Scopia Capital Management LP boosted its stake in shares of KAR Auction Services Inc (NYSE:KAR) by 143.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,565,615 shares of the specialty retailer’s stock after purchasing an additional 1,513,721 shares during the quarter. KAR Auction Services comprises approximately 2.8% of Scopia Capital Management LP’s investment portfolio, making the stock its 14th biggest position. Scopia Capital Management LP owned about 1.92% of KAR Auction Services worth $64,140,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in KAR. BlackRock Inc. boosted its position in KAR Auction Services by 46.2% during the first quarter. BlackRock Inc. now owns 10,730,329 shares of the specialty retailer’s stock worth $550,575,000 after purchasing an additional 3,392,759 shares during the period. New Mountain Vantage Advisers L.L.C. acquired a new stake in shares of KAR Auction Services during the second quarter worth $37,655,000. Janus Henderson Group PLC lifted its holdings in shares of KAR Auction Services by 44.5% during the second quarter. Janus Henderson Group PLC now owns 3,416,468 shares of the specialty retailer’s stock worth $85,412,000 after buying an additional 1,052,915 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of KAR Auction Services by 72.8% during the second quarter. Invesco Ltd. now owns 1,929,076 shares of the specialty retailer’s stock worth $48,227,000 after buying an additional 812,627 shares in the last quarter. Finally, Anchor Capital Advisors LLC acquired a new stake in shares of KAR Auction Services during the second quarter worth $17,014,000.
A number of research analysts recently commented on KAR shares. JPMorgan Chase & Co. downgraded KAR Auction Services from an “overweight” rating to a “neutral” rating and set a $25.00 price target for the company. in a research note on Monday, July 1st. Zacks Investment Research raised KAR Auction Services from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 29th. Barrington Research reissued a “buy” rating and set a $42.50 target price on shares of KAR Auction Services in a research note on Friday, June 28th. ValuEngine raised KAR Auction Services from a “sell” rating to a “hold” rating in a research note on Wednesday, September 4th. Finally, SunTrust Banks lowered their target price on KAR Auction Services from $65.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. KAR Auction Services has a consensus rating of “Hold” and a consensus target price of $39.58.
KAR Auction Services (NYSE:KAR) last released its quarterly earnings results on Tuesday, August 6th. The specialty retailer reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.10). The firm had revenue of $719.00 million for the quarter, compared to the consensus estimate of $692.00 million. KAR Auction Services had a return on equity of 19.93% and a net margin of 7.67%. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.82 earnings per share. As a group, sell-side analysts expect that KAR Auction Services Inc will post 1.24 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Friday, September 20th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Thursday, September 19th. KAR Auction Services’s dividend payout ratio (DPR) is currently 47.30%.
KAR Auction Services Company Profile
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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