KAR Auction Services, Inc to Post FY2017 Earnings of $2.35 Per Share, Gabelli Forecasts (KAR)
KAR Auction Services, Inc (NYSE:KAR) – Equities research analysts at Gabelli boosted their FY2017 earnings estimates for shares of KAR Auction Services in a research report issued on Thursday. Gabelli analyst M. Paige now anticipates that the specialty retailer will post earnings of $2.35 per share for the year, up from their previous forecast of $2.25. Gabelli currently has a “Hold” rating and a $53.00 target price on the stock.
KAR Auction Services (NYSE:KAR) last issued its quarterly earnings data on Tuesday, October 31st. The specialty retailer reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.06. The firm had revenue of $843.00 million for the quarter, compared to analysts’ expectations of $846.42 million. KAR Auction Services had a net margin of 6.94% and a return on equity of 22.37%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.50 earnings per share. WARNING: “KAR Auction Services, Inc to Post FY2017 Earnings of $2.35 Per Share, Gabelli Forecasts (KAR)” was first published by Watch List News and is owned by of Watch List News. If you are accessing this piece on another domain, it was stolen and reposted in violation of United States & international copyright & trademark laws. The original version of this piece can be accessed at https://www.watchlistnews.com/kar-auction-services-inc-to-post-fy2017-earnings-of-2-35-per-share-gabelli-forecasts-kar/1681895.html.
Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of KAR Auction Services from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Wednesday, November 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of KAR Auction Services in a research note on Tuesday, September 12th. Stephens cut shares of KAR Auction Services from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $51.00 to $48.00 in a research note on Thursday, September 7th. BidaskClub raised shares of KAR Auction Services from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Finally, J P Morgan Chase & Co increased their price target on shares of KAR Auction Services from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. KAR Auction Services currently has a consensus rating of “Buy” and an average target price of $51.80.
Shares of KAR Auction Services (NYSE KAR) opened at $48.51 on Monday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market cap of $6,561.70, a PE ratio of 21.18, a price-to-earnings-growth ratio of 1.53 and a beta of 1.08. KAR Auction Services has a 52 week low of $38.16 and a 52 week high of $49.04.
A number of institutional investors and hedge funds have recently bought and sold shares of KAR. BlackRock Inc. raised its holdings in KAR Auction Services by 20,047.2% in the first quarter. BlackRock Inc. now owns 5,618,436 shares of the specialty retailer’s stock worth $245,357,000 after purchasing an additional 5,590,549 shares during the period. Janus Henderson Group PLC acquired a new stake in KAR Auction Services in the second quarter worth $69,833,000. Bessemer Group Inc. raised its holdings in KAR Auction Services by 43.0% in the second quarter. Bessemer Group Inc. now owns 3,115,698 shares of the specialty retailer’s stock worth $130,767,000 after purchasing an additional 937,368 shares during the period. Principal Financial Group Inc. raised its holdings in shares of KAR Auction Services by 18.6% during the second quarter. Principal Financial Group Inc. now owns 5,867,365 shares of the specialty retailer’s stock worth $246,255,000 after acquiring an additional 918,735 shares during the period. Finally, River Road Asset Management LLC acquired a new stake in shares of KAR Auction Services during the second quarter worth $37,096,000. Institutional investors own 99.58% of the company’s stock.
In other KAR Auction Services news, COO Donald S. Gottwald sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.68, for a total value of $436,800.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by company insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, December 19th. This is a boost from KAR Auction Services’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a yield of 2.89%. KAR Auction Services’s dividend payout ratio (DPR) is presently 75.29%.
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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