Dimensional Fund Advisors LP Lowers Stock Position in OPENLANE, Inc. $KAR

Key Points

• Dimensional Fund Advisors LP has reduced its stake in OPENLANE, Inc. by 0.7%, now owning approximately 6.69% of the company, worth $138.5 million after selling 52,978 shares.
• OPENLANE reported quarterly earnings of $0.33 per share, exceeding analysts' expectations of $0.24, with revenues increasing 11.6% year-over-year to $481.7 million.
• In recent analyst ratings, Barrington Research upgraded the company's target price from $25.00 to $30.00, maintaining an "outperform" rating.

Dimensional Fund Advisors LP cut its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,183,411 shares of the specialty retailer's stock after selling 52,978 shares during the period. Dimensional Fund Advisors LP owned about 6.69% of OPENLANE worth $138,495,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Burgundy Asset Management Ltd. boosted its holdings in OPENLANE by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer's stock valued at $184,085,000 after purchasing an additional 153,975 shares during the period. Brown Advisory Inc. lifted its holdings 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 buying an additional 323,696 shares during the last quarter. Northern Trust Corp lifted its holdings 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 buying an additional 46,041 shares during the last quarter. Invesco Ltd. lifted its holdings in OPENLANE by 32.6% during the 1st quarter. Invesco Ltd. now owns 1,148,034 shares of the specialty retailer's stock worth $22,134,000 after buying an additional 282,021 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings 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 worth $15,682,000 after buying an additional 126,683 shares during the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other OPENLANE news, EVP Charles S. Coleman sold 59,289 shares of OPENLANE 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 sale, the executive vice president owned 53,474 shares of the company's stock, valued at approximately $1,495,667.78. The trade was a 52.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $5,436,425.50. Following the completion of the sale, the executive vice president directly owned 36,851 shares in the company, valued at $1,029,616.94. This represents a 84.08% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on KAR. Bank of America lifted their price target on OPENLANE from $22.00 to $25.00 and gave the stock 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 stock a "neutral" rating in a report on Thursday, August 7th. Barrington Research lifted their target price on OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $26.50.

OPENLANE Price Performance

Shares of KAR traded up $0.9650 during midday trading on Friday, reaching $29.1450. 760,560 shares of the stock were exchanged, compared to its average volume of 952,393. The business's 50-day moving average price is $25.43 and its 200 day moving average price is $22.36. OPENLANE, Inc. has a twelve month low of $15.44 and a twelve month high of $29.19. 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 (NYSE:KAR - Get Free Report) last issued its quarterly 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. The firm had revenue of $481.70 million for the quarter, compared to analysts' expectations of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 EPS. As a group, equities research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal 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.