Homestead Advisers Corp Grows Stock Position in OPENLANE, Inc. (NYSE:KAR)

Homestead Advisers Corp boosted its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 15.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 175,600 shares of the specialty retailer's stock after acquiring an additional 23,100 shares during the period. Homestead Advisers Corp owned about 0.16% of OPENLANE worth $3,386,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new stake in OPENLANE during the 4th quarter worth approximately $34,000. Quarry LP increased its position in OPENLANE by 414.6% during the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock worth $43,000 after purchasing an additional 1,758 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in OPENLANE during the 1st quarter worth approximately $51,000. Johnson Financial Group Inc. acquired a new stake in OPENLANE during the 4th quarter worth approximately $68,000. Finally, Nisa Investment Advisors LLC increased its position in OPENLANE by 19.8% during the 1st 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 hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Bank of America increased their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. JPMorgan Chase & Co. cut OPENLANE from an "overweight" rating to a "neutral" rating and reduced their target price for the company from $23.00 to $20.00 in a research note on Thursday, March 27th. Finally, Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $24.00.

OPENLANE Price Performance

Shares of KAR stock traded down $0.08 on Tuesday, reaching $25.00. 122,945 shares of the stock were exchanged, compared to its average volume of 821,817. The stock has a market cap of $2.68 billion, a PE ratio of 37.88, a P/E/G ratio of 2.83 and a beta of 1.41. OPENLANE, Inc. has a one year low of $15.44 and a one year high of $26.03. The stock has a 50 day moving average price of $23.54 and a 200 day moving average price of $21.27.

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

Insider Activity

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 stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the completion of the sale, the executive vice president directly owned 36,511 shares of the company's stock, valued at $793,018.92. This trade represents a 16.09% decrease in their ownership of the stock. The transaction 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.

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