Jupiter Asset Management Ltd. Cuts Holdings in Karooooo Ltd. (NASDAQ:KARO)

Key Points

• Jupiter Asset Management Ltd. has reduced its stake in Karooooo Ltd. by 3.4% during the first quarter, now holding 228,993 shares valued at approximately $9.74 million.
• Several large investors altered their positions in Karooooo recently, including JPMorgan Chase & Co., which increased its stake by an astonishing 1,727.0% in the same quarter.
• Karooooo declared a dividend of $1.25 per share, representing a remarkable dividend yield of 220.0%, scheduled for payment on August 22nd.

Jupiter Asset Management Ltd. trimmed its holdings in shares of Karooooo Ltd. (NASDAQ:KARO - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 228,993 shares of the company's stock after selling 7,979 shares during the period. Jupiter Asset Management Ltd. owned about 0.74% of Karooooo worth $9,741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Karooooo in the 4th quarter worth approximately $635,000. Capricorn Fund Managers Ltd raised its position in shares of Karooooo by 8.0% during the first quarter. Capricorn Fund Managers Ltd now owns 143,470 shares of the company's stock worth $6,103,000 after purchasing an additional 10,586 shares during the period. Marshall Wace LLP boosted its position in Karooooo by 32.4% during the 4th quarter. Marshall Wace LLP now owns 39,021 shares of the company's stock worth $1,762,000 after acquiring an additional 9,552 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Karooooo by 1,727.0% in the 4th quarter. JPMorgan Chase & Co. now owns 8,934 shares of the company's stock valued at $403,000 after buying an additional 8,445 shares in the last quarter. Finally, Northern Trust Corp bought a new stake in Karooooo during the fourth quarter worth approximately $340,000.

Wall Street Analyst Weigh In

KARO has been the topic of a number of recent analyst reports. Needham & Company LLC assumed coverage on Karooooo in a report on Wednesday, July 16th. They set a "buy" rating and a $60.00 target price on the stock. Raymond James Financial reiterated an "outperform" rating and issued a $60.00 price target (up from $58.00) on shares of Karooooo in a research report on Thursday, July 24th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $53.00 price target (up previously from $43.00) on shares of Karooooo in a research report on Thursday, June 26th.

Karooooo Trading Up 0.4%

Shares of KARO stock traded up $0.19 during mid-day trading on Thursday, hitting $46.28. 69,456 shares of the company's stock were exchanged, compared to its average volume of 50,902. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 26.91 and a beta of 1.07. Karooooo Ltd. has a fifty-two week low of $31.59 and a fifty-two week high of $63.36. The stock has a 50-day simple moving average of $50.18 and a two-hundred day simple moving average of $46.48. The company has a quick ratio of 1.16, a current ratio of 1.17 and a debt-to-equity ratio of 0.05.

Karooooo (NASDAQ:KARO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.02. Karooooo had a return on equity of 31.48% and a net margin of 20.23%. The company had revenue of $70.49 million for the quarter, compared to the consensus estimate of $1.25 billion. Equities analysts expect that Karooooo Ltd. will post 1.57 EPS for the current fiscal year.

Karooooo Announces Dividend

The company also recently declared a -- dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 15th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 220.0%. Karooooo's dividend payout ratio (DPR) is currently 62.79%.

Karooooo Company Profile

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.