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

Rhumbline Advisers cut its holdings in OPENLANE, Inc. (NYSE:KAR - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent filing with the Securities and 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 0.28% of OPENLANE worth $5,763,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Brown Advisory Inc. bought a new stake in OPENLANE during the 4th quarter worth approximately $43,941,000. Kimelman & Baird LLC purchased a new stake in shares of OPENLANE in the fourth quarter worth $15,793,000. TFJ Management LLC bought a new stake in OPENLANE during the fourth quarter valued at $14,465,000. Advisory Research Inc. purchased a new position in OPENLANE during the fourth quarter worth about $9,761,000. Finally, Nuveen Asset Management LLC grew 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 worth $15,980,000 after buying an additional 480,804 shares in the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

OPENLANE Stock Performance

Shares of OPENLANE stock traded down $0.59 during midday trading on Friday, reaching $22.85. 573,892 shares of the company's stock traded hands, compared to its average volume of 731,431. The company has a market cap of $2.45 billion, a PE ratio of 43.11, a price-to-earnings-growth ratio of 1.85 and a beta of 1.40. The stock has a 50 day moving average of $20.77 and a 200-day moving average of $20.56. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $24.42.

OPENLANE (NYSE:KAR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, topping the consensus estimate of $0.24 by $0.07. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The firm had revenue of $460.10 million during the quarter, compared to analysts' expectations of $445.70 million. During the same period last year, the company posted $0.19 EPS. The company's quarterly revenue was up 7.0% compared to the same quarter last year. On average, equities analysts anticipate that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP James P. Coyle sold 7,000 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the sale, the executive vice president now directly owns 36,511 shares of the company's stock, valued at $793,018.92. The trade was a 16.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.51% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on KAR shares. Stephens raised shares of OPENLANE from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $20.00 to $26.00 in a report on Friday, February 28th. Barrington Research reissued an "outperform" rating and set a $25.00 price objective on shares of OPENLANE in a report on Friday, February 21st. JPMorgan Chase & Co. downgraded OPENLANE from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. Finally, Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th.

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.