Raymond James Financial Inc. Lowers Position in OPENLANE, Inc. $KAR

Key Points

• Raymond James Financial Inc. has reduced its stake in OPENLANE, Inc. by 16.1%, selling 47,373 shares, now owning 246,052 shares valued at approximately $4.74 million.
• EXECUTIVES at OPENLANE sold a significant number of shares, with EVP Charles S. Coleman selling 59,289 shares and James P. Coyle selling 194,575 shares, marking decreases of 52.58% and 84.08% in their holdings respectively.
• OPENLANE reported earnings of $0.33 per share, exceeding expectations, and its revenue increased by 11.6% year-over-year, reaching $481.70 million.

Raymond James Financial Inc. decreased its position in OPENLANE, Inc. (NYSE:KAR - Free Report) by 16.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 246,052 shares of the specialty retailer's stock after selling 47,373 shares during the period. Raymond James Financial Inc. owned about 0.23% of OPENLANE worth $4,744,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of KAR. FSC Wealth Advisors LLC acquired a new position in shares of OPENLANE in the 1st quarter valued at approximately $51,000. Nisa Investment Advisors LLC raised its stake in shares of OPENLANE by 19.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock valued at $69,000 after purchasing an additional 590 shares during the period. CWM LLC boosted its position in shares of OPENLANE by 34.5% during the first 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. Fox Run Management L.L.C. bought a new position in shares of OPENLANE during the first quarter worth about $243,000. Finally, Squarepoint Ops LLC bought a new position in shares of OPENLANE during the 4th quarter worth approximately $248,000. Institutional investors and hedge funds own 99.76% of the company's stock.

Insider Activity at OPENLANE

In related news, EVP James P. Coyle sold 194,575 shares of the business's stock in a transaction 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 sale, the executive vice president owned 36,851 shares of the company's stock, valued at $1,029,616.94. The trade was a 84.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $1,658,313.33. Following the completion of the transaction, the executive vice president 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 owned by company insiders.

OPENLANE Price Performance

KAR traded up $0.50 on Thursday, hitting $29.81. 176,278 shares of the stock were exchanged, compared to its average volume of 832,365. The business has a 50-day moving average of $26.95 and a two-hundred day moving average of $23.10. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $30.93. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 40.31, a PEG ratio of 3.05 and a beta of 1.38.

OPENLANE (NYSE:KAR - Get Free Report) last released its earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) 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 for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 earnings per share. Equities research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on KAR. JPMorgan Chase & Co. lifted their price target on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Barrington Research raised their price target on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Bank of America upped their price objective on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, Stephens raised their target price on shares of OPENLANE from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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.