OPENLANE, Inc. (NYSE:KAR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 836,899 shares of the specialty retailer's stock after selling 47,654 shares during the period. Bank of New York Mellon Corp owned 0.78% of OPENLANE worth $16,135,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in KAR. Canada Pension Plan Investment Board acquired a new position in shares of OPENLANE in the fourth quarter valued at about $34,000. Quarry LP lifted its position in shares of OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock valued at $43,000 after acquiring an additional 1,758 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in shares of OPENLANE in the first quarter valued at approximately $51,000. Johnson Financial Group Inc. acquired a new stake in shares of OPENLANE in the fourth quarter valued at approximately $68,000. Finally, Quantessence Capital LLC acquired a new stake in shares of OPENLANE in the fourth quarter valued at approximately $202,000. 99.76% of the stock is owned by institutional investors.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of the stock in a transaction on Friday, May 9th. The stock was sold at an average price of $21.72, for a total transaction of $152,040.00. Following the transaction, the executive vice president owned 36,511 shares of the company's stock, valued at $793,018.92. This represents a 16.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.51% of the stock is currently owned by corporate insiders.

OPENLANE Price Performance

NYSE KAR traded up $0.34 on Wednesday, hitting $25.36. 799,475 shares of the company's stock were exchanged, compared to its average volume of 767,843. The firm's 50-day moving average price is $23.65 and its two-hundred day moving average price is $21.33. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $26.04. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 38.42, a P/E/G ratio of 2.80 and a beta of 1.41.

OPENLANE (NYSE:KAR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.07. The business had revenue of $460.10 million for the quarter, compared to analysts' expectations of $445.70 million. OPENLANE had a return on equity of 10.38% and a net margin of 7.15%. The company's revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. On average, research analysts predict that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. cut OPENLANE from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $23.00 to $20.00 in a research note on Thursday, March 27th. Finally, Bank of America lifted their price objective on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $24.00.

OPENLANE Company 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.