Corsair Capital Management Lowers stake in KAR Auction Services Inc (KAR)

KAR Auction Services Inc (KAR) : Corsair Capital Management reduced its stake in KAR Auction Services Inc by 24.98% during the most recent quarter end. The investment management company now holds a total of 912,928 shares of KAR Auction Services Inc which is valued at $35.7 Million after selling 304,065 shares in KAR Auction Services Inc , the firm said in a disclosure report filed with the SEC on May 13, 2016.KAR Auction Services Inc makes up approximately 4.89% of Corsair Capital Management’s portfolio.

Other Hedge Funds, Including , Hbk Investments L P boosted its stake in KAR in the latest quarter, The investment management firm added 11,911 additional shares and now holds a total of 19,711 shares of KAR Auction Services Inc which is valued at $771,291. KAR Auction Services Inc makes up approx 0.02% of Hbk Investments L P’s portfolio.Ubs Asset Management Americas Inc reduced its stake in KAR by selling 23,987 shares or 18.7% in the most recent quarter. The Hedge Fund company now holds 104,273 shares of KAR which is valued at $4.1 Million.Nine Chapters Capital Management boosted its stake in KAR in the latest quarter, The investment management firm added 20,000 additional shares and now holds a total of 28,200 shares of KAR Auction Services Inc which is valued at $1.1 Million. KAR Auction Services Inc makes up approx 0.10% of Nine Chapters Capital Management’s portfolio.Hood River Capital Management boosted its stake in KAR in the latest quarter, The investment management firm added 35,208 additional shares and now holds a total of 313,430 shares of KAR Auction Services Inc which is valued at $12.3 Million. KAR Auction Services Inc makes up approx 1.70% of Hood River Capital Management’s portfolio.Three Peaks Capital Management boosted its stake in KAR in the latest quarter, The investment management firm added 17,876 additional shares and now holds a total of 123,855 shares of KAR Auction Services Inc which is valued at $4.9 Million. KAR Auction Services Inc makes up approx 0.88% of Three Peaks Capital Management’s portfolio.

KAR Auction Services Inc opened for trading at $40.67 and hit $41.02 on the upside on Wednesday, eventually ending the session at $40.83, with a gain of 0.32% or 0.13 points. The heightened volatility saw the trading volume jump to 7,80,371 shares. Company has a market cap of $5,608 M.

On the company’s financial health, KAR Auction Services Inc reported $0.55 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.50. The company had revenue of $745.00 million for the quarter, compared to analysts expectations of $692.48 million. The company’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS.

Investors should note that on May 3, 2016, KAR Auction Services Inc announced a cash dividend of $0.2900. The company’s management has announced Jun 20, 2016 as the ex-dividend date and fixed the record date on Jun 22, 2016. The payable date has been fixed on Jul 5, 2016.

Many Wall Street Analysts have commented on KAR Auction Services Inc. Shares were Reiterated by Sterne Agee CRT on May 2, 2016 to “Buy” and Lowered the Price Target to $ 44 from a previous price target of $46 .

KAR Auction Services Inc. is a provider of vehicle auction services in North America. We operate as three reportable business segments: ADESA Inc. (ADESA Auctions) Insurance Auto Auctions Inc. (IAA) and Automotive Finance Corporation (AFC). ADESA Auctions is a provider of whole car auctions and related services to the vehicle remarketing industry in North America. IAA is a provider of salvage vehicle auctions and related services. AFC is a provider of floorplan financing to independent used vehicle dealers. The Company provides auction services for sellers of used or whole car vehicles and salvage vehicles through a network of around 233 physical auction locations including 65 whole car auction locations and 168 salvage auction locations and multiple Internet venues. It also offers ancillary services including transportation reconditioning inspections marshalling titling and floorplan financing.

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