Fmr LLC Sells 54,155 Shares of OPENLANE, Inc. (NYSE:KAR)

Fmr LLC cut its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 16.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 267,339 shares of the specialty retailer’s stock after selling 54,155 shares during the period. Fmr LLC owned about 0.25% of OPENLANE worth $4,513,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KAR. Verdence Capital Advisors LLC increased its position in OPENLANE by 5.3% in the third quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock worth $267,000 after buying an additional 793 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in OPENLANE by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock valued at $904,000 after purchasing an additional 1,000 shares in the last quarter. Fifth Third Bancorp lifted its position in OPENLANE by 175.5% during the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 1,018 shares during the last quarter. State of New Jersey Common Pension Fund D grew its stake in OPENLANE by 0.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer’s stock worth $1,896,000 after buying an additional 1,018 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in OPENLANE by 2.7% during the second quarter. The Manufacturers Life Insurance Company now owns 54,254 shares of the specialty retailer’s stock worth $900,000 after purchasing an additional 1,450 shares during the last quarter. Hedge funds and other institutional investors own 99.76% of the company’s stock.

OPENLANE Trading Down 0.7 %

Shares of KAR stock opened at $20.57 on Friday. The company’s fifty day moving average price is $18.24 and its 200-day moving average price is $17.42. The stock has a market cap of $2.20 billion, a PE ratio of 79.12, a price-to-earnings-growth ratio of 2.05 and a beta of 1.53. OPENLANE, Inc. has a 12 month low of $12.86 and a 12 month high of $20.85.

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

Analyst Ratings Changes

Several research firms have weighed in on KAR. StockNews.com raised shares of OPENLANE from a “hold” rating to a “buy” rating in a research note on Monday, December 9th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. lifted their price objective on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.00.

Insiders Place Their Bets

In other news, CFO Brad S. Lakhia acquired 4,985 shares of OPENLANE stock in a transaction that occurred on Wednesday, November 13th. The stock was 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 in the company, valued at $286,918.18. The trade was a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.32% of the stock is owned by insiders.

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.