Man Group plc increased its position in shares of KAR Auction Services Inc (NYSE:KAR) by 64.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 679,149 shares of the specialty retailer’s stock after buying an additional 265,675 shares during the period. Man Group plc owned 0.53% of KAR Auction Services worth $16,673,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Maverick Capital Ltd. acquired a new stake in KAR Auction Services in the second quarter valued at $126,648,000. Price T Rowe Associates Inc. MD grew its holdings in KAR Auction Services by 42.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 5,664,232 shares of the specialty retailer’s stock worth $141,606,000 after purchasing an additional 1,676,914 shares during the period. State Street Corp increased its position in KAR Auction Services by 79.6% during the third quarter. State Street Corp now owns 3,461,253 shares of the specialty retailer’s stock worth $85,361,000 after buying an additional 1,533,918 shares during the last quarter. Scopia Capital Management LP increased its position in KAR Auction Services by 143.9% during the second quarter. Scopia Capital Management LP now owns 2,565,615 shares of the specialty retailer’s stock worth $64,140,000 after buying an additional 1,513,721 shares during the last quarter. Finally, New Mountain Vantage Advisers L.L.C. acquired a new position in KAR Auction Services during the second quarter worth approximately $37,655,000. 99.40% of the stock is currently owned by hedge funds and other institutional investors.
Shares of KAR stock opened at $20.85 on Tuesday. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 1.26 and a beta of 0.96. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.29 and a current ratio of 1.29. The company has a 50-day simple moving average of $23.36 and a 200 day simple moving average of $32.18. KAR Auction Services Inc has a 52 week low of $16.41 and a 52 week high of $28.61.
KAR Auction Services (NYSE:KAR) last released its quarterly earnings results on Tuesday, November 5th. The specialty retailer reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.04). The company had revenue of $701.90 million during the quarter, compared to the consensus estimate of $697.46 million. KAR Auction Services had a net margin of 6.95% and a return on equity of 16.67%. The firm’s revenue was up 14.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 earnings per share. Sell-side analysts forecast that KAR Auction Services Inc will post 1.15 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 20th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Thursday, December 19th. KAR Auction Services’s dividend payout ratio is presently 25.68%.
In other news, Director Mark E. Hill bought 18,500 shares of the stock in a transaction dated Monday, November 11th. The shares were bought at an average price of $21.50 per share, for a total transaction of $397,750.00. Following the completion of the purchase, the director now owns 48,200 shares in the company, valued at $1,036,300. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Smith Mark sold 1,063,240 shares of KAR Auction Services stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $0.99, for a total value of $1,052,607.60. 1.10% of the stock is currently owned by corporate insiders.
KAR has been the subject of a number of recent analyst reports. Zacks Investment Research cut KAR Auction Services from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 8th. CJS Securities lowered KAR Auction Services from an “outperform” rating to a “market perform” rating in a report on Thursday, November 7th. Finally, ValuEngine upgraded KAR Auction Services from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. KAR Auction Services has a consensus rating of “Hold” and an average target price of $33.58.
KAR Auction Services 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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