41,400 Shares in OPENLANE, Inc. $KAR Acquired by Strs Ohio

Key Points

• Strs Ohio has made a new investment in OPENLANE, Inc., acquiring 41,400 shares valued at approximately $798,000 during the first quarter.
• Insider activity includes significant share sales, with EVP James P. Coyle selling 194,575 shares and EVP Charles S. Coleman selling 59,289 shares, indicating a decrease in their ownership stakes.
• OPENLANE recently reported earnings of $0.33 EPS for the quarter, surpassing analyst expectations, with revenue of $481.70 million, up 11.6% year-over-year.

Strs Ohio purchased a new position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 41,400 shares of the specialty retailer's stock, valued at approximately $798,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of KAR. Principal Financial Group Inc. grew its stake in OPENLANE by 2.7% in the first quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock valued at $10,257,000 after purchasing an additional 13,817 shares in the last quarter. GSA Capital Partners LLP bought a new position in OPENLANE in the first quarter valued at approximately $1,331,000. Neo Ivy Capital Management bought a new position in OPENLANE in the first quarter valued at approximately $936,000. Informed Momentum Co LLC bought a new position in OPENLANE in the first quarter valued at approximately $2,856,000. Finally, Mackenzie Financial Corp bought a new position in OPENLANE in the first quarter valued at approximately $1,242,000. Institutional investors and hedge funds own 99.76% of the company's stock.

Insider Transactions at OPENLANE

In other OPENLANE news, EVP Charles S. Coleman sold 59,289 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $27.97, for a total value of $1,658,313.33. Following the sale, the executive vice president owned 53,474 shares in the company, valued at approximately $1,495,667.78. The trade was a 52.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 value 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. The trade was a 84.08% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.32% of the company's stock.

OPENLANE Trading Down 0.9%

KAR traded down $0.26 on Monday, reaching $28.83. The stock had a trading volume of 411,117 shares, compared to its average volume of 839,790. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $30.93. The firm has a 50-day moving average of $27.44 and a 200-day moving average of $23.49. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 38.96, a price-to-earnings-growth ratio of 3.00 and a beta of 1.38.

OPENLANE (NYSE:KAR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.09. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The business had revenue of $481.70 million during the quarter, compared to analysts' expectations of $453.26 million. During the same quarter in the prior year, the firm earned $0.19 EPS. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. Sell-side analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

KAR has been the subject of a number of analyst reports. Bank of America raised their price target on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Barrington Research lifted their target price on OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. lifted their target price on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Stephens lifted their target price on OPENLANE from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 10th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company 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.