Snyder Capital Management L P Lowers stake in KAR Auction Services Inc (KAR)

KAR Auction Services Inc (KAR) : Snyder Capital Management L P reduced its stake in KAR Auction Services Inc by 10.32% during the most recent quarter end. The investment management company now holds a total of 1,943,509 shares of KAR Auction Services Inc which is valued at $76 Million after selling 223,765 shares in KAR Auction Services Inc , the firm said in a disclosure report filed with the SEC on May 12, 2016.KAR Auction Services Inc makes up approximately 5.14% of Snyder Capital Management L P’s portfolio.

Other Hedge Funds, Including , Mackenzie Financial Corp boosted its stake in KAR in the latest quarter, The investment management firm added 328,092 additional shares and now holds a total of 893,840 shares of KAR Auction Services Inc which is valued at $35 Million. KAR Auction Services Inc makes up approx 0.32% of Mackenzie Financial Corp’s portfolio. Systematic Financial Management Lp sold out all of its stake in KAR during the most recent quarter. The investment firm sold 372,560 shares of KAR which is valued $14.6 Million.Blackrock Advisors boosted its stake in KAR in the latest quarter, The investment management firm added 825 additional shares and now holds a total of 69,208 shares of KAR Auction Services Inc which is valued at $2.7 Million.Teachers Advisors Inc boosted its stake in KAR in the latest quarter, The investment management firm added 303,987 additional shares and now holds a total of 415,800 shares of KAR Auction Services Inc which is valued at $16.3 Million. KAR Auction Services Inc makes up approx 0.03% of Teachers Advisors Inc’s portfolio.Swiss National Bank boosted its stake in KAR in the latest quarter, The investment management firm added 42,200 additional shares and now holds a total of 232,200 shares of KAR Auction Services Inc which is valued at $9.1 Million. KAR Auction Services Inc makes up approx 0.02% of Swiss National Bank’s portfolio.

KAR Auction Services Inc opened for trading at $40.09 and hit $40.55 on the upside on Friday, eventually ending the session at $40.38, with a gain of 1.10% or 0.44 points. The heightened volatility saw the trading volume jump to 10,93,969 shares. Company has a market cap of $5,546 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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