OPENLANE, Inc. (NYSE:KAR) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its holdings in OPENLANE, Inc. (NYSE:KAR) by 14.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,534 shares of the specialty retailer’s stock after selling 11,070 shares during the quarter. Teacher Retirement System of Texas owned about 0.06% of OPENLANE worth $1,302,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of KAR. Canada Pension Plan Investment Board acquired a new position in OPENLANE in the fourth quarter valued at $34,000. Quarry LP increased its stake in OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock valued at $43,000 after purchasing an additional 1,758 shares during the period. FSC Wealth Advisors LLC acquired a new position in OPENLANE in the first quarter valued at $51,000. Johnson Financial Group Inc. acquired a new position in OPENLANE in the fourth quarter valued at $68,000. Finally, Quantessence Capital LLC acquired a new position in OPENLANE in the fourth quarter valued at $202,000. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on KAR. JPMorgan Chase & Co. downgraded shares of OPENLANE from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $20.00 in a report on Thursday, March 27th. Wall Street Zen raised shares of OPENLANE from a “hold” rating to a “buy” rating in a report on Friday, May 9th. Finally, Bank of America lifted their target price on shares of OPENLANE from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Monday, June 16th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.00.

Insider Buying and Selling

In related news, EVP James P. Coyle sold 7,000 shares of the business’s stock in a transaction dated 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 owned 36,511 shares of the company’s stock, valued at approximately $793,018.92. The trade was a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.51% of the company’s stock.

OPENLANE Stock Down 2.0%

Shares of NYSE:KAR opened at $24.96 on Friday. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 37.81, a PEG ratio of 3.21 and a beta of 1.41. The firm’s 50-day simple moving average is $23.06 and its 200-day simple moving average is $21.09. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $26.04.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.07. The firm had revenue of $460.10 million for the quarter, compared to the consensus estimate of $445.70 million. OPENLANE had a net margin of 7.15% and a return on equity of 10.38%. The firm’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.19 earnings per share. On average, research analysts forecast 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.