Vanguard Group Inc. Has $227.77 Million Stock Holdings in OPENLANE, Inc. $KAR

Vanguard Group Inc. trimmed its position in shares of OPENLANE, Inc. (NYSE:KAR) by 1.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,813,936 shares of the specialty retailer’s stock after selling 184,432 shares during the quarter. Vanguard Group Inc. owned approximately 11.00% of OPENLANE worth $227,773,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in KAR. Wells Fargo & Company MN increased its holdings in OPENLANE by 26.8% in the fourth quarter. Wells Fargo & Company MN now owns 64,040 shares of the specialty retailer’s stock worth $1,271,000 after purchasing an additional 13,551 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of OPENLANE by 6.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 63,970 shares of the specialty retailer’s stock valued at $1,269,000 after buying an additional 3,799 shares during the period. Bank of Montreal Can raised its stake in shares of OPENLANE by 9.6% in the fourth quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer’s stock valued at $263,000 after buying an additional 1,161 shares during the period. Invesco Ltd. raised its stake in shares of OPENLANE by 7.7% in the fourth quarter. Invesco Ltd. now owns 866,013 shares of the specialty retailer’s stock valued at $17,182,000 after buying an additional 61,762 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of OPENLANE by 1.0% during the 4th quarter. Legal & General Group Plc now owns 304,528 shares of the specialty retailer’s stock valued at $6,042,000 after purchasing an additional 3,021 shares during the period. 99.76% of the stock is currently owned by institutional investors.

Insider Activity at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 194,575 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the sale, the executive vice president directly owned 36,851 shares of the company’s stock, valued at $1,029,616.94. The trade was a 84.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Charles S. Coleman sold 59,289 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $27.97, for a total value of $1,658,313.33. Following the transaction, the executive vice president owned 53,474 shares of the company’s stock, valued at $1,495,667.78. This trade represents a 52.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.32% of the company’s stock.

OPENLANE Price Performance

KAR stock opened at $28.35 on Tuesday. The company has a market cap of $3.01 billion, a P/E ratio of 38.31, a price-to-earnings-growth ratio of 2.72 and a beta of 1.40. OPENLANE, Inc. has a 1 year low of $15.44 and a 1 year high of $29.13. The stock’s fifty day moving average price is $25.05 and its 200-day moving average price is $22.15.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.09. The business had revenue of $481.70 million for the quarter, compared to analysts’ expectations of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $0.19 earnings per share. As a group, analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Analysts Set New Price Targets

KAR has been the topic of a number of research analyst reports. Bank of America upped their target price on OPENLANE from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. Wall Street Zen upgraded OPENLANE from a “hold” rating to a “buy” rating in a report on Friday, May 9th. JPMorgan Chase & Co. increased their price objective on OPENLANE from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Finally, Barrington Research increased their target price on OPENLANE from $25.00 to $30.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 6th. Two equities research 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 has a consensus rating of “Moderate Buy” and an average price target of $26.50.

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.