KAR Auction Services (KAR) Upgraded at ValuEngine

ValuEngine upgraded shares of KAR Auction Services (NYSE:KAR) from a hold rating to a buy rating in a research report released on Wednesday morning.

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of KAR Auction Services from a hold rating to a buy rating and set a $67.00 price target on the stock in a research report on Tuesday, August 7th. Robert W. Baird boosted their price target on shares of KAR Auction Services from $62.00 to $64.00 and gave the stock an outperform rating in a research report on Thursday, August 9th. Barrington Research restated a buy rating on shares of KAR Auction Services in a research report on Monday, August 6th. SunTrust Banks set a $70.00 price target on shares of KAR Auction Services and gave the stock a buy rating in a research report on Thursday, August 9th. Finally, Gabelli cut shares of KAR Auction Services from a buy rating to a hold rating in a research report on Thursday, August 9th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. KAR Auction Services presently has a consensus rating of Buy and an average target price of $63.14.

Shares of KAR Auction Services stock traded down $0.27 on Wednesday, hitting $58.17. 1,310,335 shares of the company traded hands, compared to its average volume of 807,931. The stock has a market cap of $7.65 billion, a P/E ratio of 23.27, a PEG ratio of 1.70 and a beta of 1.08. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.31 and a quick ratio of 1.31. KAR Auction Services has a 52 week low of $47.43 and a 52 week high of $64.55.

KAR Auction Services (NYSE:KAR) last announced its quarterly earnings results on Tuesday, August 7th. The specialty retailer reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.02. KAR Auction Services had a net margin of 11.50% and a return on equity of 26.15%. The company had revenue of $956.60 million for the quarter, compared to analysts’ expectations of $923.01 million. As a group, equities analysts expect that KAR Auction Services will post 3 EPS for the current year.

In other KAR Auction Services news, EVP Benjamin Skuy sold 59,560 shares of the business’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $62.74, for a total transaction of $3,736,794.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO James P. Hallett sold 150,000 shares of the business’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $62.11, for a total transaction of $9,316,500.00. The disclosure for this sale can be found here. Insiders sold 277,560 shares of company stock worth $17,295,354 in the last 90 days. 1.29% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of KAR. BlackRock Inc. increased its position in KAR Auction Services by 19.5% during the second quarter. BlackRock Inc. now owns 7,506,952 shares of the specialty retailer’s stock valued at $411,380,000 after acquiring an additional 1,226,197 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of KAR Auction Services by 853.3% during the second quarter. Voya Investment Management LLC now owns 1,119,459 shares of the specialty retailer’s stock valued at $61,346,000 after purchasing an additional 1,002,023 shares during the period. Victory Capital Management Inc. boosted its stake in shares of KAR Auction Services by 63.7% during the third quarter. Victory Capital Management Inc. now owns 2,062,077 shares of the specialty retailer’s stock valued at $123,086,000 after purchasing an additional 802,767 shares during the period. Bank of America Corp DE boosted its stake in shares of KAR Auction Services by 97.8% during the second quarter. Bank of America Corp DE now owns 1,477,098 shares of the specialty retailer’s stock valued at $80,944,000 after purchasing an additional 730,355 shares during the period. Finally, South Texas Money Management Ltd. purchased a new stake in shares of KAR Auction Services during the second quarter valued at $32,997,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

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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Analyst Recommendations for KAR Auction Services (NYSE:KAR)

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