Keeley Teton Advisors LLC Sells 22,314 Shares of OPENLANE, Inc. $KAR

Key Points

• Keeley Teton Advisors LLC reduced its stake in OPENLANE, Inc. by 22.9% in the first quarter, selling 22,314 shares to hold 75,028 shares valued at approximately $1.45 million.
• Several institutional investors, including Nisa Investment Advisors LLC and Smartleaf Asset Management LLC, have increased their stakes in OPENLANE during the same quarter, with institutional investors now owning 99.76% of the company's stock.
• OPENLANE recently reported an earnings per share (EPS) of $0.33, exceeding analyst estimates of $0.24, and achieved a revenue of $481.70 million, reflecting an 11.6% increase compared to the prior year.

Keeley Teton Advisors LLC decreased its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 22.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,028 shares of the specialty retailer's stock after selling 22,314 shares during the period. Keeley Teton Advisors LLC owned about 0.07% of OPENLANE worth $1,447,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Burgundy Asset Management Ltd. boosted its stake in shares of OPENLANE by 7.0% in the 1st quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer's stock valued at $191,367,000 after purchasing an additional 647,164 shares in the last quarter. Brown Advisory Inc. boosted its position in OPENLANE by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer's stock valued at $48,942,000 after buying an additional 323,696 shares during the period. Northern Trust Corp boosted its position in OPENLANE by 16.0% during the 1st quarter. Northern Trust Corp now owns 1,586,179 shares of the specialty retailer's stock valued at $30,582,000 after buying an additional 219,261 shares during the period. Invesco Ltd. boosted its position in OPENLANE by 32.6% during the 1st quarter. Invesco Ltd. now owns 1,148,034 shares of the specialty retailer's stock valued at $22,134,000 after buying an additional 282,021 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in OPENLANE by 18.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 813,406 shares of the specialty retailer's stock valued at $15,682,000 after buying an additional 126,683 shares during the period. Hedge funds and other institutional investors own 99.76% of the company's stock.

Analysts Set New Price Targets

KAR has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price target on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Barrington Research raised their target price on shares of OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, Bank of America raised their target price 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 Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $26.50.

OPENLANE Trading Down 0.1%

NYSE KAR traded down $0.04 during trading hours on Monday, hitting $28.87. 864,757 shares of the company's stock traded hands, compared to its average volume of 930,139. The business's fifty day moving average price is $26.10 and its two-hundred day moving average price is $22.66. The firm has a market capitalization of $3.07 billion, a P/E ratio of 39.01, a P/E/G ratio of 2.77 and a beta of 1.38. OPENLANE, Inc. has a 52 week low of $15.44 and a 52 week high of $29.37.

OPENLANE (NYSE:KAR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.09. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The company had revenue of $481.70 million during the quarter, compared to analyst estimates of $453.26 million. During the same period in the previous year, the business posted $0.19 earnings per share. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. On average, sell-side analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Insider Activity at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the transaction, the executive vice president owned 36,851 shares of the company's stock, valued at $1,029,616.94. The trade was a 84.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Charles S. Coleman sold 59,289 shares of OPENLANE stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $27.97, for a total transaction of $1,658,313.33. Following the transaction, the executive vice president directly owned 53,474 shares in the company, valued at $1,495,667.78. This represents a 52.58% decrease in their position. The disclosure for this sale can be found here. 2.32% of the stock is owned by insiders.

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.