Teacher Retirement System of Texas Lowers Stock Position in OPENLANE, Inc. (NYSE:KAR)

Teacher Retirement System of Texas cut its stake in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 14.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,534 shares of the specialty retailer's stock after selling 11,070 shares during the quarter. Teacher Retirement System of Texas owned 0.06% of OPENLANE worth $1,302,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in KAR. Canada Pension Plan Investment Board acquired a new stake in OPENLANE during the 4th quarter worth approximately $34,000. Quarry LP boosted its position in OPENLANE by 414.6% during the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock worth $43,000 after buying an additional 1,758 shares during the period. FSC Wealth Advisors LLC acquired a new stake in OPENLANE during the 1st quarter worth approximately $51,000. Johnson Financial Group Inc. acquired a new stake in OPENLANE during the 4th quarter worth approximately $68,000. Finally, Quantessence Capital LLC acquired a new stake in OPENLANE during the 4th quarter worth approximately $202,000. 99.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP James P. Coyle sold 7,000 shares of the stock in a transaction dated 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 directly owned 36,511 shares of the company's stock, valued at approximately $793,018.92. This represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.51% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Bank of America boosted their price target on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. lowered shares of OPENLANE from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $23.00 to $20.00 in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

OPENLANE Price Performance

NYSE:KAR traded down $0.52 on Friday, reaching $24.96. 917,324 shares of the company's stock were exchanged, compared to its average volume of 758,576. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 37.81, a P/E/G ratio of 3.21 and a beta of 1.41. OPENLANE, Inc. has a 52 week low of $15.44 and a 52 week high of $26.04. The stock has a fifty day simple moving average of $23.06 and a 200-day simple moving average of $21.09.

OPENLANE (NYSE:KAR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.07. The firm had revenue of $460.10 million during the quarter, compared to analyst estimates of $445.70 million. OPENLANE had a net margin of 7.15% and a return on equity of 10.38%. The company's quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the business earned $0.19 earnings per share. As a group, sell-side analysts predict that OPENLANE, Inc. will post 0.95 EPS for the current year.

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.