OPENLANE, Inc. $KAR Shares Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio boosted its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 186.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 74,354 shares of the specialty retailer’s stock after buying an additional 48,394 shares during the quarter. Public Employees Retirement System of Ohio owned 0.07% of OPENLANE worth $1,818,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Burgundy Asset Management Ltd. grew its position in OPENLANE by 7.0% during the first quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer’s stock worth $191,367,000 after buying an additional 647,164 shares during the period. Hawk Ridge Capital Management LP lifted its holdings in shares of OPENLANE by 11.2% in the first quarter. Hawk Ridge Capital Management LP now owns 4,577,285 shares of the specialty retailer’s stock valued at $88,250,000 after purchasing an additional 461,976 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of OPENLANE by 14.6% in the first quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer’s stock valued at $48,942,000 after purchasing an additional 323,696 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of OPENLANE by 16.0% in the first quarter. Northern Trust Corp now owns 1,586,179 shares of the specialty retailer’s stock valued at $30,582,000 after purchasing an additional 219,261 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of OPENLANE by 32.6% in the first quarter. Invesco Ltd. now owns 1,148,034 shares of the specialty retailer’s stock valued at $22,134,000 after purchasing an additional 282,021 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at OPENLANE

In other news, 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. This represents a 52.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $5,436,425.50. Following the completion of 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 position. The disclosure for this sale can be found here. 1.51% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on KAR. JPMorgan Chase & Co. upped their price target on shares of OPENLANE from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Bank of America upped their price target on shares of OPENLANE from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Monday, June 16th. Stephens upped their price target on shares of OPENLANE from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, September 10th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of OPENLANE in a report on Saturday, September 27th. Finally, Barrington Research upped their price target on shares of OPENLANE from $25.00 to $30.00 and gave the company an “outperform” rating in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $28.75.

OPENLANE Stock Down 1.1%

NYSE:KAR opened at $28.32 on Friday. The company has a market cap of $3.01 billion, a P/E ratio of 38.27, a P/E/G ratio of 2.96 and a beta of 1.33. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $30.93. The firm’s 50 day moving average is $28.11 and its two-hundred day moving average is $23.97.

OPENLANE (NYSE:KAR) last posted its quarterly 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 net margin of 8.18% and a return on equity of 11.65%. The company had revenue of $481.70 million for the quarter, compared to the consensus estimate of $453.26 million. During the same quarter last year, the firm posted $0.19 earnings per share. OPENLANE’s revenue was up 11.6% on a year-over-year basis. Research analysts forecast that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

OPENLANE 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.