411,380,000 after purchasing an additional 1,226,197 shares in the last quarter. Summit Trail Advisors LLC raised its position in KAR Auction Services by 5,312.3% during the first quarter. Summit Trail Advisors LLC now owns 6,593,747 shares of the specialty retailer’s stock valued at $6,594,000 after purchasing an additional 6,471,918 shares in the last quarter. Mawer Investment Management Ltd. raised its position in KAR Auction Services by 3.2% during the second quarter. Mawer Investment Management Ltd. now owns 3,385,579 shares of the specialty retailer’s stock valued at $185,530,000 after purchasing an additional 103,842 shares in the last quarter. Wells Fargo & Company MN raised its position in KAR Auction Services by 4.7% during the second quarter. Wells Fargo & Company MN now owns 2,892,585 shares of the specialty retailer’s stock valued at $158,513,000 after purchasing an additional 129,973 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its position in KAR Auction Services by 5.9% during the second quarter. Frontier Capital Management Co. LLC now owns 2,865,369 shares of the specialty retailer’s stock valued at $157,022,000 after purchasing an additional 158,515 shares in the last quarter. Institutional investors and hedge funds own 99.73% of the company’s stock.

KAR has been the subject of several research analyst reports. SunTrust Banks set a $70.00 price objective on shares of KAR Auction Services and gave the company a “buy” rating in a research report on Thursday, August 9th. Zacks Investment Research upgraded shares of KAR Auction Services from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Tuesday, August 7th. Barrington Research restated a “buy” rating on shares of KAR Auction Services in a research report on Monday, August 6th. ValuEngine upgraded shares of KAR Auction Services from a “hold” rating to a “buy” rating in a research report on Thursday, July 5th. Finally, Stephens restated a “hold” rating and set a $60.00 price objective on shares of KAR Auction Services in a research report on Thursday, August 9th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $62.25.

In other KAR Auction Services news, COO Donald S. Gottwald sold 10,000 shares of the business’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $62.98, for a total transaction of $629,800.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO James P. Hallett sold 150,000 shares of the business’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $62.11, for a total transaction of $9,316,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 340,749 shares of company stock worth $21,061,615. Insiders own 1.29% of the company’s stock.

NYSE KAR opened at $60.36 on Thursday. The firm has a market cap of $8.18 billion, a price-to-earnings ratio of 24.14, a P/E/G ratio of 1.82 and a beta of 1.13. KAR Auction Services Inc has a fifty-two week low of $46.50 and a fifty-two week high of $64.55. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.76.

KAR Auction Services (NYSE:KAR) last posted its earnings results on Tuesday, August 7th. The specialty retailer reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.02. The firm had revenue of $956.60 million for the quarter, compared to analysts’ expectations of $923.01 million. KAR Auction Services had a net margin of 11.50% and a return on equity of 26.15%. sell-side analysts predict that KAR Auction Services Inc will post 3 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 3rd. Shareholders of record on Thursday, September 20th will be paid a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 19th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.32%. KAR Auction Services’s payout ratio is presently 56.00%.

About KAR Auction Services

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.

Featured Story: Leveraged Buyout (LBO)

Want to see what other hedge funds are holding KAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for KAR Auction Services Inc (NYSE:KAR).

Institutional Ownership by Quarter for KAR Auction Services (NYSE:KAR)

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.