Point72 Asset Management L.P. Reduces Stake in KAR Auction Services, Inc (KAR)

Point72 Asset Management L.P. decreased its position in shares of KAR Auction Services, Inc (NYSE:KAR) by 92.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,900 shares of the specialty retailer’s stock after selling 260,673 shares during the period. Point72 Asset Management L.P.’s holdings in KAR Auction Services were worth $956,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Toronto Dominion Bank raised its stake in shares of KAR Auction Services by 7.2% in the first quarter. Toronto Dominion Bank now owns 2,830 shares of the specialty retailer’s stock valued at $124,000 after buying an additional 190 shares during the period. SG Americas Securities LLC acquired a new stake in KAR Auction Services during the first quarter worth about $162,000. Bronfman E.L. Rothschild L.P. increased its stake in KAR Auction Services by 3.6% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 4,897 shares of the specialty retailer’s stock worth $214,000 after buying an additional 168 shares during the last quarter. CT Mason purchased a new stake in shares of KAR Auction Services during the first quarter valued at $218,000. Finally, Barings LLC purchased a new stake in shares of KAR Auction Services during the fourth quarter valued at $230,000.

Shares of KAR Auction Services, Inc (NYSE:KAR) traded up 1.08% during midday trading on Friday, hitting $41.99. 884,763 shares of the stock were exchanged. KAR Auction Services, Inc has a one year low of $38.16 and a one year high of $47.03. The firm has a 50 day moving average of $42.31 and a 200-day moving average of $43.75. The company has a market cap of $5.76 billion, a price-to-earnings ratio of 25.30 and a beta of 1.12.

KAR Auction Services (NYSE:KAR) last released its quarterly earnings results on Tuesday, May 9th. The specialty retailer reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.04. KAR Auction Services had a return on equity of 20.54% and a net margin of 7.16%. The business had revenue of $866.60 million during the quarter, compared to analysts’ expectations of $848.73 million. During the same quarter in the prior year, the business earned $0.55 earnings per share. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. Equities analysts expect that KAR Auction Services, Inc will post $2.22 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Wednesday, June 21st were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Monday, June 19th. KAR Auction Services’s payout ratio is 77.11%.

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A number of research firms have recently commented on KAR. BidaskClub cut shares of KAR Auction Services from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Zacks Investment Research lowered shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Gabelli started coverage on shares of KAR Auction Services in a research report on Tuesday, July 4th. They issued a “buy” rating and a $62.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $53.25.

In related news, CEO John W. Kett sold 9,938 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $43.41, for a total transaction of $431,408.58. Following the sale, the chief executive officer now owns 44,694 shares of the company’s stock, valued at $1,940,166.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Donald S. Gottwald sold 18,125 shares of the stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $44.29, for a total value of $802,756.25. The disclosure for this sale can be found here. Insiders sold 47,984 shares of company stock valued at $2,090,480 in the last quarter. 1.30% of the stock is currently owned by company insiders.

KAR Auction Services Company 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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