Bastion Asset Management Inc. Raises Holdings in 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. lifted its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 18.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 247,120 shares of the specialty retailer's stock after purchasing an additional 39,140 shares during the period. OPENLANE comprises 2.5% of Bastion Asset Management Inc.'s investment portfolio, making the stock its 12th largest holding. Bastion Asset Management Inc. owned approximately 0.23% of OPENLANE worth $4,662,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Canada Pension Plan Investment Board acquired a new position in shares of OPENLANE during the fourth quarter worth approximately $34,000. Quarry LP increased its holdings in OPENLANE by 414.6% in the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock worth $43,000 after acquiring an additional 1,758 shares during the last quarter. FSC Wealth Advisors LLC purchased a new stake in OPENLANE in the 1st quarter worth about $51,000. Johnson Financial Group Inc. purchased a new position in OPENLANE during the 4th quarter valued at about $68,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of OPENLANE by 19.8% during the first quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock worth $69,000 after purchasing an additional 590 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors.

OPENLANE Trading Up 0.8%

KAR traded up $0.21 on Wednesday, hitting $24.96. 132,677 shares of the company's stock traded hands, compared to its average volume of 817,631. The company's 50 day simple moving average is $23.91 and its 200-day simple moving average is $21.50. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 37.75, a P/E/G ratio of 2.77 and a beta of 1.41. OPENLANE, Inc. has a one year low of $15.44 and a one year high of $26.03.

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on KAR shares. Bank of America increased 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. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

Insider Activity at OPENLANE

In related news, EVP James P. Coyle sold 7,000 shares of the company's stock in a transaction dated 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 directly 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 filing with the SEC, which is available at this link. Insiders own 2.32% of the company's stock.

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.