Market Runner: Does KAR Auction Services Inc Have More Gas After Achieving All-Time High?

Market Runner: Does KAR Auction Services Inc Have More Gas After Achieving All Time High?

The stock of KAR Auction Services Inc (NYSE:KAR) reached all time high today, Oct, 5 and still has $73.02 target or 66.00% above today’s $43.99 share price. This indicates more upside for the $6.06 billion company. This technical setup was reported by Barchart.com. If the $73.02 PT is reached, the company will be worth $4.00B more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. About 331,414 shares traded hands. KAR Auction Services Inc (NYSE:KAR) has risen 20.63% since March 2, 2016 and is uptrending. It has outperformed by 12.38% the S&P500.

Analysts await KAR Auction Services Inc (NYSE:KAR) to report earnings on November, 2. They expect $0.54 earnings per share, up 28.57% or $0.12 from last year’s $0.42 per share. KAR’s profit will be $74.39 million for 20.37 P/E if the $0.54 EPS becomes a reality. After $0.55 actual earnings per share reported by KAR Auction Services Inc for the previous quarter, Wall Street now forecasts -1.82% negative EPS growth.

KAR Auction Services Inc (NYSE:KAR) Ratings Coverage

Out of 6 analysts covering KAR Auction Services (NYSE:KAR), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. KAR Auction Services has been the topic of 14 analyst reports since July 24, 2015 according to StockzIntelligence Inc. The rating was upgraded by Zacks on Thursday, August 27 to “Hold”. The stock has “Buy” rating given by Jefferies on Monday, January 18. The stock of KAR Auction Services Inc (NYSE:KAR) has “Buy” rating given on Monday, August 24 by Zacks. The rating was maintained by Sterne Agee CRT with “Buy” on Monday, May 2. On Friday, February 12 the stock rating was downgraded by Goldman Sachs to “Neutral”. As per Friday, August 26, the company rating was initiated by Susquehanna. The company was upgraded on Friday, August 21 by Zacks. Jefferies maintained KAR Auction Services Inc (NYSE:KAR) on Thursday, August 4 with “Buy” rating. The firm has “Buy” rating given on Friday, January 15 by Jefferies. Sterne Agee CRT initiated the stock with “Buy” rating in Friday, July 24 report.

According to Zacks Investment Research, “KAR Auction Services, Inc., through its subsidiaries, operates as a used vehicle and salvage auto auction company in North America. The company operates in three segments: ADESA, IAAI, and AFC. The ADESA segment provides whole car auctions and related services to commercial fleet operators, financial institutions, rental car companies, used vehicle dealers, vehicle manufacturers and their captive finance companies, and franchised and independent used vehicle dealers. This segment also provides value-added ancillary services, such as inspections, storage, transportation, reconditioning and titling, and other administrative services. The IAAI segment offers salvage vehicle auctions and related services. The AFC segment offers short-term and inventory-secured financing, known as floorplan financing, to independent used vehicle dealers. KAR Auction Services, Inc. is headquartered in Carmel, Indiana.”

Insitutional Activity: The institutional sentiment decreased to 1.07 in Q2 2016. Its down 0.01, from 1.08 in 2016Q1. The ratio dived, as 21 funds sold all KAR Auction Services Inc shares owned while 94 reduced positions. 41 funds bought stakes while 82 increased positions. They now own 132.33 million shares or 3.42% less from 137.02 million shares in 2016Q1.
Valinor Mngmt Limited Partnership accumulated 1.74 million shares or 2.41% of the stock. California State Teachers Retirement System, a California-based fund reported 291,351 shares. The Texas-based Dimensional Fund Advisors Limited Partnership has invested 0.03% in KAR Auction Services Inc (NYSE:KAR). Federated Investors Pa reported 986,229 shares or 0.12% of all its holdings. Lord Abbett Company Limited Liability Company last reported 2.33 million shares in the company. Gratia Capital Lc holds 101,150 shares or 1.4% of its portfolio. Blackrock Japan Commerce Ltd last reported 0% of its portfolio in the stock. Picton Mahoney Asset Management has 0.9% invested in the company for 352,023 shares. Driehaus Cap Ltd Liability holds 0.03% of its portfolio in KAR Auction Services Inc (NYSE:KAR) for 21,000 shares. Marshall Wace Llp has 468,089 shares for 0.16% of their US portfolio. Columbia Prtnrs L L C Mgmt last reported 0.07% of its portfolio in the stock. Signaturefd, a Georgia-based fund reported 18 shares. Tudor Investment Et Al holds 16,352 shares or 0.01% of its portfolio. Price T Rowe Associates Inc Md holds 0.06% of its portfolio in KAR Auction Services Inc (NYSE:KAR) for 7.21 million shares. Mackenzie Financial last reported 883,958 shares in the company.

More notable recent KAR Auction Services Inc (NYSE:KAR) news were published by: Forbes.com which released: “Ex-Dividend Reminder: Vector Group, KAR Auction Services and Cincinnati Financial” on September 15, 2016, also Ibj.com with their article: “PROXY CORNER: KAR Auction Services Inc.” published on September 10, 2016, Globenewswire.com published: “KAR Auction Services, Inc. Reports Second Quarter 2016 Financial Results” on August 02, 2016. More interesting news about KAR Auction Services Inc (NYSE:KAR) were released by: Prnewswire.com and their article: “Impact Auto Auctions Opens Canada’s Largest Auto Salvage Auction in Edmonton” published on October 03, 2016 as well as Businesswire.com‘s news article titled: “KAR AUCTION SERVICES (KAR) SHAREHOLDER ALERT – Andrews & Springer LLC is …” with publication date: July 11, 2016.

KAR Company Profile

KAR Auction Services, Inc., incorporated on November 9, 2006, is a well-known provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Firm operates through three divisions: ADESA, Inc. (ADESA Auctions or ADESA), Insurance Auto Auctions, Inc. (IAA) and Automotive Finance Corporation (AFC). It facilitates a marketplace by providing auction services for sellers of used, or whole car, vehicles and salvage vehicles through its approximately 240 physical auction locations, and multiple Internet venues. It facilitates the sale of over 4.4 million used and salvage vehicles. It is engaged in providing ancillary services, including transportation, reconditioning, inspections, marshalling, titling and floorplan financing. It facilitates the transfer of ownership directly from seller to buyer and it does not take title to or ownership of vehicles sold through its auctions.

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