Pacific Grove Capital Lp buys $6,242,400 stake in KAR Auction Services Inc (KAR)

KAR Auction Services Inc (KAR) : Pacific Grove Capital Lp scooped up 63,000 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 Aug 15, 2016. The investment management firm now holds a total of 153,000 shares of KAR Auction Services Inc which is valued at $6,242,400.KAR Auction Services Inc makes up approximately 2.82% of Pacific Grove Capital Lp’s portfolio.

Other Hedge Funds, Including , Foresters Investment Management Company sold out all of its stake in KAR during the most recent quarter. The investment firm sold 85,600 shares of KAR which is valued $3,492,480.Miles Capital reduced its stake in KAR by selling 19,595 shares or 61.83% in the most recent quarter. The Hedge Fund company now holds 12,097 shares of KAR which is valued at $493,558. KAR Auction Services Inc makes up approx 0.33% of Miles Capital’s portfolio.State Board Of Administration Of Florida Retirement System boosted its stake in KAR in the latest quarter, The investment management firm added 24,227 additional shares and now holds a total of 108,908 shares of KAR Auction Services Inc which is valued at $4,444,535. KAR Auction Services Inc makes up approx 0.01% of State Board Of Administration Of Florida Retirement System’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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