Brookstone Capital Management Invests $269,000 in KAR Auction Services, Inc (KAR)
Brookstone Capital Management acquired a new stake in shares of KAR Auction Services, Inc (NYSE:KAR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,406 shares of the specialty retailer’s stock, valued at approximately $269,000.
Several other institutional investors also recently modified their holdings of the stock. Motley Fool Wealth Management LLC boosted its position in shares of KAR Auction Services by 5.7% in the first quarter. Motley Fool Wealth Management LLC now owns 128,585 shares of the specialty retailer’s stock valued at $5,615,000 after buying an additional 6,963 shares during the period. CENTRAL TRUST Co bought a new position in shares of KAR Auction Services during the second quarter valued at about $150,000. Visionary Asset Management Inc. bought a new position in shares of KAR Auction Services during the second quarter valued at about $309,000. Gilbert & Cook Inc. bought a new position in shares of KAR Auction Services during the second quarter valued at about $240,000. Finally, Vanguard Group Inc. boosted its position in shares of KAR Auction Services by 4.8% in the first quarter. Vanguard Group Inc. now owns 11,286,742 shares of the specialty retailer’s stock valued at $492,891,000 after buying an additional 521,526 shares during the period. 99.95% of the stock is owned by institutional investors and hedge funds.
KAR Auction Services, Inc (KAR) opened at 44.49 on Tuesday. The firm has a market cap of $6.11 billion, a PE ratio of 27.29 and a beta of 1.12. KAR Auction Services, Inc has a 12-month low of $38.16 and a 12-month high of $47.03. The company has a 50-day moving average price of $42.37 and a 200-day moving average price of $43.35.
KAR Auction Services (NYSE:KAR) last posted its earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 EPS for the quarter, topping the consensus estimate of $0.58 by $0.07. KAR Auction Services had a net margin of 6.83% and a return on equity of 21.46%. The firm had revenue of $858 million during the quarter, compared to analysts’ expectations of $850.67 million. During the same quarter in the prior year, the firm earned $0.55 EPS. KAR Auction Services’s quarterly revenue was up 8.8% on a year-over-year basis. On average, equities analysts predict that KAR Auction Services, Inc will post $2.26 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Wednesday, September 20th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Tuesday, September 19th. KAR Auction Services’s dividend payout ratio (DPR) is presently 78.53%.
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KAR has been the subject of several analyst reports. Zacks Investment Research raised KAR Auction Services from a “sell” rating to a “hold” rating in a report on Friday, May 12th. BidaskClub raised KAR Auction Services from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, Gabelli initiated coverage on KAR Auction Services in a report on Tuesday, July 4th. They issued a “buy” rating and a $62.00 price objective for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. KAR Auction Services presently has a consensus rating of “Buy” and an average price target of $56.50.
In other news, CEO John W. Kett sold 10,008 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $42.06, for a total value of $420,936.48. Following the completion of the transaction, the chief executive officer now directly owns 58,941 shares in the company, valued at $2,479,058.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Donald S. Gottwald sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.68, for a total transaction of $436,800.00. The disclosure for this sale can be found here. Insiders sold 39,952 shares of company stock valued at $1,714,565 over the last quarter. 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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