Karmin Exploration Inc. (NYSE:KAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, November 1st. The brokerage currently has a $53.00 price target on the stock.
According to Zacks, “KAR Auction Services, Inc., through its subsidiaries, operates as a used vehicle and salvage auto auction company in North America. The company operates in three segments: ADESA, IAAI, and AFC. The ADESA segment provides whole car auctions and related services to commercial fleet operators, financial institutions, rental car companies, used vehicle dealers, vehicle manufacturers and their captive finance companies, and franchised and independent used vehicle dealers. This segment also provides value-added ancillary services, such as inspections, storage, transportation, reconditioning and titling, and other administrative services. The IAAI segment offers salvage vehicle auctions and related services. The AFC segment offers short-term and inventory-secured financing, known as floorplan financing, to independent used vehicle dealers. KAR Auction Services, Inc. is headquartered in Carmel, Indiana. “
Several other research firms have also recently weighed in on KAR. J P Morgan Chase & Co upped their price target on shares of Karmin Exploration from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Jefferies Group LLC reissued a “buy” rating and issued a $50.00 target price on shares of Karmin Exploration in a research note on Tuesday, September 12th. Stephens cut Karmin Exploration from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $51.00 to $48.00 in a research note on Thursday, September 7th. BidaskClub upgraded shares of Karmin Exploration from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. Finally, Gabelli assumed coverage on shares of Karmin Exploration in a research report on Tuesday, July 4th. They set a “buy” rating and a $62.00 price target for the company. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Karmin Exploration currently has a consensus rating of “Buy” and an average target price of C$52.20.
Karmin Exploration (NYSE KAR) opened at C$48.49 on Wednesday. Karmin Exploration has a 12 month low of C$38.39 and a 12 month high of C$49.38.
Karmin Exploration (NYSE:KAR) last posted its quarterly earnings data on Tuesday, October 31st. The company reported C$0.57 EPS for the quarter, beating the consensus estimate of C$0.51 by C$0.06. Karmin Exploration had a return on equity of 15.87% and a net margin of 6.67%. The business had revenue of C$843.00 million for the quarter, compared to the consensus estimate of C$846.42 million. During the same quarter in the prior year, the business earned $0.50 earnings per share. Karmin Exploration’s revenue for the quarter was up 6.8% on a year-over-year basis.
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In other Karmin Exploration news, COO Donald S. Gottwald sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of C$43.68, for a total transaction of C$436,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Several institutional investors and hedge funds have recently made changes to their positions in KAR. Prudential Financial Inc. bought a new stake in shares of Karmin Exploration during the first quarter valued at approximately $280,000. SG Americas Securities LLC purchased a new stake in Karmin Exploration in the first quarter worth approximately $162,000. American International Group Inc. boosted its holdings in Karmin Exploration by 294.7% in the first quarter. American International Group Inc. now owns 15,102 shares of the company’s stock worth $660,000 after purchasing an additional 11,276 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Karmin Exploration in the first quarter worth approximately $802,000. Finally, Teachers Advisors LLC boosted its holdings in Karmin Exploration by 5.9% in the first quarter. Teachers Advisors LLC now owns 141,976 shares of the company’s stock worth $6,200,000 after purchasing an additional 7,927 shares during the last quarter.
About Karmin Exploration
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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