Northern Trust Corp Increases Position in OPENLANE, Inc. $KAR

Northern Trust Corp grew its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 16.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,586,179 shares of the specialty retailer’s stock after purchasing an additional 219,261 shares during the quarter. Northern Trust Corp owned approximately 1.48% of OPENLANE worth $30,582,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Burgundy Asset Management Ltd. grew its holdings in shares of OPENLANE by 7.0% during the first quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer’s stock valued at $191,367,000 after purchasing an additional 647,164 shares during the last quarter. American Century Companies Inc. bought a new position in shares of OPENLANE during the first quarter valued at approximately $2,222,000. Kimelman & Baird LLC grew its holdings in OPENLANE by 0.7% in the 1st quarter. Kimelman & Baird LLC now owns 801,437 shares of the specialty retailer’s stock worth $15,452,000 after buying an additional 5,397 shares in the last quarter. Fox Run Management L.L.C. bought a new position in OPENLANE in the 1st quarter worth approximately $243,000. Finally, Informed Momentum Co LLC bought a new position in OPENLANE in the 1st quarter worth approximately $2,856,000. 99.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

KAR has been the subject of a number of recent analyst reports. Barrington Research increased their price objective on OPENLANE from $25.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, August 6th. Bank of America increased their price objective on OPENLANE from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Monday, June 16th. 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, Wall Street Zen raised OPENLANE from a “hold” rating to a “buy” rating in a report on Friday, May 9th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.50.

Insiders Place Their Bets

In other news, EVP James P. Coyle sold 194,575 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $27.94, for a total value of $5,436,425.50. Following the completion of the sale, the executive vice president owned 36,851 shares in the company, valued at $1,029,616.94. This represents a 84.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Charles S. Coleman sold 59,289 shares of the stock in a transaction 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 completion of the sale, the executive vice president owned 53,474 shares of the company’s stock, valued at $1,495,667.78. The trade was a 52.58% decrease in their position. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by corporate insiders.

OPENLANE Price Performance

KAR opened at $28.87 on Friday. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 2.77 and a beta of 1.40. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $29.37. The business has a 50 day moving average price of $26.10 and a two-hundred day moving average price of $22.65.

OPENLANE (NYSE:KAR) last released its earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.09. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The firm had revenue of $481.70 million during the quarter, compared to the consensus estimate of $453.26 million. During the same period in the prior year, the firm posted $0.19 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

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.