Karooooo (NASDAQ:KARO) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Karooooo (NASDAQ:KARO) from a hold rating to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

A number of other research firms have also recently weighed in on KARO. Roth Capital restated a “buy” rating and set a $68.00 price objective on shares of Karooooo in a research report on Thursday, May 14th. UBS Group dropped their target price on Karooooo from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, May 15th. Needham & Company LLC reiterated a “buy” rating on shares of Karooooo in a report on Wednesday, June 3rd. Wall Street Zen cut shares of Karooooo from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Karooooo in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $60.75.

Karooooo Stock Performance

Shares of NASDAQ KARO opened at $57.73 on Tuesday. The company has a market capitalization of $1.78 billion, a PE ratio of 31.21 and a beta of 0.89. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.05 and a current ratio of 1.06. The company’s fifty day moving average price is $48.78 and its 200 day moving average price is $48.21. Karooooo has a 1 year low of $41.25 and a 1 year high of $60.53.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings data on Tuesday, April 14th. The company reported $0.45 earnings per share for the quarter. Karooooo had a net margin of 18.07% and a return on equity of 31.26%. The business had revenue of $90.93 million during the quarter. On average, research analysts predict that Karooooo will post 2.37 earnings per share for the current year.

Karooooo Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Monday, July 27th. Stockholders of record on Friday, July 17th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Friday, July 17th. This is a boost from Karooooo’s previous annual dividend of $1.25. This represents a dividend yield of 347.0%. Karooooo’s payout ratio is presently 67.57%.

Hedge Funds Weigh In On Karooooo

Several hedge funds have recently bought and sold shares of the company. Capricorn Fund Managers Ltd grew its position in Karooooo by 16.9% in the 1st quarter. Capricorn Fund Managers Ltd now owns 278,346 shares of the company’s stock valued at $13,873,000 after acquiring an additional 40,268 shares in the last quarter. Schwartz Investment Counsel Inc. grew its holdings in shares of Karooooo by 22.9% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 78,365 shares of the company’s stock valued at $3,566,000 after purchasing an additional 14,600 shares in the last quarter. Two Sigma Investments LP increased its stake in Karooooo by 115.4% during the 3rd quarter. Two Sigma Investments LP now owns 74,130 shares of the company’s stock worth $4,234,000 after buying an additional 39,709 shares during the period. Marshall Wace LLP lifted its holdings in Karooooo by 699.1% during the 2nd quarter. Marshall Wace LLP now owns 55,602 shares of the company’s stock worth $2,723,000 after buying an additional 48,644 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Karooooo by 43.1% during the 4th quarter. First Trust Advisors LP now owns 46,767 shares of the company’s stock worth $2,128,000 after buying an additional 14,078 shares in the last quarter.

About Karooooo

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo’s SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.