KAR Auction Services, Inc (KAR) Stake Lowered by Sapience Investments LLC
Sapience Investments LLC reduced its position in shares of KAR Auction Services, Inc (NYSE:KAR) by 16.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 302,710 shares of the specialty retailer’s stock after selling 58,200 shares during the period. KAR Auction Services makes up 2.0% of Sapience Investments LLC’s portfolio, making the stock its 11th biggest holding. Sapience Investments LLC owned about 0.22% of KAR Auction Services worth $12,705,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brookstone Capital Management purchased a new position in shares of KAR Auction Services during the 2nd quarter valued at $269,000. Motley Fool Wealth Management LLC grew its position in shares of KAR Auction Services by 5.7% during the 1st quarter. Motley Fool Wealth Management LLC now owns 128,585 shares of the specialty retailer’s stock valued at $5,615,000 after purchasing an additional 6,963 shares in the last quarter. CENTRAL TRUST Co purchased a new position in shares of KAR Auction Services during the 2nd quarter valued at $150,000. River Road Asset Management LLC purchased a new position in shares of KAR Auction Services during the 2nd quarter valued at $37,096,000. Finally, Visionary Asset Management Inc. purchased a new position in shares of KAR Auction Services during the 2nd quarter valued at $309,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.
A number of research firms have recently commented on KAR. Jefferies Group LLC restated a “buy” rating and set a $50.00 price target on shares of KAR Auction Services in a research report on Tuesday, September 12th. Zacks Investment Research upgraded shares of KAR Auction Services from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. BidaskClub lowered shares of KAR Auction Services from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Gabelli began coverage on shares of KAR Auction Services in a research report on Tuesday, July 4th. They set a “buy” rating and a $62.00 price target for the company. Finally, Stephens lowered shares of KAR Auction Services from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $51.00 to $48.00 in a research report on Thursday, September 7th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $52.75.
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Shares of KAR Auction Services, Inc (NYSE:KAR) traded up 0.77% on Friday, reaching $46.01. 786,653 shares of the company traded hands. KAR Auction Services, Inc has a 1-year low of $38.16 and a 1-year high of $47.03. The stock has a 50-day moving average price of $44.16 and a 200 day moving average price of $43.28. The firm has a market capitalization of $6.32 billion, a P/E ratio of 28.23 and a beta of 1.10.
KAR Auction Services (NYSE:KAR) last posted its earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.07. The company had revenue of $858.00 million during the quarter, compared to analysts’ expectations of $850.67 million. KAR Auction Services had a net margin of 6.83% and a return on equity of 21.46%. KAR Auction Services’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the company posted $0.55 earnings per share. Analysts anticipate that KAR Auction Services, Inc will post $2.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Wednesday, September 20th will be paid a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 19th. This represents a $1.28 annualized dividend and a yield of 2.78%. KAR Auction Services’s payout ratio is 78.53%.
In related news, COO Donald S. Gottwald sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $43.68, for a total transaction of $436,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John W. Kett sold 10,011 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $42.01, for a total transaction of $420,562.11. Following the transaction, the chief executive officer now directly owns 65,982 shares of the company’s stock, valued at $2,771,903.82. The disclosure for this sale can be found here. Insiders have sold 30,039 shares of company stock valued at $1,279,186 over the last ninety days. 1.30% of the stock is currently owned by corporate insiders.
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).
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