Vanguard Group Inc. Lowers Holdings in OPENLANE, Inc. $KAR

Key Points

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Vanguard Group Inc. cut its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 1.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,813,936 shares of the specialty retailer's stock after selling 184,432 shares during the period. Vanguard Group Inc. owned approximately 11.00% of OPENLANE worth $227,773,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in KAR. Nisa Investment Advisors LLC raised its stake in shares of OPENLANE by 19.8% during the first quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock valued at $69,000 after acquiring an additional 590 shares in the last quarter. Kathmere Capital Management LLC increased its holdings in OPENLANE by 2.6% during the 1st quarter. Kathmere Capital Management LLC now owns 39,400 shares of the specialty retailer's stock worth $760,000 after purchasing an additional 1,000 shares during the period. CWM LLC increased its holdings in OPENLANE by 34.5% during the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock worth $81,000 after purchasing an additional 1,077 shares during the period. Bank of Montreal Can raised its position in OPENLANE by 9.6% during the 4th quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer's stock valued at $263,000 after purchasing an additional 1,161 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of OPENLANE by 1.1% in the 4th quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer's stock worth $2,509,000 after buying an additional 1,339 shares during the period. 99.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, EVP Charles S. Coleman sold 59,289 shares of OPENLANE stock in a transaction dated 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 approximately $1,495,667.78. This trade represents 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 stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the sale, the executive vice president directly owned 36,851 shares in the company, valued at approximately $1,029,616.94. The trade was a 84.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

KAR has been the topic of a number of research reports. Wall Street Zen raised shares of OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. JPMorgan Chase & Co. increased their price objective 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. Bank of America boosted their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, Barrington Research increased their target price on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $26.50.

OPENLANE Price Performance

NYSE KAR traded up $0.9190 during trading on Friday, hitting $29.0990. The company's stock had a trading volume of 313,957 shares, compared to its average volume of 837,841. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $29.13. The company has a market cap of $3.09 billion, a PE ratio of 39.31, a P/E/G ratio of 2.68 and a beta of 1.40. The business's 50 day simple moving average is $25.31 and its 200-day simple moving average is $22.29.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly 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 net margin of 8.18% and a return on equity of 11.65%. The business had revenue of $481.70 million during the quarter, compared to analysts' expectations of $453.26 million. During the same quarter last year, the company posted $0.19 earnings per share. The business's quarterly revenue was up 11.6% on a year-over-year basis. Analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

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.