Engineers Gate Manager LP Acquires 53,710 Shares of KAR Auction Services, Inc (KAR)
Engineers Gate Manager LP increased its holdings in shares of KAR Auction Services, Inc (NYSE:KAR) by 213.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 78,863 shares of the specialty retailer’s stock after purchasing an additional 53,710 shares during the quarter. Engineers Gate Manager LP owned approximately 0.06% of KAR Auction Services worth $3,310,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Toronto Dominion Bank boosted its holdings in KAR Auction Services by 7.2% during the first quarter. Toronto Dominion Bank now owns 2,830 shares of the specialty retailer’s stock worth $124,000 after purchasing an additional 190 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in KAR Auction Services by 378.4% during the first quarter. Tower Research Capital LLC TRC now owns 2,966 shares of the specialty retailer’s stock worth $130,000 after purchasing an additional 2,346 shares during the last quarter. CENTRAL TRUST Co acquired a new position in KAR Auction Services during the second quarter worth $150,000. SG Americas Securities LLC acquired a new position in KAR Auction Services during the first quarter worth $162,000. Finally, Bronfman E.L. Rothschild L.P. boosted its holdings in KAR Auction Services by 3.6% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 4,897 shares of the specialty retailer’s stock worth $214,000 after purchasing an additional 168 shares during the last quarter. Institutional investors and hedge funds own 99.95% of the company’s stock.
KAR has been the subject of several recent research reports. Zacks Investment Research upgraded shares of KAR Auction Services from a “sell” rating to a “hold” rating in a report on Friday, May 12th. BidaskClub lowered shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research report on Saturday, June 17th. 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 on the stock. Finally, Stephens lowered shares of KAR Auction Services from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $51.00 to $48.00 in a research report on Thursday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. KAR Auction Services presently has a consensus rating of “Hold” and a consensus target price of $53.67.
KAR Auction Services, Inc (KAR) opened at 44.59 on Friday. The stock has a 50 day moving average of $43.36 and a 200 day moving average of $43.27. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of 27.36 and a beta of 1.10. KAR Auction Services, Inc has a 12 month low of $38.16 and a 12 month high of $47.03.
KAR Auction Services (NYSE:KAR) last issued its quarterly earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.07. The company had revenue of $858 million for the quarter, compared to the consensus estimate of $850.67 million. KAR Auction Services had a net margin of 6.83% and a return on equity of 21.46%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.55 EPS. Equities analysts anticipate that KAR Auction Services, Inc will post $2.25 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Wednesday, September 20th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Tuesday, September 19th. KAR Auction Services’s dividend payout ratio (DPR) is currently 78.53%.
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In related news, CEO John W. Kett sold 10,008 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $42.06, for a total value of $420,936.48. Following the sale, the chief executive officer now directly owns 58,941 shares in the company, valued at approximately $2,479,058.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John W. Kett sold 10,011 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $42.01, for a total value of $420,562.11. Following the completion of the sale, the chief executive officer now owns 65,982 shares in the company, valued at $2,771,903.82. The disclosure for this sale can be found here. Insiders sold a total of 30,039 shares of company stock worth $1,279,186 over the last three months. 1.30% of the stock is owned by insiders.
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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