Bank of New York Mellon Corp Sells 47,654 Shares of OPENLANE, Inc. (NYSE:KAR)

Bank of New York Mellon Corp cut its holdings in OPENLANE, Inc. (NYSE:KAR) by 5.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 836,899 shares of the specialty retailer’s stock after selling 47,654 shares during the quarter. Bank of New York Mellon Corp owned 0.78% of OPENLANE worth $16,135,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in KAR. Principal Financial Group Inc. grew its stake in shares of OPENLANE by 2.7% in the first quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer’s stock worth $10,257,000 after acquiring an additional 13,817 shares during the period. New York State Teachers Retirement System raised its stake in OPENLANE by 9.0% during the 1st quarter. New York State Teachers Retirement System now owns 58,947 shares of the specialty retailer’s stock valued at $1,136,000 after buying an additional 4,880 shares during the last quarter. FSC Wealth Advisors LLC bought a new position in shares of OPENLANE during the 1st quarter valued at $51,000. SG Americas Securities LLC purchased a new position in shares of OPENLANE in the 1st quarter worth $480,000. Finally, GAMMA Investing LLC grew its holdings in shares of OPENLANE by 1,949.2% in the first quarter. GAMMA Investing LLC now owns 43,033 shares of the specialty retailer’s stock worth $830,000 after acquiring an additional 40,933 shares during the period. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at OPENLANE

In other 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 transaction, the executive vice president directly owned 36,511 shares in the company, valued at approximately $793,018.92. This trade represents a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.51% of the stock is owned by insiders.

OPENLANE Trading Down 0.5%

KAR stock opened at $25.24 on Friday. The stock has a market cap of $2.71 billion, a PE ratio of 38.24, a P/E/G ratio of 2.85 and a beta of 1.41. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $26.04. The company has a 50-day moving average price of $23.54 and a 200 day moving average price of $21.26.

OPENLANE (NYSE:KAR) last released its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.07. The business had revenue of $460.10 million during the quarter, compared to the consensus estimate of $445.70 million. OPENLANE had a return on equity of 10.38% and a net margin of 7.15%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the company earned $0.19 earnings per share. Sell-side analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current year.

Analyst Ratings Changes

KAR has been the topic of several analyst reports. Bank of America lifted their target price on OPENLANE from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Wall Street Zen raised OPENLANE from a “hold” rating to a “buy” rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. lowered OPENLANE from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, OPENLANE presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

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.