OPENLANE, Inc. $KAR Holdings Decreased by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its stake in OPENLANE, Inc. by 62.3%, owning 89,008 shares worth $1.72 million after selling 147,356 shares in the 1st quarter.
• During the fourth quarter, several institutions including Brown Advisory Inc. and Marshall Wace LLP made significant moves, with holdings in OPENLANE reaching 99.76% ownership by institutional investors.
• OPENLANE reported earnings of $0.33 per share, surpassing analysts' estimates, with a year-over-year revenue growth of 11.6%, totaling $481.70 million for the quarter.

Deutsche Bank AG lessened its stake in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 62.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,008 shares of the specialty retailer's stock after selling 147,356 shares during the quarter. Deutsche Bank AG owned approximately 0.08% of OPENLANE worth $1,716,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Burgundy Asset Management Ltd. increased its position in OPENLANE by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer's stock worth $184,085,000 after purchasing an additional 153,975 shares in the last quarter. Brown Advisory Inc. increased 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 worth $48,942,000 after purchasing an additional 323,696 shares in the last quarter. Northern Trust Corp increased its position in OPENLANE by 3.5% during the 4th quarter. Northern Trust Corp now owns 1,366,918 shares of the specialty retailer's stock worth $27,120,000 after purchasing an additional 46,041 shares in the last quarter. Nuveen Asset Management LLC increased its position in OPENLANE by 148.1% during the 4th quarter. Nuveen Asset Management LLC now owns 805,461 shares of the specialty retailer's stock worth $15,980,000 after purchasing an additional 480,804 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in OPENLANE by 2.7% during 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. Hedge funds and other institutional investors own 99.76% of the company's stock.

Insider Activity at OPENLANE

In related news, EVP James P. Coyle sold 194,575 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the transaction, the executive vice president directly owned 36,851 shares of the company's stock, valued at approximately $1,029,616.94. The trade was a 84.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Charles S. Coleman sold 59,289 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $27.97, for a total value 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 trade represents a 52.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.51% of the company's stock.

Analysts Set New Price Targets

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

OPENLANE Stock Up 3.4%

Shares of NYSE KAR traded up $0.9650 during midday trading on Friday, hitting $29.1450. The stock had a trading volume of 760,560 shares, compared to its average volume of 952,393. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 39.39, a PEG ratio of 2.79 and a beta of 1.40. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $29.19. The company has a fifty day moving average price of $25.43 and a 200 day moving average price of $22.37.

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, beating the consensus estimate of $0.24 by $0.09. The business had revenue of $481.70 million for the quarter, compared to analyst estimates of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The company's revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 EPS. On average, research analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current year.

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.