Westwood Holdings Group Inc. Acquires New Stake in KAR Auction Services Inc (NYSE:KAR)

Westwood Holdings Group Inc. acquired a new position in KAR Auction Services Inc (NYSE:KAR) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 450,573 shares of the specialty retailer’s stock, valued at approximately $23,118,000.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc lifted its position in shares of KAR Auction Services by 2.1% in the third quarter. Vanguard Group Inc now owns 12,750,324 shares of the specialty retailer’s stock worth $761,067,000 after purchasing an additional 260,521 shares in the last quarter. BlackRock Inc. increased its holdings in KAR Auction Services by 46.2% during the first quarter. BlackRock Inc. now owns 10,730,329 shares of the specialty retailer’s stock worth $550,575,000 after buying an additional 3,392,759 shares during the last quarter. Boston Partners increased its holdings in KAR Auction Services by 4.4% during the first quarter. Boston Partners now owns 5,713,376 shares of the specialty retailer’s stock worth $293,153,000 after buying an additional 243,015 shares during the last quarter. Mawer Investment Management Ltd. increased its holdings in KAR Auction Services by 1.9% during the first quarter. Mawer Investment Management Ltd. now owns 3,687,337 shares of the specialty retailer’s stock worth $189,197,000 after buying an additional 68,138 shares during the last quarter. Finally, First Manhattan Co. increased its holdings in KAR Auction Services by 63.5% during the first quarter. First Manhattan Co. now owns 3,261,519 shares of the specialty retailer’s stock worth $167,348,000 after buying an additional 1,266,287 shares during the last quarter. 99.47% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently weighed in on KAR. Zacks Investment Research upgraded shares of KAR Auction Services from a “sell” rating to a “hold” rating in a report on Tuesday. ValuEngine upgraded shares of KAR Auction Services from a “hold” rating to a “buy” rating in a report on Friday, June 7th. Barrington Research restated a “buy” rating and set a $62.50 target price on shares of KAR Auction Services in a report on Friday, May 3rd. Finally, Robert W. Baird restated a “buy” rating and set a $56.00 target price on shares of KAR Auction Services in a report on Wednesday, February 20th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. KAR Auction Services currently has an average rating of “Buy” and a consensus price target of $61.50.

KAR traded up $0.46 during trading on Thursday, reaching $60.71. 19,957 shares of the stock were exchanged, compared to its average volume of 1,038,979. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 2.13 and a beta of 1.06. KAR Auction Services Inc has a twelve month low of $43.32 and a twelve month high of $64.55. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 2.38.

KAR Auction Services (NYSE:KAR) last issued its earnings results on Tuesday, May 7th. The specialty retailer reported $0.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.07). KAR Auction Services had a return on equity of 25.43% and a net margin of 8.17%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. KAR Auction Services’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, research analysts forecast that KAR Auction Services Inc will post 2.93 earnings per share for the current year.

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 $0.35 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.40 annualized dividend and a dividend yield of 2.31%. KAR Auction Services’s dividend payout ratio is currently 47.30%.

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KAR Auction Services 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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