Northern Trust Corp Buys 219,261 Shares of OPENLANE, Inc. $KAR

Key Points

• Northern Trust Corp has increased its stake in OPENLANE, Inc. by 16.0%, owning approximately 1.48% of the company worth $30.6 million as of the latest SEC filing.
• Analysts have raised the price targets for OPENLANE, with Barrington Research increasing it from $25.00 to $30.00, reflecting confidence in the stock's performance.
• OPENLANE reported earnings of $0.33 per share, exceeding estimates, with revenue growth of 11.6% year-over-year, reaching $481.70 million for the quarter.

Northern Trust Corp lifted its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 16.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,586,179 shares of the specialty retailer's stock after purchasing an additional 219,261 shares during the period. Northern Trust Corp owned 1.48% of OPENLANE worth $30,582,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KAR. Principal Financial Group Inc. lifted its holdings in shares of OPENLANE by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock worth $10,257,000 after purchasing an additional 13,817 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of OPENLANE in the first quarter worth about $1,331,000. Neo Ivy Capital Management bought a new position in shares of OPENLANE during the first quarter valued at approximately $936,000. Informed Momentum Co LLC purchased a new stake in shares of OPENLANE in the 1st quarter worth approximately $2,856,000. Finally, Mackenzie Financial Corp purchased a new stake in OPENLANE during the 1st quarter valued at $1,242,000. 99.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at OPENLANE

In related news, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $27.94, for a total value of $5,436,425.50. Following the transaction, the executive vice president owned 36,851 shares in the company, valued at $1,029,616.94. This trade represents a 84.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Charles S. Coleman sold 59,289 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $27.97, for a total transaction of $1,658,313.33. Following the transaction, the executive vice president owned 53,474 shares in the company, valued at approximately $1,495,667.78. The trade was a 52.58% decrease in their position. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by insiders.

OPENLANE Trading Down 1.3%

KAR stock traded down $0.39 during trading on Friday, reaching $28.76. The stock had a trading volume of 61,137 shares, compared to its average volume of 828,060. The company has a market capitalization of $3.06 billion, a P/E ratio of 38.89, a PEG ratio of 2.96 and a beta of 1.38. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $29.37. The firm has a fifty day moving average price of $26.58 and a 200 day moving average price of $22.86.

OPENLANE (NYSE:KAR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, topping 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 firm had revenue of $481.70 million for the quarter, compared to analyst estimates of $453.26 million. During the same quarter in the prior year, the business earned $0.19 earnings per share. OPENLANE's quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts predict that OPENLANE, Inc. will post 0.95 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on KAR shares. Bank of America raised their target price on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Barrington Research boosted their price objective on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. boosted their target price on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $26.50.

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.