Bank of America Corp DE Reduces Stock Position in OPENLANE, Inc. (NYSE:KAR)

Bank of America Corp DE lowered its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 86.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,244 shares of the specialty retailer's stock after selling 378,302 shares during the period. Bank of America Corp DE owned approximately 0.06% of OPENLANE worth $1,175,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of KAR. Comerica Bank grew its position in OPENLANE by 9.3% in the 4th quarter. Comerica Bank now owns 63,942 shares of the specialty retailer's stock valued at $1,269,000 after buying an additional 5,437 shares during the last quarter. PDT Partners LLC lifted its stake in shares of OPENLANE by 8.5% in the 4th quarter. PDT Partners LLC now owns 42,169 shares of the specialty retailer's stock worth $837,000 after acquiring an additional 3,317 shares during the period. Lido Advisors LLC boosted its holdings in shares of OPENLANE by 34.6% in the fourth quarter. Lido Advisors LLC now owns 15,058 shares of the specialty retailer's stock valued at $299,000 after acquiring an additional 3,870 shares in the last quarter. Northern Trust Corp increased its stake in shares of OPENLANE by 3.5% during the fourth quarter. Northern Trust Corp now owns 1,366,918 shares of the specialty retailer's stock worth $27,120,000 after acquiring an additional 46,041 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in OPENLANE by 6.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 56,365 shares of the specialty retailer's stock worth $1,118,000 after purchasing an additional 3,229 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company's stock.

Analyst Upgrades and Downgrades

KAR has been the topic of a number of analyst reports. Stephens raised OPENLANE from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $20.00 to $26.00 in a report on Friday, February 28th. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. lowered OPENLANE from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $23.00 to $20.00 in a report on Thursday, March 27th. Finally, Barrington Research reissued an "outperform" rating and issued a $25.00 target price on shares of OPENLANE in a report on Friday, February 21st.

OPENLANE Stock Performance

KAR traded down $0.00 on Tuesday, hitting $23.80. 765,878 shares of the company were exchanged, compared to its average volume of 730,608. The business's fifty day moving average is $20.55 and its 200 day moving average is $20.51. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $24.09. The firm has a market capitalization of $2.56 billion, a P/E ratio of 44.90, a price-to-earnings-growth ratio of 1.85 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.07. The firm had revenue of $460.10 million during the quarter, compared to the consensus estimate of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. OPENLANE's quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the business posted $0.19 EPS. Analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Insider Activity

In other news, EVP James P. Coyle sold 7,000 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the sale, the executive vice president now directly owns 36,511 shares in the company, valued at $793,018.92. This represents a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.51% of the company's stock.

OPENLANE Company 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.