KAR Auction Services (KAR) PT Raised to $66.00 at Bank of America
KAR Auction Services (NYSE:KAR) had its price target lifted by Bank of America from $60.00 to $66.00 in a report published on Friday. Bank of America currently has a buy rating on the specialty retailer’s stock.
KAR has been the topic of a number of other reports. Zacks Investment Research cut KAR Auction Services from a buy rating to a hold rating in a research report on Wednesday, January 3rd. Gabelli cut KAR Auction Services from a buy rating to a hold rating and set a $53.00 target price on the stock. in a research report on Thursday, November 2nd. Barrington Research set a $55.00 target price on KAR Auction Services and gave the company a buy rating in a research report on Sunday, February 25th. Robert W. Baird restated a buy rating and set a $58.00 target price on shares of KAR Auction Services in a research report on Friday, February 23rd. Finally, Stephens set a $57.00 target price on KAR Auction Services and gave the company a hold rating in a research report on Wednesday, January 17th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. KAR Auction Services currently has a consensus rating of Buy and an average price target of $56.63.
Shares of KAR Auction Services (KAR) opened at $54.11 on Friday. The firm has a market capitalization of $7,272.87, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.66 and a beta of 1.08. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.31 and a current ratio of 1.31. KAR Auction Services has a 12-month low of $40.27 and a 12-month high of $55.19.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 4th. Stockholders of record on Thursday, March 22nd will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Wednesday, March 21st. KAR Auction Services’s dividend payout ratio (DPR) is presently 53.03%.
In related news, EVP Lisa A. Price sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $51.18, for a total value of $511,800.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 18,751 shares of company stock worth $984,682 over the last ninety days. 1.30% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. Xact Kapitalforvaltning AB purchased a new position in KAR Auction Services in the 4th quarter valued at about $582,000. Handelsbanken Fonder AB lifted its stake in KAR Auction Services by 48.3% in the 4th quarter. Handelsbanken Fonder AB now owns 307,000 shares of the specialty retailer’s stock valued at $15,507,000 after buying an additional 100,000 shares in the last quarter. Alkeon Capital Management LLC lifted its stake in KAR Auction Services by 24.3% in the 4th quarter. Alkeon Capital Management LLC now owns 1,294,440 shares of the specialty retailer’s stock valued at $65,382,000 after buying an additional 253,195 shares in the last quarter. Pacific Grove Capital LP lifted its stake in KAR Auction Services by 52.8% in the 4th quarter. Pacific Grove Capital LP now owns 102,389 shares of the specialty retailer’s stock valued at $5,172,000 after buying an additional 35,389 shares in the last quarter. Finally, BB&T Securities LLC lifted its stake in KAR Auction Services by 1.9% in the 4th quarter. BB&T Securities LLC now owns 196,631 shares of the specialty retailer’s stock valued at $9,931,000 after buying an additional 3,597 shares in the last quarter. 97.96% of the stock is currently owned by hedge funds and other institutional investors.
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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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