Wall Street analysts expect KAR Auction Services Inc (NYSE:KAR) to report $923.01 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for KAR Auction Services’ earnings. The lowest sales estimate is $915.26 million and the highest is $931.58 million. KAR Auction Services reported sales of $858.00 million during the same quarter last year, which indicates a positive year over year growth rate of 7.6%. The company is expected to issue its next earnings report on Tuesday, August 14th.
On average, analysts expect that KAR Auction Services will report full-year sales of $3.71 billion for the current year, with estimates ranging from $3.67 billion to $3.73 billion. For the next fiscal year, analysts expect that the business will post sales of $3.95 billion per share, with estimates ranging from $3.87 billion to $4.01 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover KAR Auction Services.
KAR Auction Services (NYSE:KAR) last announced its earnings results on Tuesday, May 8th. The specialty retailer reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.06. KAR Auction Services had a return on equity of 24.93% and a net margin of 10.81%. The company had revenue of $950.50 million during the quarter, compared to analysts’ expectations of $923.66 million. During the same period last year, the business posted $0.62 EPS. KAR Auction Services’s revenue for the quarter was up 9.7% on a year-over-year basis.
A number of equities analysts recently commented on KAR shares. JPMorgan Chase & Co. raised their target price on KAR Auction Services from $62.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, March 19th. Bank of America raised their target price on KAR Auction Services from $60.00 to $66.00 and gave the company a “buy” rating in a report on Friday, March 2nd. Barrington Research restated a “buy” rating on shares of KAR Auction Services in a report on Wednesday, March 21st. Zacks Investment Research cut KAR Auction Services from a “strong-buy” rating to a “hold” rating in a report on Saturday, March 3rd. Finally, SunTrust Banks started coverage on KAR Auction Services in a report on Thursday, March 22nd. They set a “buy” rating and a $65.00 target price for the company. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. KAR Auction Services currently has an average rating of “Buy” and an average price target of $58.78.
In other news, COO Donald S. Gottwald sold 10,000 shares of KAR Auction Services stock in a transaction dated Tuesday, May 15th. The stock was sold at an average price of $53.39, for a total value of $533,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rebecca C. Polak sold 39,589 shares of the firm’s stock in a transaction dated Thursday, June 7th. The stock was sold at an average price of $55.20, for a total value of $2,185,312.80. Following the sale, the insider now directly owns 51,041 shares in the company, valued at approximately $2,817,463.20. The disclosure for this sale can be found here. Insiders sold a total of 59,589 shares of company stock valued at $3,271,213 in the last quarter. Company insiders own 1.29% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. SeaCrest Wealth Management LLC acquired a new stake in shares of KAR Auction Services during the 4th quarter worth about $103,000. SG Americas Securities LLC acquired a new stake in shares of KAR Auction Services during the 4th quarter worth about $105,000. Assetmark Inc. raised its position in shares of KAR Auction Services by 336.4% during the 4th quarter. Assetmark Inc. now owns 3,116 shares of the specialty retailer’s stock worth $157,000 after acquiring an additional 2,402 shares in the last quarter. Stephens Inc. AR acquired a new stake in shares of KAR Auction Services during the 1st quarter worth about $215,000. Finally, Point72 Asia Hong Kong Ltd raised its position in shares of KAR Auction Services by 1,686.2% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 4,644 shares of the specialty retailer’s stock worth $252,000 after acquiring an additional 4,384 shares in the last quarter.
KAR Auction Services stock traded up $0.39 during midday trading on Monday, reaching $55.14. 637,514 shares of the stock traded hands, compared to its average volume of 940,239. KAR Auction Services has a 12-month low of $40.27 and a 12-month high of $56.75. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 1.32 and a beta of 1.09. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.30 and a quick ratio of 1.30.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Stockholders of record on Thursday, June 21st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Wednesday, June 20th. KAR Auction Services’s payout ratio is presently 56.00%.
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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