Public Sector Pension Investment Board Boosts Stock Holdings 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% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 631,165 shares of the specialty retailer's stock after buying an additional 364,986 shares during the period. Public Sector Pension Investment Board owned approximately 0.59% of OPENLANE worth $12,169,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Burgundy Asset Management Ltd. lifted its stake in OPENLANE by 1.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer's stock worth $184,085,000 after purchasing an additional 153,975 shares during the last quarter. Brown Advisory Inc. increased its holdings in shares of OPENLANE by 14.6% during the first 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 in the last quarter. Northern Trust Corp increased its holdings 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 buying an additional 46,041 shares in the last quarter. Invesco Ltd. increased its holdings in shares of OPENLANE by 32.6% during the first 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of OPENLANE by 18.4% during the first 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 in the last quarter. 99.76% of the stock is currently owned by institutional investors.

OPENLANE Stock Performance

OPENLANE stock traded down $0.03 during mid-day trading on Friday, reaching $28.31. The company's stock had a trading volume of 1,000,420 shares, compared to its average volume of 973,969. OPENLANE, Inc. has a 12-month low of $15.44 and a 12-month high of $29.13. The company has a market capitalization of $3.01 billion, a P/E ratio of 38.26, a PEG ratio of 2.72 and a beta of 1.40. The firm's fifty day moving average price is $24.96 and its two-hundred day moving average price is $22.09.

OPENLANE (NYSE:KAR - Get Free Report) last released its quarterly earnings data 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 business had revenue of $481.70 million during the quarter, compared to analyst estimates of $453.26 million. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. OPENLANE's revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 EPS. On average, research analysts predict that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Bank of America raised their target price on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Finally, Barrington Research raised 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. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $26.50.

Insider Buying and Selling at OPENLANE

In other news, EVP James P. Coyle sold 194,575 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the completion of the transaction, the executive vice president directly owned 36,851 shares of the company's stock, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles S. Coleman sold 59,289 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $27.97, for a total transaction of $1,658,313.33. Following the transaction, the executive vice president owned 53,474 shares in the company, valued at $1,495,667.78. This represents a 52.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.51% of the company's stock.

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.