Palestra Capital Management Exits Position in KAR Auction Services Inc (KAR)

KAR Auction Services Inc (KAR) : Palestra Capital Management has sold out all of its stake in KAR Auction Services Inc during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 1,116,400 shares of KAR Auction Services Inc which is valued at $45,549,120.

Other Hedge Funds, Including , Springbok Capital Management added KAR to its portfolio by purchasing 500 company shares during the most recent quarter which is valued at $20,400.Nuveen Asset Management boosted its stake in KAR in the latest quarter, The investment management firm added 328,634 additional shares and now holds a total of 807,359 shares of KAR Auction Services Inc which is valued at $32,940,247. KAR Auction Services Inc makes up approx 0.20% of Nuveen Asset Management’s portfolio.Blackrock Advisors boosted its stake in KAR in the latest quarter, The investment management firm added 6,438 additional shares and now holds a total of 75,646 shares of KAR Auction Services Inc which is valued at $3,086,357.First Trust Advisors Lp boosted its stake in KAR in the latest quarter, The investment management firm added 12,425 additional shares and now holds a total of 408,568 shares of KAR Auction Services Inc which is valued at $16,673,660. KAR Auction Services Inc makes up approx 0.05% of First Trust Advisors Lp’s portfolio.

KAR Auction Services Inc opened for trading at $42.27 and hit $42.55 on the upside on Thursday, eventually ending the session at $42.29, with a gain of 0.02% or 0.01 points. The heightened volatility saw the trading volume jump to 6,11,847 shares. Company has a market cap of $5,833 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 Initiated by Susquehanna to “Positive” on Aug 26, 2016. 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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