Bank of New York Mellon Corp Acquires 111,798 Shares of OPENLANE, Inc. (NYSE:KAR)

Bank of New York Mellon Corp grew its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 14.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 884,553 shares of the specialty retailer’s stock after buying an additional 111,798 shares during the period. Bank of New York Mellon Corp owned approximately 0.83% of OPENLANE worth $17,550,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of KAR. Clifford Capital Partners LLC bought a new position in shares of OPENLANE during the 3rd quarter worth approximately $10,309,000. Barclays PLC boosted its holdings in shares of OPENLANE by 344.7% during the 3rd quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock worth $3,022,000 after buying an additional 138,720 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of OPENLANE by 32.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 545,404 shares of the specialty retailer’s stock worth $9,206,000 after purchasing an additional 133,767 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of OPENLANE in the 3rd quarter worth $1,440,000. Finally, Geode Capital Management LLC lifted its holdings in shares of OPENLANE by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock worth $41,799,000 after purchasing an additional 35,214 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Barrington Research reiterated an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a report on Friday, February 21st. JPMorgan Chase & Co. increased their target price on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. StockNews.com cut OPENLANE from a “buy” rating to a “hold” rating in a report on Saturday, February 22nd. Finally, Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $20.00 to $26.00 in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, OPENLANE has a consensus rating of “Moderate Buy” and an average target price of $22.80.

OPENLANE Price Performance

Shares of OPENLANE stock opened at $20.75 on Wednesday. OPENLANE, Inc. has a 1 year low of $15.43 and a 1 year high of $22.47. The firm has a market cap of $2.22 billion, a PE ratio of 39.14, a P/E/G ratio of 1.85 and a beta of 1.53. The stock has a fifty day moving average price of $20.65 and a 200-day moving average price of $18.92.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The firm had revenue of $455.00 million during the quarter, compared to analyst estimates of $416.64 million. As a group, equities analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

About OPENLANE

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.