Pacific Grove Capital LP Acquires Shares of 67,000 KAR Auction Services, Inc (KAR)

Pacific Grove Capital LP acquired a new position in KAR Auction Services, Inc (NYSE:KAR) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 67,000 shares of the specialty retailer’s stock, valued at approximately $3,199,000.

Other institutional investors have also added to or reduced their stakes in the company. Aperio Group LLC lifted its stake in KAR Auction Services by 59.3% in the second quarter. Aperio Group LLC now owns 29,982 shares of the specialty retailer’s stock valued at $1,258,000 after buying an additional 11,160 shares during the last quarter. TD Asset Management Inc. raised its stake in shares of KAR Auction Services by 1.9% during the second quarter. TD Asset Management Inc. now owns 159,000 shares of the specialty retailer’s stock valued at $6,673,000 after purchasing an additional 3,000 shares in the last quarter. Pioneer Investment Management Inc. raised its stake in shares of KAR Auction Services by 24.3% during the second quarter. Pioneer Investment Management Inc. now owns 98,367 shares of the specialty retailer’s stock valued at $4,129,000 after purchasing an additional 19,239 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of KAR Auction Services by 4.9% during the second quarter. Canada Pension Plan Investment Board now owns 34,500 shares of the specialty retailer’s stock valued at $1,448,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of KAR Auction Services by 8.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 583,173 shares of the specialty retailer’s stock valued at $24,476,000 after purchasing an additional 47,389 shares in the last quarter. 99.22% of the stock is owned by hedge funds and other institutional investors.

KAR has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of KAR Auction Services from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Stephens cut shares of KAR Auction Services from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $51.00 to $48.00 in a research report on Thursday, September 7th. J P Morgan Chase & Co boosted their price target on shares of KAR Auction Services from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. Jefferies Group reissued a “buy” rating and issued a $50.00 price target on shares of KAR Auction Services in a research note on Tuesday, September 12th. Finally, Gabelli cut KAR Auction Services from a “buy” rating to a “hold” rating and set a $53.00 price target on the stock. in a research note on Thursday, November 2nd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $52.20.

KAR Auction Services, Inc (NYSE KAR) traded up $0.76 during trading hours on Monday, reaching $51.25. The company’s stock had a trading volume of 1,304,200 shares, compared to its average volume of 948,683. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.90. KAR Auction Services, Inc has a 52 week low of $40.27 and a 52 week high of $51.28. The stock has a market cap of $6,932.33, a PE ratio of 22.38, a PEG ratio of 1.61 and a beta of 1.07.

KAR Auction Services (NYSE:KAR) last released its earnings results on Tuesday, October 31st. The specialty retailer reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.06. KAR Auction Services had a return on equity of 22.37% and a net margin of 6.94%. The company had revenue of $843.00 million for the quarter, compared to analysts’ expectations of $846.42 million. During the same quarter in the previous year, the business posted $0.50 EPS. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. sell-side analysts forecast that KAR Auction Services, Inc will post 2.36 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.73%. The ex-dividend date is Tuesday, December 19th. This is a boost from KAR Auction Services’s previous quarterly dividend of $0.32. KAR Auction Services’s payout ratio is 75.29%.

In other KAR Auction Services news, COO Donald S. Gottwald sold 10,000 shares of KAR Auction Services stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $48.14, for a total transaction of $481,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Benjamin Skuy sold 12,000 shares of KAR Auction Services stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $48.50, for a total value of $582,000.00. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

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KAR Auction Services Profile

KAR Auction Services, Inc is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc (ADESA Auctions or ADESA), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC).

Institutional Ownership by Quarter for KAR Auction Services (NYSE:KAR)

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