Mackenzie Financial Corp Invests $1.24 Million in OPENLANE, Inc. (NYSE:KAR)

Key Points

• Mackenzie Financial Corp has invested approximately $1.24 million in OPENLANE, acquiring 64,434 shares, representing about 0.06% of the company's stock.
• A number of hedge funds have recently modified their positions in OPENLANE, with the majority of its stock (99.76%) being owned by institutional investors.
• OPENLANE reported earnings of $0.31 per share, surpassing analysts' expectations, and its quarterly revenue rose by 7.0% compared to the previous year.

Mackenzie Financial Corp bought a new position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 64,434 shares of the specialty retailer's stock, valued at approximately $1,242,000. Mackenzie Financial Corp owned about 0.06% of OPENLANE at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Canada Pension Plan Investment Board purchased a new position in shares of OPENLANE during the fourth quarter worth approximately $34,000. Quarry LP grew its position in shares of OPENLANE by 414.6% during the fourth 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 position in shares of OPENLANE during the first quarter worth approximately $51,000. Johnson Financial Group Inc. purchased a new position in shares of OPENLANE during the fourth quarter worth approximately $68,000. Finally, Nisa Investment Advisors LLC grew its position 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 acquiring an additional 590 shares during the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 completion of the sale, the executive vice president 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.32% of the company's stock.

OPENLANE Price Performance

NYSE:KAR opened at $24.18 on Tuesday. The firm's fifty day moving average price is $24.09 and its 200 day moving average price is $21.63. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $26.03. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 36.64, a price-to-earnings-growth ratio of 2.72 and a beta of 1.40.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on KAR. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Bank of America lifted their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.