$885.49 Million in Sales Expected for KAR Auction Services, Inc (KAR) This Quarter
Brokerages forecast that KAR Auction Services, Inc (NYSE:KAR) will announce sales of $885.49 million for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for KAR Auction Services’ earnings. The highest sales estimate is $916.12 million and the lowest is $865.03 million. KAR Auction Services posted sales of $813.70 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 8.8%. The company is scheduled to announce its next quarterly earnings results on Tuesday, February 20th.
According to Zacks, analysts expect that KAR Auction Services will report full-year sales of $885.49 million for the current financial year, with estimates ranging from $3.43 billion to $3.48 billion. For the next year, analysts expect that the firm will report sales of $3.69 billion per share, with estimates ranging from $3.61 billion to $3.73 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow KAR Auction Services.
KAR Auction Services (NYSE:KAR) last announced its quarterly earnings results on Tuesday, October 31st. The specialty retailer reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.06. The business had revenue of $843.00 million during the quarter, compared to analyst estimates of $846.42 million. KAR Auction Services had a net margin of 6.94% and a return on equity of 22.37%. KAR Auction Services’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 EPS.
A number of brokerages have commented on KAR. Zacks Investment Research upgraded shares of KAR Auction Services from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Wednesday, November 1st. Gabelli downgraded shares of KAR Auction Services from a “buy” rating to a “hold” rating and set a $53.00 price objective on the stock. in a report on Thursday, November 2nd. BidaskClub raised shares of KAR Auction Services from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Jefferies Group LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of KAR Auction Services in a report on Tuesday, September 12th. Finally, J P Morgan Chase & Co lifted their price objective on shares of KAR Auction Services from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $52.20.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Archford Capital Strategies LLC boosted its holdings in shares of KAR Auction Services by 832.0% in the 2nd quarter. Archford Capital Strategies LLC now owns 932 shares of the specialty retailer’s stock worth $103,000 after buying an additional 832 shares during the last quarter. Acrospire Investment Management LLC purchased a new position in shares of KAR Auction Services in the 2nd quarter worth about $118,000. KBC Group NV boosted its holdings in shares of KAR Auction Services by 81.5% in the 3rd quarter. KBC Group NV now owns 2,696 shares of the specialty retailer’s stock worth $129,000 after buying an additional 1,211 shares during the last quarter. CENTRAL TRUST Co purchased a new position in shares of KAR Auction Services in the 2nd quarter worth about $150,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of KAR Auction Services by 105.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,063 shares of the specialty retailer’s stock worth $171,000 after buying an additional 2,087 shares during the last quarter.
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Shares of KAR Auction Services (KAR) opened at $47.93 on Thursday. The company has a market cap of $6,511.65, a price-to-earnings ratio of 21.02, a price-to-earnings-growth ratio of 1.51 and a beta of 1.08. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.35 and a current ratio of 1.35. KAR Auction Services has a one year low of $39.75 and a one year high of $49.38.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.92%. This is an increase from KAR Auction Services’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Tuesday, December 19th. KAR Auction Services’s payout ratio is currently 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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