Bastion Asset Management Inc. Acquires 39,140 Shares of OPENLANE, Inc. (NYSE:KAR)

Key Points

• Bastion Asset Management Inc. increased its stake in OPENLANE, Inc. by 18.8%, acquiring 39,140 additional shares, bringing its total holdings to 247,120 shares.
• Institutional investors collectively own approximately 99.76% of OPENLANE's stock, highlighting significant confidence in the company from large financial entities.
• Wall Street analysts have upgraded OPENLANE's rating, with the average price target set at $24.00, reflecting positive expectations for its financial performance in the coming year.

Bastion Asset Management Inc. increased its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 18.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 247,120 shares of the specialty retailer's stock after purchasing an additional 39,140 shares during the period. OPENLANE accounts for approximately 2.5% of Bastion Asset Management Inc.'s holdings, making the stock its 12th largest position. Bastion Asset Management Inc. owned about 0.23% of OPENLANE worth $4,662,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of KAR. Natixis Advisors LLC grew its holdings in OPENLANE by 19.9% during the fourth quarter. Natixis Advisors LLC now owns 15,137 shares of the specialty retailer's stock worth $300,000 after purchasing an additional 2,512 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of OPENLANE by 95.6% during the fourth quarter. Teacher Retirement System of Texas now owns 78,604 shares of the specialty retailer's stock worth $1,560,000 after acquiring an additional 38,415 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of OPENLANE during the fourth quarter worth approximately $448,000. JPMorgan Chase & Co. boosted its holdings in shares of OPENLANE by 119.4% during the fourth quarter. JPMorgan Chase & Co. now owns 306,038 shares of the specialty retailer's stock worth $6,072,000 after acquiring an additional 166,536 shares during the period. Finally, Norges Bank bought a new stake in shares of OPENLANE during the fourth quarter worth approximately $7,007,000. Institutional investors own 99.76% of the company's stock.

Insider Activity at OPENLANE

In other news, EVP James P. Coyle sold 7,000 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $21.72, for a total transaction of $152,040.00. Following the transaction, the executive vice president directly owned 36,511 shares of the company's stock, valued at approximately $793,018.92. This trade represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.51% of the company's stock.

Wall Street Analysts Forecast Growth

KAR has been the subject of a number of research analyst reports. Bank of America boosted their price objective on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Two 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, OPENLANE presently has a consensus rating of "Moderate Buy" and an average price target of $24.00.

OPENLANE Trading Up 0.3%

Shares of KAR opened at $24.85 on Friday. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $26.03. The firm's 50 day moving average is $23.82 and its 200-day moving average is $21.43. The stock has a market capitalization of $2.67 billion, a PE ratio of 37.66, a P/E/G ratio of 2.77 and a beta of 1.41.

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

About OPENLANE

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.

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