State Street Corp Has $69.92 Million Stake in OPENLANE, Inc. (NYSE:KAR)

State Street Corp trimmed its position in shares of OPENLANE, Inc. (NYSE:KAR) by 0.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,142,010 shares of the specialty retailer’s stock after selling 29,828 shares during the quarter. State Street Corp’s holdings in OPENLANE were worth $69,917,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in KAR. River Road Asset Management LLC lifted its holdings in shares of OPENLANE by 15.3% during the third quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock worth $85,161,000 after purchasing an additional 671,104 shares during the period. Clifford Capital Partners LLC acquired a new stake in shares of OPENLANE in the third quarter valued at about $10,309,000. Renaissance Technologies LLC bought a new position in shares of OPENLANE during the second quarter worth about $3,243,000. Raymond James & Associates lifted its stake in shares of OPENLANE by 293.5% in the second quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock worth $4,034,000 after acquiring an additional 181,364 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted 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. Institutional investors and hedge funds own 99.76% of the company’s stock.

Insider Activity

In related news, CFO Brad S. Lakhia purchased 4,985 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average cost of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now owns 14,303 shares of the company’s stock, valued at $286,918.18. This represents a 53.50 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.32% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on KAR. Barrington Research reissued an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. boosted their target price on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Finally, StockNews.com upgraded shares of OPENLANE from a “hold” rating to a “buy” rating in a report on Monday, December 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.00.

OPENLANE Stock Down 2.2 %

Shares of NYSE:KAR opened at $20.30 on Wednesday. The stock’s 50 day moving average is $18.34 and its 200-day moving average is $17.45. OPENLANE, Inc. has a twelve month low of $12.86 and a twelve month high of $20.85. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 78.08, a PEG ratio of 2.05 and a beta of 1.53.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping 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 company had revenue of $448.00 million during the quarter, compared to the consensus estimate of $431.68 million. During the same period in the previous year, the firm posted $0.18 earnings per share. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts anticipate that OPENLANE, Inc. will post 0.84 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.