Nuveen Asset Management LLC Purchases 366,454 Shares of KAR Auction Services Inc (NYSE:KAR)

Nuveen Asset Management LLC grew its position in shares of KAR Auction Services Inc (NYSE:KAR) by 370.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 465,492 shares of the specialty retailer’s stock after buying an additional 366,454 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.35% of KAR Auction Services worth $11,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its position in shares of KAR Auction Services by 7.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,065 shares of the specialty retailer’s stock worth $414,000 after purchasing an additional 588 shares in the last quarter. Neuberger Berman Group LLC lifted its position in shares of KAR Auction Services by 325.5% during the first quarter. Neuberger Berman Group LLC now owns 573,277 shares of the specialty retailer’s stock worth $29,415,000 after purchasing an additional 438,539 shares in the last quarter. Mission Wealth Management LP lifted its position in shares of KAR Auction Services by 17.6% during the first quarter. Mission Wealth Management LP now owns 5,244 shares of the specialty retailer’s stock worth $269,000 after purchasing an additional 784 shares in the last quarter. Formula Growth Ltd. lifted its position in shares of KAR Auction Services by 913.0% during the first quarter. Formula Growth Ltd. now owns 392,046 shares of the specialty retailer’s stock worth $20,116,000 after purchasing an additional 353,346 shares in the last quarter. Finally, Private Advisors LLC acquired a new position in shares of KAR Auction Services during the first quarter worth approximately $361,000. 99.42% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE KAR opened at $23.80 on Friday. The company’s 50 day simple moving average is $25.33 and its 200 day simple moving average is $40.02. KAR Auction Services Inc has a fifty-two week low of $16.41 and a fifty-two week high of $28.61. The firm has a market capitalization of $3.17 billion, a P/E ratio of 8.04, a P/E/G ratio of 1.34 and a beta of 1.07. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.14 and a quick ratio of 1.14.

KAR Auction Services (NYSE:KAR) last announced its quarterly earnings data 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). KAR Auction Services had a net margin of 7.67% and a return on equity of 19.93%. The business had revenue of $719.00 million during the quarter, compared to analyst estimates of $692.00 million. During the same quarter in the prior year, the company earned $0.82 earnings per share. The company’s quarterly revenue was up 15.4% on a year-over-year basis. Sell-side analysts expect that KAR Auction Services Inc will post 1.23 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Friday, September 20th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.19%. The ex-dividend date was Thursday, September 19th. KAR Auction Services’s payout ratio is presently 25.68%.

A number of brokerages have recently issued reports on KAR. Barrington Research reiterated a “buy” rating and set a $42.50 target price on shares of KAR Auction Services in a research report on Friday, June 28th. Zacks Investment Research upgraded shares of KAR Auction Services from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 29th. Guggenheim lowered shares of KAR Auction Services from a “neutral” rating to a “sell” rating and set a $20.00 price objective on the stock. in a report on Tuesday, July 2nd. JPMorgan Chase & Co. lowered shares of KAR Auction Services from an “overweight” rating to a “neutral” rating and set a $25.00 price objective on the stock. in a report on Monday, July 1st. Finally, Robert W. Baird started coverage on shares of KAR Auction Services in a report on Friday, June 28th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $39.58.

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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Institutional Ownership by Quarter for KAR Auction Services (NYSE:KAR)

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