Zuckerman Investment Group LLC Has $19.16 Million Holdings in 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 decreased 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 & Exchange Commission. The firm owned 993,918 shares of the specialty retailer's stock after selling 20,759 shares during the quarter. OPENLANE comprises approximately 2.1% of Zuckerman Investment Group LLC's holdings, 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 quarter.

Several other hedge funds have also modified their holdings of the stock. Burgundy Asset Management Ltd. lifted its holdings in shares of OPENLANE by 7.0% during the first quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer's stock valued at $191,367,000 after purchasing an additional 647,164 shares during the last quarter. Brown Advisory Inc. lifted its holdings in shares of OPENLANE by 14.6% during the first quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer's stock valued at $48,942,000 after purchasing an additional 323,696 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of OPENLANE by 16.0% during the first quarter. Northern Trust Corp now owns 1,586,179 shares of the specialty retailer's stock valued at $30,582,000 after purchasing an additional 219,261 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of OPENLANE by 32.6% during the first quarter. Invesco Ltd. now owns 1,148,034 shares of the specialty retailer's stock valued at $22,134,000 after purchasing an additional 282,021 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of OPENLANE by 18.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 813,406 shares of the specialty retailer's stock valued at $15,682,000 after purchasing an additional 126,683 shares during the last quarter. 99.76% of the stock is owned by hedge funds and other institutional investors.

OPENLANE Price Performance

OPENLANE stock traded down $0.04 during mid-day trading on Friday, hitting $28.87. The company's stock had a trading volume of 864,757 shares, compared to its average volume of 922,513. The firm's 50 day moving average is $26.10 and its 200 day moving average is $22.65. The company has a market cap of $3.07 billion, a PE ratio of 39.01, a price-to-earnings-growth ratio of 2.77 and a beta of 1.40. OPENLANE, Inc. has a 52-week low of $15.44 and a 52-week high of $29.37.

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

Insider Activity

In other OPENLANE news, EVP James P. Coyle sold 194,575 shares of the company's stock in a transaction dated 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 directly owned 36,851 shares of the company's stock, valued at $1,029,616.94. This represents a 84.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 completion of the transaction, the executive vice president directly owned 53,474 shares in the company, valued at approximately $1,495,667.78. The trade was a 52.58% 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 subject of several analyst reports. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Bank of America upped their target price on 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 target price on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. increased their price objective on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, OPENLANE presently has a consensus rating of "Moderate Buy" and a consensus target price 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.