KAR Auction Services Inc (NYSE:KAR) was the recipient of a large decrease in short interest during the month of June. As of June 30th, there was short interest totalling 2,161,600 shares, a decrease of 19.0% from the May 30th total of 2,667,900 shares. Approximately 1.6% of the shares of the company are short sold. Based on an average daily volume of 1,880,000 shares, the short-interest ratio is currently 1.1 days.
Several large investors have recently modified their holdings of KAR. Motco lifted its stake in shares of KAR Auction Services by 1,732.4% in the 1st quarter. Motco now owns 623 shares of the specialty retailer’s stock worth $32,000 after acquiring an additional 589 shares during the period. Arlington Partners LLC lifted its stake in shares of KAR Auction Services by 70.0% in the 1st quarter. Arlington Partners LLC now owns 850 shares of the specialty retailer’s stock worth $44,000 after acquiring an additional 350 shares during the period. Cornerstone Advisors Inc. acquired a new stake in shares of KAR Auction Services in the 1st quarter worth approximately $46,000. FTB Advisors Inc. lifted its stake in shares of KAR Auction Services by 75.9% in the 1st quarter. FTB Advisors Inc. now owns 1,038 shares of the specialty retailer’s stock worth $53,000 after acquiring an additional 448 shares during the period. Finally, Icon Wealth Partners LLC acquired a new stake in shares of KAR Auction Services in the 1st quarter worth approximately $57,000. 99.45% of the stock is owned by institutional investors.
Several research analysts have commented on KAR shares. Guggenheim upped their target price on shares of Equinix from $505.00 to $540.00 and gave the stock a “sell” rating in a research report on Tuesday, July 2nd. ValuEngine cut shares of WideOpenWest from a “hold” rating to a “sell” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. restated a “buy” rating on shares of SS&C Technologies in a research report on Monday, July 1st. Robert W. Baird started coverage on shares of IAA in a research report on Friday, June 28th. They issued an “outperform” rating for the company. Finally, SunTrust Banks upped their target price on shares of Constellation Brands from $180.00 to $190.00 and gave the stock a “hold” rating in a research report on Monday, July 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $42.50.
KAR Auction Services (NYSE:KAR) last issued its quarterly earnings results on Tuesday, May 7th. The specialty retailer reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.01 billion. KAR Auction Services had a return on equity of 25.43% and a net margin of 8.17%. The company’s revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.82 earnings per share. On average, equities analysts predict that KAR Auction Services will post 1.27 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.64%. The ex-dividend date was Friday, May 31st. KAR Auction Services’s dividend payout ratio is currently 47.30%.
About KAR Auction Services
KAR Auction Services, Inc, together with its subsidiaries, provides used car auction and salvage auction services in the United States, Canada, Mexico, and the United Kingdom. The company operates through three segments: ADESA Auctions, IAA, and AFC. The ADESA Auctions segment offers whole car auctions and related services to the vehicle remarketing industry through online auctions and auction facilities.
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