First Trust Advisors LP lowered its stake in shares of KAR Auction Services Inc (NYSE:KAR) by 36.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 71,565 shares of the specialty retailer’s stock after selling 41,053 shares during the quarter. First Trust Advisors LP’s holdings in KAR Auction Services were worth $3,672,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Motco increased its holdings in KAR Auction Services by 1,732.4% in the 1st quarter. Motco now owns 623 shares of the specialty retailer’s stock worth $32,000 after acquiring an additional 589 shares in the last quarter. Riverview Trust Co purchased a new stake in KAR Auction Services in the 4th quarter worth approximately $33,000. Arlington Partners LLC increased its holdings in KAR Auction Services by 70.0% in the 1st quarter. Arlington Partners LLC now owns 850 shares of the specialty retailer’s stock worth $44,000 after acquiring an additional 350 shares in the last quarter. Cornerstone Advisors Inc. purchased a new stake in KAR Auction Services in the 1st quarter worth approximately $46,000. Finally, FTB Advisors Inc. increased its holdings in KAR Auction Services by 75.9% in the 1st quarter. FTB Advisors Inc. now owns 1,038 shares of the specialty retailer’s stock worth $53,000 after acquiring an additional 448 shares in the last quarter. Institutional investors and hedge funds own 99.47% of the company’s stock.
Shares of KAR opened at $60.26 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 2.38. KAR Auction Services Inc has a 1 year low of $43.32 and a 1 year high of $64.55. The company has a market cap of $8.17 billion, a price-to-earnings ratio of 20.36, a P/E/G ratio of 2.13 and a beta of 1.06.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, May 31st. KAR Auction Services’s dividend payout ratio (DPR) is currently 47.30%.
A number of brokerages have issued reports on KAR. Robert W. Baird reaffirmed a “buy” rating and set a $56.00 price objective on shares of KAR Auction Services in a report on Wednesday, February 20th. Barrington Research reaffirmed a “buy” rating and set a $62.50 price objective on shares of KAR Auction Services in a report on Friday, May 3rd. Zacks Investment Research raised shares of KAR Auction Services from a “sell” rating to a “hold” rating in a report on Saturday, February 16th. Finally, ValuEngine raised shares of KAR Auction Services from a “hold” rating to a “buy” rating in a report on Friday, June 7th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. KAR Auction Services has an average rating of “Buy” and a consensus target price of $61.50.
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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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