Md Sass Investors Services Inc buys $81.8 Million stake in KAR Auction Services Inc (KAR)

KAR Auction Services Inc (KAR) : Md Sass Investors Services Inc scooped up 1,928,763 additional shares in KAR Auction Services Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 2,091,373 shares of KAR Auction Services Inc which is valued at $81.8 Million.KAR Auction Services Inc makes up approximately 4.72% of Md Sass Investors Services Inc’s portfolio.

Other Hedge Funds, Including , Nicholas Co Inc Wi boosted its stake in KAR in the latest quarter, The investment management firm added 1,435 additional shares and now holds a total of 455,870 shares of KAR Auction Services Inc which is valued at $17.8 Million. KAR Auction Services Inc makes up approx 0.36% of Nicholas Co Inc Wi’s portfolio. Neuberger Berman Group added KAR to its portfolio by purchasing 149,022 company shares during the most recent quarter which is valued at $5.8 Million. KAR Auction Services Inc makes up approx 0.01% of Neuberger Berman Group’s portfolio.Td Asset Management Inc boosted its stake in KAR in the latest quarter, The investment management firm added 48,000 additional shares and now holds a total of 100,000 shares of KAR Auction Services Inc which is valued at $3.9 Million. KAR Auction Services Inc makes up approx 0.01% of Td Asset Management Inc’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.

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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