Rhumbline Advisers Has $5.76 Million Stock Position in OPENLANE, Inc. $KAR

Key Points

• Rhumbline Advisers reduced its stake in OPENLANE, Inc. shares by 5.2%, holding approximately 0.28% of the company after selling 16,264 shares.
• Equity research analysts have recently increased their price targets for OPENLANE, with Stephens raising the target to $35.00 and Barrington Research increasing it to $30.00, indicating positive market sentiment.
• In a recent earnings report, OPENLANE beat expectations with a quarterly earnings per share of $0.33, signaling an 11.6% year-over-year revenue growth.

Rhumbline Advisers cut its holdings in OPENLANE, Inc. (NYSE:KAR - Free Report) by 5.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 298,894 shares of the specialty retailer's stock after selling 16,264 shares during the quarter. Rhumbline Advisers owned approximately 0.28% of OPENLANE worth $5,763,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FSC Wealth Advisors LLC acquired a new stake in shares of OPENLANE in the first quarter valued at $51,000. Smartleaf Asset Management LLC boosted its stake in shares of OPENLANE by 29.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer's stock valued at $63,000 after purchasing an additional 735 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of OPENLANE by 19.8% during the 1st quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock worth $69,000 after buying an additional 590 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of OPENLANE during the 1st quarter worth approximately $75,000. Finally, CWM LLC lifted its holdings in OPENLANE by 34.5% in the first quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock valued at $81,000 after buying an additional 1,077 shares during the period. 99.76% of the stock is currently owned by institutional investors and hedge funds.

OPENLANE Price Performance

KAR traded up $0.81 during mid-day trading on Thursday, hitting $29.34. The stock had a trading volume of 215,577 shares, compared to its average volume of 829,989. The stock's fifty day simple moving average is $27.29 and its 200-day simple moving average is $23.36. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 39.63, a price-to-earnings-growth ratio of 2.93 and a beta of 1.38. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $30.93.

OPENLANE (NYSE:KAR - Get Free Report) last posted its earnings results 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 company had revenue of $481.70 million for the quarter, compared to analyst estimates of $453.26 million. During the same period last year, the business posted $0.19 earnings per share. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Insider Activity at OPENLANE

In related news, 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 completion of the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James P. Coyle sold 194,575 shares of the business's 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 transaction, the executive vice president owned 36,851 shares of the company's stock, valued at $1,029,616.94. This represents a 84.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on KAR shares. Stephens increased their price objective on shares of OPENLANE from $32.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, September 10th. Bank of America increased their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Barrington Research increased their price objective on shares of 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. increased their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.75.

OPENLANE Profile

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.