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KAR Auction Services (NYSE:KAR) Cut to “Market Perform” at CJS Securities

KAR Auction Services (NYSE:KAR) was downgraded by CJS Securities from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, November 7th, Briefing.com Automated Import reports.

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Other equities analysts have also issued research reports about the company. Zacks Investment Research upgraded KAR Auction Services from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research report on Tuesday, November 5th. ValuEngine upgraded KAR Auction Services from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $33.58.

KAR stock traded down $0.29 during trading hours on Thursday, hitting $22.50. 1,987,009 shares of the stock traded hands, compared to its average volume of 3,018,982. The stock has a 50-day simple moving average of $24.15 and a 200 day simple moving average of $35.08. KAR Auction Services has a one year low of $16.41 and a one year high of $28.61. The company has a market cap of $2.93 billion, a P/E ratio of 7.60, a P/E/G ratio of 1.36 and a beta of 1.06. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.36.

KAR Auction Services (NYSE:KAR) last announced its earnings results on Tuesday, November 5th. The specialty retailer reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.04). KAR Auction Services had a net margin of 6.95% and a return on equity of 16.67%. The firm had revenue of $701.90 million for the quarter, compared to the consensus estimate of $697.46 million. During the same period in the prior year, the business earned $0.70 EPS. The company’s quarterly revenue was up 14.6% compared to the same quarter last year. Analysts forecast that KAR Auction Services will post 1.15 earnings per share for the current year.

In related news, Director Mark E. Hill purchased 18,500 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average price of $21.50 per share, for a total transaction of $397,750.00. Following the transaction, the director now directly owns 48,200 shares of the company’s stock, valued at approximately $1,036,300. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Smith Mark sold 1,063,240 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $0.99, for a total value of $1,052,607.60. Company insiders own 1.10% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Goelzer Investment Management Inc. lifted its stake in KAR Auction Services by 5.4% in the 3rd quarter. Goelzer Investment Management Inc. now owns 52,807 shares of the specialty retailer’s stock worth $1,296,000 after acquiring an additional 2,686 shares in the last quarter. Provident Investment Management Inc. lifted its stake in KAR Auction Services by 19.2% in the 3rd quarter. Provident Investment Management Inc. now owns 689,624 shares of the specialty retailer’s stock worth $16,930,000 after acquiring an additional 111,239 shares in the last quarter. Northwestern Mutual Investment Management Company LLC purchased a new stake in KAR Auction Services in the 3rd quarter worth about $934,000. Great Lakes Advisors LLC purchased a new stake in KAR Auction Services in the 3rd quarter worth about $1,736,000. Finally, Systematic Financial Management LP purchased a new stake in KAR Auction Services in the 3rd quarter worth about $554,000. 99.42% of the stock is owned by hedge funds and other institutional investors.

About KAR Auction Services

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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Analyst Recommendations for KAR Auction Services (NYSE:KAR)

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