Ameriprise Financial Inc. Has $6.52 Million Stock Holdings in OPENLANE, Inc. (NYSE:KAR)

Ameriprise Financial Inc. cut its position in OPENLANE, Inc. (NYSE:KAR) by 9.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 328,356 shares of the specialty retailer’s stock after selling 35,176 shares during the period. Ameriprise Financial Inc. owned 0.31% of OPENLANE worth $6,515,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in KAR. Kimelman & Baird LLC acquired a new stake in shares of OPENLANE in the 4th quarter valued at about $15,793,000. TFJ Management LLC acquired a new stake in shares of OPENLANE in the 4th quarter valued at about $14,465,000. Advisory Research Inc. acquired a new stake in shares of OPENLANE in the 4th quarter valued at about $9,761,000. Norges Bank acquired a new stake in shares of OPENLANE in the 4th quarter valued at about $7,007,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of OPENLANE in the 4th quarter valued at about $5,822,000. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on KAR shares. Stephens raised shares of OPENLANE from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $20.00 to $26.00 in a research report on Friday, February 28th. Wall Street Zen raised shares of OPENLANE from a “hold” rating to a “buy” rating in a research report on Friday, May 9th. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Friday, February 21st. Finally, JPMorgan Chase & Co. cut shares of OPENLANE from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $23.00 to $20.00 in a research report on Thursday, March 27th.

OPENLANE Stock Performance

Shares of NYSE KAR opened at $22.37 on Friday. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $22.86. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 42.20, a PEG ratio of 1.85 and a beta of 1.32. The firm’s 50-day simple moving average is $19.79 and its 200 day simple moving average is $20.17.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, topping the consensus estimate of $0.24 by $0.07. The firm had revenue of $460.10 million for the quarter, compared to analysts’ expectations of $445.70 million. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 EPS. On average, sell-side analysts predict that OPENLANE, Inc. will post 0.95 EPS for the current year.

Insider Activity

In other news, EVP James P. Coyle sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the completion of the transaction, the executive vice president now directly owns 36,511 shares of the company’s stock, valued at $793,018.92. This represents a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.51% of the stock is currently owned by corporate insiders.

About OPENLANE

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.