Panagora Asset Management Inc. reduced its position in shares of KAR Auction Services Inc (NYSE:KAR) by 28.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,510 shares of the specialty retailer’s stock after selling 16,688 shares during the quarter. Panagora Asset Management Inc.’s holdings in KAR Auction Services were worth $1,038,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its stake in KAR Auction Services by 8.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 302,028 shares of the specialty retailer’s stock worth $7,587,000 after purchasing an additional 22,561 shares in the last quarter. Prudential Financial Inc. lifted its stake in KAR Auction Services by 25.3% in the 2nd quarter. Prudential Financial Inc. now owns 9,670 shares of the specialty retailer’s stock worth $242,000 after purchasing an additional 1,950 shares in the last quarter. Provident Investment Management Inc. lifted its stake in KAR Auction Services by 1.1% in the 2nd quarter. Provident Investment Management Inc. now owns 578,385 shares of the specialty retailer’s stock worth $14,460,000 after purchasing an additional 6,297 shares in the last quarter. BB&T Securities LLC lifted its stake in KAR Auction Services by 40.5% in the 2nd quarter. BB&T Securities LLC now owns 16,155 shares of the specialty retailer’s stock worth $403,000 after purchasing an additional 4,658 shares in the last quarter. Finally, Granite Investment Partners LLC lifted its stake in KAR Auction Services by 105.5% in the 2nd quarter. Granite Investment Partners LLC now owns 44,955 shares of the specialty retailer’s stock worth $1,124,000 after purchasing an additional 23,075 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE KAR traded up $0.31 during midday trading on Wednesday, reaching $25.52. 62,985 shares of the stock were exchanged, compared to its average volume of 2,908,615. The company has a 50 day simple moving average of $25.45 and a 200 day simple moving average of $46.30. The stock has a market capitalization of $3.40 billion, a P/E ratio of 8.62, a PEG ratio of 1.37 and a beta of 1.08. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.14 and a current ratio of 1.14. KAR Auction Services Inc has a twelve month low of $16.41 and a twelve month high of $27.15.

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

The business also recently announced 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. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $0.76 annualized dividend and a yield of 2.98%. KAR Auction Services’s dividend payout ratio (DPR) is presently 47.30%.

A number of research analysts have weighed in on KAR shares. ValuEngine lowered shares of KAR Auction Services from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Barrington Research restated a “buy” rating and set a $42.50 price target on shares of KAR Auction Services in a report on Friday, June 28th. JPMorgan Chase & Co. downgraded shares of KAR Auction Services from an “overweight” rating to a “neutral” rating and set a $25.00 price target for the company. in a report on Monday, July 1st. Zacks Investment Research upgraded shares of KAR Auction Services from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. Finally, Robert W. Baird initiated coverage on shares of KAR Auction Services in a report on Friday, June 28th. They set an “outperform” rating for the company. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $39.58.

KAR Auction Services Company 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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