Zacks Investment Research upgraded shares of KAR Auction Services (NYSE:KAR) from a sell rating to a hold rating in a research note issued to investors on Thursday.
According to Zacks, “KAR Auction Services, Inc., through its subsidiaries, operates as a used vehicle and salvage auto auction company in North America. The company operates in three segments: ADESA, IAAI, and AFC. The ADESA segment provides whole car auctions and related services to commercial fleet operators, financial institutions, rental car companies, used vehicle dealers, vehicle manufacturers and their captive finance companies, and franchised and independent used vehicle dealers. This segment also provides value-added ancillary services, such as inspections, storage, transportation, reconditioning and titling, and other administrative services. The IAAI segment offers salvage vehicle auctions and related services. The AFC segment offers short-term and inventory-secured financing, known as floorplan financing, to independent used vehicle dealers. KAR Auction Services, Inc. is headquartered in Carmel, Indiana. “
Several other research analysts have also commented on KAR. SunTrust Banks lowered their price target on KAR Auction Services to $65.00 and set a buy rating for the company in a research report on Monday, January 7th. ValuEngine upgraded KAR Auction Services from a hold rating to a buy rating in a report on Wednesday, November 21st. Finally, Barrington Research set a $70.00 target price on KAR Auction Services and gave the company a buy rating in a report on Monday, November 5th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. KAR Auction Services currently has a consensus rating of Buy and an average target price of $64.57.
KAR stock traded up $0.64 during midday trading on Thursday, hitting $52.85. 779,618 shares of the company’s stock were exchanged, compared to its average volume of 680,921. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.70. The stock has a market cap of $7.11 billion, a price-to-earnings ratio of 21.14, a price-to-earnings-growth ratio of 1.54 and a beta of 1.19. KAR Auction Services has a 1-year low of $45.36 and a 1-year high of $64.55.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Retirement Systems of Alabama purchased a new stake in KAR Auction Services during the 4th quarter worth about $2,976,000. W.E. Donoghue & Co. LLC lifted its holdings in KAR Auction Services by 82.1% during the 3rd quarter. W.E. Donoghue & Co. LLC now owns 16,038 shares of the specialty retailer’s stock worth $957,000 after buying an additional 7,233 shares during the last quarter. FIL Ltd purchased a new stake in KAR Auction Services during the 3rd quarter worth about $6,188,000. Virginia Retirement Systems ET AL lifted its holdings in KAR Auction Services by 15.6% during the 3rd quarter. Virginia Retirement Systems ET AL now owns 23,000 shares of the specialty retailer’s stock worth $1,373,000 after buying an additional 3,100 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in KAR Auction Services by 29.7% during the 3rd quarter. Great West Life Assurance Co. Can now owns 947,768 shares of the specialty retailer’s stock worth $56,664,000 after buying an additional 217,059 shares during the last quarter. 96.91% of the stock is owned by institutional investors.
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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