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 31.99% during the most recent quarter end. The investment management company now holds a total of 620,908 shares of KAR Auction Services Inc which is valued at $25,506,901 after selling 292,020 shares in KAR Auction Services Inc , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.KAR Auction Services Inc makes up approximately 3.79% of Corsair Capital Management’s portfolio.

Other Hedge Funds, Including , Los Angeles Capital Management Equity Research Inc reduced its stake in KAR by selling 89,848 shares or 30.59% in the most recent quarter. The Hedge Fund company now holds 203,864 shares of KAR which is valued at $8,374,733. KAR Auction Services Inc makes up approx 0.07% of Los Angeles Capital Management Equity Research Inc’s portfolio.Cadence Capital Management boosted its stake in KAR in the latest quarter, The investment management firm added 42,291 additional shares and now holds a total of 60,876 shares of KAR Auction Services Inc which is valued at $2,503,830. KAR Auction Services Inc makes up approx 0.18% of Cadence Capital Management’s portfolio. Quantitative Investment Management added KAR to its portfolio by purchasing 54,200 company shares during the most recent quarter which is valued at $2,229,246. KAR Auction Services Inc makes up approx 0.10% of Quantitative Investment Management’s portfolio. Quadrant Capital Group added KAR to its portfolio by purchasing 40 company shares during the most recent quarter which is valued at $1,711.Ibm Retirement Fund reduced its stake in KAR by selling 438 shares or 3.05% in the most recent quarter. The Hedge Fund company now holds 13,913 shares of KAR which is valued at $597,981. KAR Auction Services Inc makes up approx 0.02% of Ibm Retirement Fund’s portfolio.

KAR Auction Services Inc opened for trading at $40.92 and hit $41.18 on the upside on Monday, eventually ending the session at $41.06, with a gain of 0.64% or 0.26 points. The heightened volatility saw the trading volume jump to 9,42,842 shares. Company has a market cap of $5,664 M.

On the company’s financial health, KAR Auction Services Inc reported $0.55 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Aug 2, 2016. Analyst had a consensus of $0.56. The company had revenue of $771.80 million for the quarter, compared to analysts expectations of $754.30 million. The company’s revenue was up 17.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 EPS.

Investors should note that on Aug 2, 2016, KAR Auction Services Inc announced a cash dividend of $0.2900. The company’s management has announced Sep 19, 2016 as the ex-dividend date and fixed the record date on Sep 21, 2016. The payable date has been fixed on Oct 4, 2016.

Many Wall Street Analysts have commented on KAR Auction Services Inc. KAR Auction Services Inc was Downgraded by Northcoast to ” Neutral” on Jul 14, 2016.

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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