State Street Corp Sells 29,828 Shares of OPENLANE, Inc. (NYSE:KAR)

State Street Corp decreased its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 0.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,142,010 shares of the specialty retailer’s stock after selling 29,828 shares during the quarter. State Street Corp owned approximately 3.88% of OPENLANE worth $69,917,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new position in shares of OPENLANE during the 2nd quarter worth about $3,243,000. Clifford Capital Partners LLC acquired a new position in OPENLANE during the third quarter valued at approximately $10,309,000. Burgundy Asset Management Ltd. grew its stake in OPENLANE by 1.7% in the second quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after purchasing an additional 146,266 shares in the last quarter. Raymond James & Associates increased its position in shares of OPENLANE by 293.5% during the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock worth $4,034,000 after purchasing an additional 181,364 shares during the last quarter. Finally, River Road Asset Management LLC raised its stake in shares of OPENLANE by 15.3% during the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock worth $85,161,000 after purchasing an additional 671,104 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

OPENLANE Stock Down 2.2 %

Shares of KAR stock opened at $20.30 on Wednesday. OPENLANE, Inc. has a 12-month low of $12.86 and a 12-month high of $20.85. The company has a market capitalization of $2.17 billion, a PE ratio of 78.08, a price-to-earnings-growth ratio of 2.05 and a beta of 1.53. The firm has a 50 day moving average price of $18.34 and a two-hundred day moving average price of $17.45.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The company had revenue of $448.00 million for the quarter, compared to analysts’ expectations of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. As a group, research analysts expect that OPENLANE, Inc. will post 0.84 EPS for the current year.

Wall Street Analysts Forecast Growth

KAR has been the topic of a number of recent analyst reports. Barrington Research restated an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a report on Monday, November 4th. JPMorgan Chase & Co. boosted their price objective on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Finally, StockNews.com raised OPENLANE from a “hold” rating to a “buy” rating in a research report on Monday, December 9th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, OPENLANE presently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Insider Transactions at OPENLANE

In other OPENLANE news, CFO Brad S. Lakhia purchased 4,985 shares of the stock in a transaction dated Wednesday, November 13th. The stock was bought at an average price of $20.06 per share, with a total value of $99,999.10. Following the acquisition, the chief financial officer now owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. This represents a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.32% of the stock is currently owned by insiders.

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.