Jennison Associates LLC Acquires New Holdings in OPENLANE, Inc. (NYSE:KAR)

Jennison Associates LLC purchased a new stake in OPENLANE, Inc. (NYSE:KAR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 58,598 shares of the specialty retailer's stock, valued at approximately $1,130,000. Jennison Associates LLC owned 0.05% of OPENLANE as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of KAR. Raymond James Financial Inc. purchased a new position in OPENLANE in the fourth quarter valued at approximately $5,822,000. Swiss National Bank grew its position in OPENLANE by 1.0% in the fourth quarter. Swiss National Bank now owns 213,600 shares of the specialty retailer's stock valued at $4,238,000 after acquiring an additional 2,100 shares in the last quarter. Natixis Advisors LLC grew its position in OPENLANE by 19.9% in the fourth quarter. Natixis Advisors LLC now owns 15,137 shares of the specialty retailer's stock valued at $300,000 after acquiring an additional 2,512 shares in the last quarter. Teacher Retirement System of Texas grew its position in OPENLANE by 95.6% in the fourth quarter. Teacher Retirement System of Texas now owns 78,604 shares of the specialty retailer's stock valued at $1,560,000 after acquiring an additional 38,415 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in OPENLANE in the fourth quarter valued at approximately $448,000. Hedge funds and other institutional investors own 99.76% of the company's stock.

OPENLANE Price Performance

KAR traded down $0.47 during trading hours on Thursday, hitting $24.92. 399,161 shares of the stock were exchanged, compared to its average volume of 822,897. The stock has a 50-day simple moving average of $23.72 and a 200-day simple moving average of $21.36. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $26.03. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 37.81, a price-to-earnings-growth ratio of 2.80 and a beta of 1.41.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.07. The firm 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 firm's revenue for the quarter was up 7.0% on a year-over-year basis. During the same period last year, the business posted $0.19 earnings per share. Sell-side analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current year.

Analyst Ratings Changes

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

Insider Transactions at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of the firm's stock in a transaction 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 sale, the executive vice president directly owned 36,511 shares in the company, valued at approximately $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 can be accessed through this link. Insiders own 1.51% of the company's stock.

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.