Bastion Asset Management Inc. Purchases New Position in OPENLANE, Inc. (NYSE:KAR)

Bastion Asset Management Inc. purchased a new stake in OPENLANE, Inc. (NYSE:KAR - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 207,980 shares of the specialty retailer's stock, valued at approximately $3,891,000. OPENLANE accounts for about 2.6% of Bastion Asset Management Inc.'s portfolio, making the stock its 11th largest position. Bastion Asset Management Inc. owned about 0.19% of OPENLANE as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Comerica Bank raised its position in OPENLANE by 9.3% in the fourth quarter. Comerica Bank now owns 63,942 shares of the specialty retailer's stock valued at $1,269,000 after purchasing an additional 5,437 shares during the period. PDT Partners LLC grew its position in OPENLANE by 8.5% in the 4th quarter. PDT Partners LLC now owns 42,169 shares of the specialty retailer's stock valued at $837,000 after acquiring an additional 3,317 shares in the last quarter. Lido Advisors LLC increased its stake in OPENLANE by 34.6% during the fourth quarter. Lido Advisors LLC now owns 15,058 shares of the specialty retailer's stock worth $299,000 after purchasing an additional 3,870 shares during the period. Northern Trust Corp lifted its position in shares of OPENLANE by 3.5% during the fourth quarter. Northern Trust Corp now owns 1,366,918 shares of the specialty retailer's stock worth $27,120,000 after purchasing an additional 46,041 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of OPENLANE by 6.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 56,365 shares of the specialty retailer's stock valued at $1,118,000 after purchasing an additional 3,229 shares during the period. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. StockNews.com lowered shares of OPENLANE from a "buy" rating to a "hold" rating in a report on Friday, March 28th. JPMorgan Chase & Co. lowered OPENLANE from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $23.00 to $20.00 in a report on Thursday, March 27th. Stephens raised OPENLANE from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $25.00 price target on shares of OPENLANE in a research report on Friday, February 21st.

OPENLANE Price Performance

Shares of KAR traded up $0.07 during midday trading on Friday, reaching $21.84. The stock had a trading volume of 694,152 shares, compared to its average volume of 802,555. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 41.21, a PEG ratio of 1.85 and a beta of 1.32. The company's fifty day simple moving average is $19.55 and its two-hundred day simple moving average is $19.74. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $22.47.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.07. The company had revenue of $460.10 million for the quarter, compared to analysts' expectations of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. OPENLANE's quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the firm earned $0.19 earnings per share. On average, sell-side analysts forecast that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

OPENLANE Profile

OPENLANE, Inc, together with its subsidiaries, operates as a digital marketplace for used vehicles, which connects sellers and buyers in North America, Europe, the Philippines, and Uruguay. The company operates through two segments, Marketplace and Finance. The Marketplace segment offers digital marketplace services for buying and selling used vehicles.