Public Sector Pension Investment Board Has $12.17 Million Stake in OPENLANE, Inc. (NYSE:KAR)

Key Points

• The Public Sector Pension Investment Board increased its stake in OPENLANE, Inc. by 137.1% during the 1st quarter, now holding 631,165 shares valued at approximately $12.17 million.
• OPENLANE reported earnings of $0.33 per share for the quarter, exceeding analysts' expectations of $0.24 and showcasing an 11.6% increase in revenue compared to the previous year.
• Analysts have adjusted their price targets for OPENLANE, with Bank of America and JPMorgan Chase both increasing their target to $25.00 while Barrington Research set a target of $30.00.

Public Sector Pension Investment Board lifted its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 137.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 631,165 shares of the specialty retailer's stock after acquiring an additional 364,986 shares during the period. Public Sector Pension Investment Board owned 0.59% of OPENLANE worth $12,169,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in OPENLANE by 19.8% in 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. Kathmere Capital Management LLC increased its position in OPENLANE by 2.6% in the 1st quarter. Kathmere Capital Management LLC now owns 39,400 shares of the specialty retailer's stock worth $760,000 after buying an additional 1,000 shares during the period. CWM LLC increased its position in OPENLANE by 34.5% in the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock worth $81,000 after buying an additional 1,077 shares during the period. Bank of Montreal Can increased its position in OPENLANE by 9.6% in the 4th quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer's stock worth $263,000 after buying an additional 1,161 shares during the period. Finally, Two Sigma Investments LP increased its position in OPENLANE by 1.1% in the 4th quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer's stock worth $2,509,000 after buying an additional 1,339 shares during the period. 99.76% of the stock is owned by institutional investors.

OPENLANE Stock Down 0.1%

NYSE:KAR traded down $0.03 during trading hours on Friday, reaching $28.31. The company had a trading volume of 1,000,420 shares, compared to its average volume of 973,969. The stock has a 50-day moving average of $24.96 and a two-hundred day moving average of $22.08. OPENLANE, Inc. has a one year low of $15.44 and a one year high of $29.13. The firm has a market capitalization of $3.01 billion, a PE ratio of 38.26, a PEG ratio of 2.71 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates 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 business's revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.19 earnings per share. As a group, sell-side analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Insider Buying and Selling at OPENLANE

In other news, EVP James P. Coyle sold 194,575 shares of the stock in a transaction 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 sale, the executive vice president owned 36,851 shares in the company, valued at approximately $1,029,616.94. This represents a 84.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Charles S. Coleman sold 59,289 shares of the company's stock in a transaction on Thursday, August 7th. The shares were 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 position. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

KAR has been the topic of a number of research reports. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. JPMorgan Chase & Co. boosted their price objective on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Barrington Research boosted their price objective on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Finally, Bank of America boosted their price objective on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, OPENLANE has a consensus rating of "Moderate Buy" and a consensus price target of $26.50.

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.