Karooooo Ltd. (NASDAQ:KARO – Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 22,546 shares traded hands during trading, an increase of 41% from the previous session’s volume of 15,936 shares.The stock last traded at $43.00 and had previously closed at $43.70.
Analysts Set New Price Targets
Separately, Morgan Stanley lifted their target price on Karooooo from $31.00 to $37.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th.
Check Out Our Latest Research Report on Karooooo
Karooooo Price Performance
Karooooo (NASDAQ:KARO – Get Free Report) last released its earnings results on Thursday, July 18th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.36 by $0.03. The firm had revenue of $58.29 million during the quarter, compared to analysts’ expectations of $58.54 million. Karooooo had a return on equity of 27.88% and a net margin of 18.70%. On average, sell-side analysts predict that Karooooo Ltd. will post 1.48 earnings per share for the current fiscal year.
Karooooo Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were paid a $1.08 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $4.32 dividend on an annualized basis and a yield of 11.25%. This is an increase from Karooooo’s previous quarterly dividend of $0.85. Karooooo’s payout ratio is currently 340.16%.
Institutional Investors Weigh In On Karooooo
Hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC purchased a new position in Karooooo in the first quarter valued at $67,000. Renaissance Technologies LLC increased its holdings in shares of Karooooo by 23.3% in the 2nd quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock valued at $520,000 after acquiring an additional 3,356 shares during the last quarter. Swedbank AB acquired a new stake in shares of Karooooo during the 1st quarter worth about $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC lifted its stake in Karooooo by 1.2% during the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock worth $5,138,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Jupiter Asset Management Ltd. boosted its holdings in Karooooo by 2.6% in the first quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after purchasing an additional 5,002 shares in the last quarter.
About Karooooo
Karooooo Ltd. provides mobility software-as-a-service (SaaS) platform for connected vehicles in South Africa, rest of Africa, Europe, the Asia-Pacific, the Middle East, and the United States. The company offers Fleet Telematics, a fleet management SaaS platform that provides real-time insights; LiveVision, which offers pro-active risk management and fleet visibility; MiFleet advanced fleet administration and business intelligence that provides cost management and administration capability services; and Karooooo Logistics, a software application for management of last mile delivery and general operational logistics.
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