KAR Auction Services, Inc (KAR) Expected to Announce Quarterly Sales of $841.38 Million
Wall Street analysts expect KAR Auction Services, Inc (NYSE:KAR) to post $841.38 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for KAR Auction Services’ earnings, with the highest sales estimate coming in at $860.95 million and the lowest estimate coming in at $823.20 million. KAR Auction Services reported sales of $773.80 million in the same quarter last year, which indicates a positive year over year growth rate of 8.7%. The firm is scheduled to announce its next earnings report on Thursday, November 2nd.
On average, analysts expect that KAR Auction Services will report full year sales of $841.38 million for the current year, with estimates ranging from $3.41 billion to $3.44 billion. For the next year, analysts expect that the business will report sales of $3.64 billion per share, with estimates ranging from $3.59 billion to $3.70 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover KAR Auction Services.
KAR Auction Services (NYSE:KAR) last issued its earnings results on Tuesday, August 8th. The specialty retailer reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07. KAR Auction Services had a return on equity of 21.46% and a net margin of 6.83%. The firm had revenue of $858.00 million for the quarter, compared to the consensus estimate of $850.67 million. During the same quarter in the previous year, the company posted $0.55 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year.
Several equities analysts have recently weighed in on the company. BidaskClub cut KAR Auction Services from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. Gabelli assumed coverage on KAR Auction Services in a report on Tuesday, July 4th. They set a “buy” rating and a $62.00 price target for the company. Zacks Investment Research cut KAR Auction Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Stephens cut KAR Auction Services from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $51.00 to $48.00 in a report on Thursday, September 7th. Finally, Jefferies Group LLC restated a “buy” rating and set a $50.00 price objective on shares of KAR Auction Services in a report on Tuesday, September 12th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $53.33.
KAR Auction Services (NYSE KAR) opened at 47.84 on Friday. KAR Auction Services has a 52 week low of $38.16 and a 52 week high of $48.65. The firm has a 50-day moving average price of $45.82 and a 200-day moving average price of $43.51. The stock has a market cap of $6.57 billion, a P/E ratio of 29.35 and a beta of 1.07.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Wednesday, September 20th were given a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, September 19th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.68%. KAR Auction Services’s payout ratio is 78.53%.
In other KAR Auction Services news, CEO John W. Kett sold 10,011 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 65,982 shares in the company, valued at $2,771,903.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Donald S. Gottwald sold 10,000 shares of the business’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 transaction of $436,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,031 shares of company stock valued at $858,249. Company insiders own 1.30% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Brookstone Capital Management acquired a new position in KAR Auction Services during the second quarter valued at approximately $269,000. CENTRAL TRUST Co acquired a new position in KAR Auction Services during the second quarter valued at approximately $150,000. River Road Asset Management LLC acquired a new position in KAR Auction Services during the second quarter valued at approximately $37,096,000. Visionary Asset Management Inc. acquired a new position in KAR Auction Services during the second quarter valued at approximately $309,000. Finally, Gilbert & Cook Inc. acquired a new position in KAR Auction Services during the second quarter valued at approximately $240,000. Institutional investors and hedge funds own 99.27% of the company’s stock.
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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