Frontier Capital Management Co. LLC Reduces Position in KAR Auction Services Inc (KAR)

Frontier Capital Management Co. LLC decreased its stake in KAR Auction Services Inc (NYSE:KAR) by 38.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,767,770 shares of the specialty retailer’s stock after selling 1,097,599 shares during the period. Frontier Capital Management Co. LLC owned about 1.32% of KAR Auction Services worth $105,518,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of KAR. Strs Ohio raised its stake in shares of KAR Auction Services by 11.9% during the third quarter. Strs Ohio now owns 9,517 shares of the specialty retailer’s stock valued at $568,000 after acquiring an additional 1,011 shares during the last quarter. Legal & General Group Plc raised its stake in shares of KAR Auction Services by 1.1% during the second quarter. Legal & General Group Plc now owns 97,305 shares of the specialty retailer’s stock valued at $5,333,000 after acquiring an additional 1,013 shares during the last quarter. Kendall Capital Management raised its stake in shares of KAR Auction Services by 8.4% during the third quarter. Kendall Capital Management now owns 13,990 shares of the specialty retailer’s stock valued at $835,000 after acquiring an additional 1,090 shares during the last quarter. Raymond James Trust N.A. raised its stake in shares of KAR Auction Services by 16.7% during the second quarter. Raymond James Trust N.A. now owns 11,511 shares of the specialty retailer’s stock valued at $630,000 after acquiring an additional 1,651 shares during the last quarter. Finally, Twin Tree Management LP raised its stake in shares of KAR Auction Services by 6.3% during the second quarter. Twin Tree Management LP now owns 29,610 shares of the specialty retailer’s stock valued at $1,623,000 after acquiring an additional 1,762 shares during the last quarter. 99.38% of the stock is owned by institutional investors and hedge funds.

In other news, CEO James P. Hallett sold 150,000 shares of the stock in a transaction on Friday, August 10th. The shares were sold at an average price of $62.11, for a total transaction of $9,316,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Donald S. Gottwald sold 10,000 shares of the stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $61.53, for a total transaction of $615,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 277,560 shares of company stock valued at $17,295,354. 1.29% of the stock is currently owned by corporate insiders.

KAR opened at $56.60 on Wednesday. KAR Auction Services Inc has a twelve month low of $46.84 and a twelve month high of $64.55. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 1.76. The firm has a market cap of $7.46 billion, a PE ratio of 22.64, a PEG ratio of 1.66 and a beta of 1.13.

KAR Auction Services (NYSE:KAR) last posted its quarterly earnings data on Tuesday, August 7th. The specialty retailer reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.02. KAR Auction Services had a net margin of 11.50% and a return on equity of 26.15%. The company had revenue of $956.60 million during the quarter, compared to analysts’ expectations of $923.01 million. As a group, research analysts anticipate that KAR Auction Services Inc will post 3 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 3rd. Stockholders of record on Thursday, September 20th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Wednesday, September 19th. KAR Auction Services’s dividend payout ratio (DPR) is presently 56.00%.

Several equities analysts have recently issued reports on the stock. Zacks Investment Research raised shares of KAR Auction Services from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Tuesday, August 7th. Barrington Research reaffirmed a “buy” rating on shares of KAR Auction Services in a research note on Monday, August 6th. ValuEngine raised shares of KAR Auction Services from a “hold” rating to a “buy” rating in a research note on Wednesday. Robert W. Baird raised their price target on shares of KAR Auction Services from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, August 9th. Finally, SunTrust Banks set a $70.00 price target on shares of KAR Auction Services and gave the company a “buy” rating in a research note on Thursday, August 9th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $61.88.

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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