M&T Bank Corp Sells 17,059 Shares of OPENLANE, Inc. (NYSE:KAR)

M&T Bank Corp trimmed its position in OPENLANE, Inc. (NYSE:KAR) by 11.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 132,747 shares of the specialty retailer’s stock after selling 17,059 shares during the quarter. M&T Bank Corp owned about 0.12% of OPENLANE worth $1,966,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in OPENLANE by 51.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,443 shares of the specialty retailer’s stock worth $51,000 after buying an additional 1,171 shares during the period. Oak Thistle LLC bought a new stake in OPENLANE in the 4th quarter valued at $190,000. International Assets Investment Management LLC grew its position in OPENLANE by 1,381.0% in the 4th quarter. International Assets Investment Management LLC now owns 17,402 shares of the specialty retailer’s stock worth $258,000 after purchasing an additional 16,227 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of OPENLANE by 32.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,716 shares of the specialty retailer’s stock worth $264,000 after purchasing an additional 4,370 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of OPENLANE by 12.0% during the third quarter. Victory Capital Management Inc. now owns 19,134 shares of the specialty retailer’s stock valued at $285,000 after buying an additional 2,057 shares during the last quarter. 99.76% of the stock is owned by institutional investors.

OPENLANE Stock Performance

OPENLANE stock opened at $17.72 on Friday. OPENLANE, Inc. has a 1 year low of $12.86 and a 1 year high of $18.41. The company’s 50-day moving average is $16.95 and its two-hundred day moving average is $15.33. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.92 billion, a PE ratio of -9.90, a PEG ratio of 0.99 and a beta of 1.42.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). OPENLANE had a negative net margin of 9.04% and a positive return on equity of 8.53%. The company had revenue of $416.30 million during the quarter, compared to the consensus estimate of $425.19 million. During the same quarter in the prior year, the company posted $0.12 EPS. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities analysts anticipate that OPENLANE, Inc. will post 0.8 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider James E. Money II sold 14,822 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $15.83, for a total transaction of $234,632.26. Following the sale, the insider now owns 44,604 shares of the company’s stock, valued at approximately $706,081.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other OPENLANE news, insider James E. Money II sold 14,822 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $15.83, for a total transaction of $234,632.26. Following the completion of the transaction, the insider now owns 44,604 shares in the company, valued at approximately $706,081.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Peter J. Kelly acquired 10,000 shares of OPENLANE stock in a transaction dated Monday, February 26th. The shares were purchased at an average cost of $14.87 per share, with a total value of $148,700.00. Following the completion of the transaction, the chief executive officer now directly owns 323,355 shares of the company’s stock, valued at $4,808,288.85. The disclosure for this purchase can be found here. Company insiders own 2.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on KAR. Robert W. Baird lifted their target price on OPENLANE from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research report on Thursday, May 2nd. Finally, Bank of America raised OPENLANE from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $16.00 to $20.00 in a research report on Wednesday, April 10th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.60.

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.