Public Sector Pension Investment Board Reduces Stake in OPENLANE, Inc. (NYSE:KAR)

Public Sector Pension Investment Board lessened its position in shares of OPENLANE, Inc. (NYSE:KAR) by 3.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 230,436 shares of the specialty retailer’s stock after selling 7,900 shares during the quarter. Public Sector Pension Investment Board’s holdings in OPENLANE were worth $3,890,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp boosted its holdings in shares of OPENLANE by 175.5% in the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after buying an additional 1,018 shares during the last quarter. Quarry LP raised its position in OPENLANE by 201.4% in the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 1,587 shares during the period. Innealta Capital LLC purchased a new position in shares of OPENLANE during the 2nd quarter worth $81,000. Creative Planning bought a new stake in shares of OPENLANE during the 3rd quarter valued at $193,000. Finally, MQS Management LLC purchased a new stake in shares of OPENLANE in the 2nd quarter worth $204,000. Hedge funds and other institutional investors own 99.76% of the company’s stock.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, CFO Brad S. Lakhia purchased 4,985 shares of OPENLANE stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the transaction, the chief financial officer now owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. This trade represents a 53.50 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.32% of the stock is currently owned by insiders.

OPENLANE Trading Down 0.6 %

NYSE:KAR opened at $20.08 on Tuesday. The stock has a 50-day moving average price of $17.55 and a 200 day moving average price of $17.22. The stock has a market capitalization of $2.15 billion, a P/E ratio of 77.23, a P/E/G ratio of 2.01 and a beta of 1.44. OPENLANE, Inc. has a 12-month low of $12.86 and a 12-month high of $20.45.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The firm had revenue of $448.00 million for the quarter, compared to analysts’ expectations of $431.68 million. During the same quarter last year, the business posted $0.18 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, research analysts predict that OPENLANE, Inc. will post 0.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Barrington Research reiterated an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. raised their price objective on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, OPENLANE has a consensus rating of “Moderate Buy” and an average target price of $20.20.

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.