KAR Auction Services Inc (KAR) is Downgraded by Northcoast to Neutral

KAR Auction Services Inc (KAR) was Downgraded by Northcoast to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Northcoast advised their investors in a research report released on Jul 14, 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 .

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.

KAR Auction Services Inc closed down -0.09 points or -0.21% at $42.62 with 4,39,497 shares getting traded on Wednesday. Post opening the session at $42.76, the shares hit an intraday low of $42.5101 and an intraday high of $42.85 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

In a different news, on Jun 30, 2016, Thomas J. Caruso (Chief Client Officer) sold 48,860 shares at $41.14 per share price. According to the SEC, on Jun 16, 2016, Warren W Byrd (EVP of Corp Dev & Real Estate) sold 27,978 shares at $40.05 per share price. On Jun 10, 2016, David Vignes (EVP of Enterprise Optimization) sold 48,505 shares at $41.52 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

KAR Auction Services Inc

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