Provident Investment Management Inc. Boosts Holdings in KAR Auction Services Inc (NYSE:KAR)

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Provident Investment Management Inc. increased its stake in shares of KAR Auction Services Inc (NYSE:KAR) by 1.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 578,385 shares of the specialty retailer’s stock after buying an additional 6,297 shares during the period. KAR Auction Services comprises about 2.1% of Provident Investment Management Inc.’s holdings, making the stock its 20th biggest position. Provident Investment Management Inc. owned about 0.43% of KAR Auction Services worth $14,460,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its holdings in shares of KAR Auction Services by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,397,787 shares of the specialty retailer’s stock worth $66,698,000 after buying an additional 63,519 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of KAR Auction Services by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,898,380 shares of the specialty retailer’s stock worth $90,590,000 after buying an additional 6,710 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of KAR Auction Services during the first quarter worth approximately $307,000. Oppenheimer Asset Management Inc. increased its holdings in shares of KAR Auction Services by 52.2% during the first quarter. Oppenheimer Asset Management Inc. now owns 44,861 shares of the specialty retailer’s stock worth $2,302,000 after buying an additional 15,381 shares in the last quarter. Finally, Virginia Retirement Systems ET AL increased its holdings in shares of KAR Auction Services by 63.6% during the first quarter. Virginia Retirement Systems ET AL now owns 30,600 shares of the specialty retailer’s stock worth $1,570,000 after buying an additional 11,900 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Several analysts have recently weighed in on the stock. Zacks Investment Research raised shares of KAR Auction Services from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. ValuEngine lowered shares of KAR Auction Services from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Barrington Research reissued a “buy” rating and issued a $42.50 price target on shares of KAR Auction Services in a report on Friday, June 28th. Robert W. Baird started coverage on shares of KAR Auction Services in a report on Friday, June 28th. They issued an “outperform” rating for the company. Finally, Guggenheim lowered shares of KAR Auction Services from a “neutral” rating to a “sell” rating and set a $20.00 price target for the company. in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $39.58.

Shares of KAR Auction Services stock traded up $0.05 during midday trading on Tuesday, reaching $25.01. The company had a trading volume of 25,184 shares, compared to its average volume of 2,923,503. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 8.45, a price-to-earnings-growth ratio of 1.32 and a beta of 1.08. The stock has a fifty day simple moving average of $25.45 and a 200 day simple moving average of $45.47. KAR Auction Services Inc has a 1-year low of $16.41 and a 1-year high of $27.15.

KAR Auction Services (NYSE:KAR) last issued its quarterly earnings results on Tuesday, August 6th. The specialty retailer reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.10). The company had revenue of $719.00 million during the quarter, compared to analyst estimates of $692.00 million. KAR Auction Services had a net margin of 7.67% and a return on equity of 19.93%. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.82 EPS. Sell-side analysts expect that KAR Auction Services Inc will post 1.24 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Friday, September 20th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Thursday, September 19th. KAR Auction Services’s dividend payout ratio is currently 47.30%.

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

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