Northern Trust Corp Raises Position in OPENLANE, Inc. (NYSE:KAR)

Northern Trust Corp grew its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 3.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,366,918 shares of the specialty retailer’s stock after purchasing an additional 46,041 shares during the quarter. Northern Trust Corp owned approximately 1.28% of OPENLANE worth $27,120,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in KAR. Bank of Montreal Can raised its position in shares of OPENLANE by 9.6% in the 4th quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer’s stock worth $263,000 after buying an additional 1,161 shares during the period. Carolina Wealth Advisors LLC raised its position in shares of OPENLANE by 3.7% in the 4th quarter. Carolina Wealth Advisors LLC now owns 41,912 shares of the specialty retailer’s stock worth $832,000 after buying an additional 1,477 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of OPENLANE in the 4th quarter worth $34,000. Quarry LP raised its position in shares of OPENLANE by 414.6% in the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock worth $43,000 after buying an additional 1,758 shares during the period. Finally, Pictet Asset Management Holding SA raised its position in shares of OPENLANE by 15.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 13,092 shares of the specialty retailer’s stock worth $260,000 after buying an additional 1,765 shares during the period. Hedge funds and other institutional investors own 99.76% of the company’s stock.

OPENLANE Trading Up 0.4%

Shares of NYSE KAR opened at $21.85 on Monday. OPENLANE, Inc. has a 12-month low of $15.44 and a 12-month high of $22.47. The company has a market cap of $2.35 billion, a P/E ratio of 41.23, a P/E/G ratio of 1.85 and a beta of 1.32. The stock has a fifty day moving average price of $19.55 and a 200 day moving average price of $19.84.

OPENLANE (NYSE:KAR) last announced its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.07. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The firm had revenue of $460.10 million during the quarter, compared to the consensus estimate of $445.70 million. During the same period in the prior year, the firm earned $0.19 EPS. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, sell-side analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

KAR has been the topic of several research reports. Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $20.00 to $26.00 in a research report on Friday, February 28th. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research report on Friday, February 21st. StockNews.com upgraded OPENLANE from a “hold” rating to a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. downgraded OPENLANE from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $20.00 in a report on Thursday, March 27th.

OPENLANE Company 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.