Zuckerman Investment Group LLC Sells 20,759 Shares of OPENLANE, Inc. $KAR

Key Points

• Zuckerman Investment Group LLC has reduced its stake in OPENLANE, Inc. (NYSE:KAR) by 2.0%, now holding 993,918 shares valued at approximately $19.16 million.
• Several institutional investors, including Burgundy Asset Management and Brown Advisory, have increased their holdings in OPENLANE during the first quarter, showcasing a growing interest in the stock.
• The company reported a quarterly EPS of $0.33, exceeding analysts' expectations, and achieved a revenue growth of 11.6% year-over-year, indicating robust financial performance.

Zuckerman Investment Group LLC trimmed its position in OPENLANE, Inc. (NYSE:KAR - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 993,918 shares of the specialty retailer's stock after selling 20,759 shares during the quarter. OPENLANE makes up approximately 2.1% of Zuckerman Investment Group LLC's portfolio, making the stock its 21st largest position. Zuckerman Investment Group LLC owned approximately 0.93% of OPENLANE worth $19,163,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in KAR. Wells Fargo & Company MN boosted its holdings in shares of OPENLANE by 26.8% during the fourth quarter. Wells Fargo & Company MN now owns 64,040 shares of the specialty retailer's stock worth $1,271,000 after purchasing an additional 13,551 shares during the period. Envestnet Asset Management Inc. increased its position in OPENLANE by 6.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 63,970 shares of the specialty retailer's stock worth $1,269,000 after acquiring an additional 3,799 shares during the period. Barclays PLC increased its position in OPENLANE by 5.7% during the fourth quarter. Barclays PLC now owns 189,117 shares of the specialty retailer's stock worth $3,753,000 after acquiring an additional 10,153 shares during the period. Canada Pension Plan Investment Board bought a new position in OPENLANE during the fourth quarter worth $34,000. Finally, First Trust Advisors LP increased its holdings in OPENLANE by 197.6% in the 4th quarter. First Trust Advisors LP now owns 219,411 shares of the specialty retailer's stock valued at $4,353,000 after buying an additional 145,673 shares during the period. 99.76% of the stock is currently owned by institutional investors and hedge funds.

OPENLANE Price Performance

OPENLANE stock traded down $0.04 during mid-day trading on Friday, hitting $28.87. 864,757 shares of the company's stock traded hands, compared to its average volume of 922,513. The firm has a 50 day simple moving average of $26.10 and a two-hundred day simple moving average of $22.63. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $29.37. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 39.01, a P/E/G ratio of 2.77 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $453.26 million. During the same quarter last year, the firm posted $0.19 EPS. The company's quarterly revenue was up 11.6% on a year-over-year basis. On average, research analysts anticipate that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In related news, EVP James P. Coyle sold 194,575 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $27.94, for a total value of $5,436,425.50. Following the transaction, the executive vice president owned 36,851 shares in the company, valued at approximately $1,029,616.94. This trade represents a 84.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Charles S. Coleman sold 59,289 shares of the firm's stock in a transaction on 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 completion of the transaction, the executive vice president owned 53,474 shares in the company, valued at $1,495,667.78. The trade was 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.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America boosted their price target on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Barrington Research upped their price target on shares of OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. upped their target price on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $26.50.

OPENLANE Company 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.