Rhumbline Advisers Sells 16,264 Shares of OPENLANE, Inc. (NYSE:KAR)

Rhumbline Advisers lessened its holdings in OPENLANE, Inc. (NYSE:KAR - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 298,894 shares of the specialty retailer's stock after selling 16,264 shares during the period. Rhumbline Advisers owned about 0.28% of OPENLANE worth $5,763,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of KAR. Brown Advisory Inc. acquired a new stake in shares of OPENLANE in the fourth quarter worth $43,941,000. Kimelman & Baird LLC acquired a new stake in OPENLANE during the fourth quarter valued at $15,793,000. TFJ Management LLC acquired a new stake in OPENLANE during the fourth quarter valued at $14,465,000. Advisory Research Inc. acquired a new stake in OPENLANE during the fourth quarter valued at $9,761,000. Finally, Nuveen Asset Management LLC boosted its position in OPENLANE by 148.1% during the fourth quarter. Nuveen Asset Management LLC now owns 805,461 shares of the specialty retailer's stock valued at $15,980,000 after purchasing an additional 480,804 shares during the last quarter. Institutional investors and hedge funds own 99.76% of the company's stock.

OPENLANE Stock Down 0.3%

Shares of NYSE:KAR traded down $0.07 on Monday, reaching $22.83. The company had a trading volume of 532,204 shares, compared to its average volume of 731,088. OPENLANE, Inc. has a twelve month low of $15.44 and a twelve month high of $24.42. The stock has a 50-day moving average price of $20.99 and a 200 day moving average price of $20.60. The stock has a market capitalization of $2.45 billion, a P/E ratio of 43.08, a P/E/G ratio of 1.85 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly 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 company had revenue of $460.10 million during the quarter, compared to analysts' expectations of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The business's quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.19 earnings per share. On average, sell-side analysts predict that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

KAR has been the subject of a number of research reports. Bank of America lifted their price objective on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Monday. JPMorgan Chase & Co. cut OPENLANE from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $23.00 to $20.00 in a research report on Thursday, March 27th. Stephens raised OPENLANE from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $20.00 to $26.00 in a research report on Friday, February 28th. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $25.00 price target on shares of OPENLANE in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

Insider Transactions at OPENLANE

In other news, EVP James P. Coyle sold 7,000 shares of OPENLANE stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the transaction, the executive vice president now directly owns 36,511 shares in the company, valued at approximately $793,018.92. The trade was a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.51% of the stock is currently owned by corporate insiders.

About OPENLANE

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.