Thrivent Financial for Lutherans reduced its position in shares of OPENLANE, Inc. (NYSE:KAR – Free Report) by 5.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 85,298 shares of the specialty retailer’s stock after selling 4,609 shares during the quarter. Thrivent Financial for Lutherans’ holdings in OPENLANE were worth $1,440,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. River Road Asset Management LLC lifted its holdings in shares of OPENLANE by 15.3% in the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock valued at $85,161,000 after acquiring an additional 671,104 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in OPENLANE during the second quarter valued at approximately $3,243,000. Raymond James & Associates raised its position in OPENLANE by 293.5% during the second quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock valued at $4,034,000 after purchasing an additional 181,364 shares during the period. D. E. Shaw & Co. Inc. lifted its stake in shares of OPENLANE by 14.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer’s stock valued at $23,922,000 after purchasing an additional 181,130 shares during the last quarter. Finally, Burgundy Asset Management Ltd. increased its position in shares of OPENLANE by 1.7% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after purchasing an additional 146,266 shares during the last quarter. 99.76% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
KAR has been the topic of a number of analyst reports. Barrington Research reiterated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. upped their price target on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.20.
Insider Buying and Selling at OPENLANE
In other OPENLANE news, CFO Brad S. Lakhia purchased 4,985 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the purchase, the chief financial officer now directly owns 14,303 shares in the company, valued at approximately $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.32% of the stock is currently owned by corporate insiders.
OPENLANE Trading Up 0.4 %
Shares of KAR opened at $20.20 on Friday. The firm has a market cap of $2.16 billion, a PE ratio of 77.71, a P/E/G ratio of 2.00 and a beta of 1.44. OPENLANE, Inc. has a 12 month low of $12.86 and a 12 month high of $20.45. The stock has a fifty day moving average price of $17.48 and a 200-day moving average price of $17.21.
OPENLANE (NYSE:KAR – Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The firm had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. As a group, research analysts forecast that OPENLANE, Inc. will post 0.84 EPS for the current 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.
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