BNP Paribas Arbitrage SA lowered its position in shares of KAR Auction Services Inc (NYSE:KAR) by 14.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,127 shares of the specialty retailer’s stock after selling 16,031 shares during the period. BNP Paribas Arbitrage SA owned approximately 0.07% of KAR Auction Services worth $4,285,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Suntrust Banks Inc. boosted its stake in KAR Auction Services by 6.2% in the first quarter. Suntrust Banks Inc. now owns 67,341 shares of the specialty retailer’s stock worth $2,940,000 after buying an additional 3,915 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of KAR Auction Services by 81.6% in the first quarter. Bank of New York Mellon Corp now owns 1,426,858 shares of the specialty retailer’s stock valued at $62,311,000 after buying an additional 641,276 shares in the last quarter. Princeton Alpha Management LP purchased a new stake in shares of KAR Auction Services during the first quarter valued at $243,000. Capital Fund Management S.A. boosted its stake in shares of KAR Auction Services by 32.1% in the first quarter. Capital Fund Management S.A. now owns 55,205 shares of the specialty retailer’s stock valued at $2,411,000 after buying an additional 13,405 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of KAR Auction Services by 5.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 7,322 shares of the specialty retailer’s stock valued at $320,000 after buying an additional 366 shares in the last quarter.
Shares of KAR Auction Services Inc (KAR) opened at 44.34 on Tuesday. The stock’s 50 day moving average is $43.32 and its 200 day moving average is $43.82. The company has a market cap of $6.08 billion, a P/E ratio of 26.71 and a beta of 1.35. KAR Auction Services Inc has a 12 month low of $38.16 and a 12 month high of $47.03.
KAR Auction Services (NYSE:KAR) last released its quarterly earnings results on Tuesday, May 9th. The specialty retailer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. The business had revenue of $866.60 million for the quarter, compared to analysts’ expectations of $848.73 million. KAR Auction Services had a net margin of 7.58% and a return on equity of 19.45%. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.55 earnings per share. On average, analysts anticipate that KAR Auction Services Inc will post $2.22 EPS for the current fiscal year. The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 6th. Shareholders of record on Wednesday, June 21st will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.89%. The ex-dividend date is Monday, June 19th. KAR Auction Services’s dividend payout ratio is currently 79.01%.
Several analysts have recently commented on the stock. Zacks Investment Research cut shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Friday, March 10th. Gabelli assumed coverage on shares of KAR Auction Services in a report on Friday, April 7th. They issued a “buy” rating on the stock. Finally, Wolfe Research initiated coverage on shares of KAR Auction Services in a report on Thursday, March 2nd. They issued an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $50.33. In other KAR Auction Services news, CEO John W. Kett sold 8,321 shares of the firm’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $43.36, for a total transaction of $360,798.56. Following the completion of the transaction, the chief executive officer now owns 35,966 shares of the company’s stock, valued at $1,559,485.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John W. Kett sold 9,938 shares of the firm’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $43.41, for a total value of $431,408.58. Following the transaction, the chief executive officer now directly owns 44,694 shares of the company’s stock, valued at approximately $1,940,166.54. The disclosure for this sale can be found here. Insiders have sold 61,337 shares of company stock valued at $2,706,842 in the last three months. Insiders own 1.30% of the company’s stock.
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