Friess Associates Lowers stake in KAR Auction Services Inc (KAR)

KAR Auction Services Inc (KAR) : Friess Associates reduced its stake in KAR Auction Services Inc by 20.47% during the most recent quarter end. The investment management company now holds a total of 574,712 shares of KAR Auction Services Inc which is valued at $22.5 Million after selling 147,912 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 2.26% of Friess Associates’s portfolio.

Other Hedge Funds, Including , Clinton Group Inc sold out all of its stake in KAR during the most recent quarter. The investment firm sold 14,789 shares of KAR which is valued $578,694.Raymond James Associates boosted its stake in KAR in the latest quarter, The investment management firm added 3,385 additional shares and now holds a total of 19,781 shares of KAR Auction Services Inc which is valued at $774,031.Mufg Americas Holdings Corp reduced its stake in KAR by selling 2,425 shares or 8.11% in the most recent quarter. The Hedge Fund company now holds 27,480 shares of KAR which is valued at $1.1 Million. KAR Auction Services Inc makes up approx 0.04% of Mufg Americas Holdings Corp’s portfolio.Cadence Capital Management reduced its stake in KAR by selling 804 shares or 4.15% in the most recent quarter. The Hedge Fund company now holds 18,585 shares of KAR which is valued at $727,974. KAR Auction Services Inc makes up approx 0.05% of Cadence Capital Management’s portfolio. Quantitative Investment Management sold out all of its stake in KAR during the most recent quarter. The investment firm sold 35,200 shares of KAR which is valued $1.4 Million.

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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