OPENLANE, Inc. (NYSE:KAR) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 86.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,244 shares of the specialty retailer’s stock after selling 378,302 shares during the period. Bank of America Corp DE owned 0.06% of OPENLANE worth $1,175,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Comerica Bank raised its holdings in OPENLANE by 9.3% in the 4th quarter. Comerica Bank now owns 63,942 shares of the specialty retailer’s stock valued at $1,269,000 after acquiring an additional 5,437 shares during the last quarter. PDT Partners LLC raised its holdings in OPENLANE by 8.5% in the 4th quarter. PDT Partners LLC now owns 42,169 shares of the specialty retailer’s stock valued at $837,000 after acquiring an additional 3,317 shares during the last quarter. Lido Advisors LLC raised its holdings in OPENLANE by 34.6% in the 4th quarter. Lido Advisors LLC now owns 15,058 shares of the specialty retailer’s stock valued at $299,000 after acquiring an additional 3,870 shares during the last quarter. Northern Trust Corp raised its holdings in OPENLANE by 3.5% in the 4th quarter. Northern Trust Corp now owns 1,366,918 shares of the specialty retailer’s stock valued at $27,120,000 after acquiring an additional 46,041 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in OPENLANE by 6.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 56,365 shares of the specialty retailer’s stock valued at $1,118,000 after acquiring an additional 3,229 shares during the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on KAR shares. JPMorgan Chase & Co. downgraded shares of OPENLANE from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $23.00 to $20.00 in a report on Thursday, March 27th. Wall Street Zen upgraded shares of OPENLANE from a “hold” rating to a “buy” rating in a report on Friday, May 9th. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. Finally, Stephens upgraded shares of OPENLANE from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $20.00 to $26.00 in a report on Friday, February 28th.

Insider Buying and Selling

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $21.72, for a total transaction of $152,040.00. Following the sale, the executive vice president now directly owns 36,511 shares in the company, valued at $793,018.92. This represents a 16.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.51% of the stock is currently owned by corporate insiders.

OPENLANE Price Performance

Shares of NYSE KAR opened at $23.70 on Friday. The company has a 50 day simple moving average of $20.37 and a 200-day simple moving average of $20.45. The company has a market capitalization of $2.54 billion, a P/E ratio of 44.71, a P/E/G ratio of 1.85 and a beta of 1.40. OPENLANE, Inc. has a 1 year low of $15.44 and a 1 year high of $24.09.

OPENLANE (NYSE:KAR) last posted its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.07. The firm had revenue of $460.10 million during 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 firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.19 EPS. As a group, research analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current year.

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.