OPENLANE, Inc. (NYSE:KAR) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its stake in OPENLANE, Inc. (NYSE:KAR) by 6.1% in the 4th quarter, Holdings Channel reports. The firm owned 56,365 shares of the specialty retailer’s stock after buying an additional 3,229 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in OPENLANE were worth $1,118,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in KAR. Raymond James Financial Inc. purchased a new position in shares of OPENLANE in the fourth quarter valued at $5,822,000. Hillsdale Investment Management Inc. acquired a new stake in shares of OPENLANE during the fourth quarter valued at about $4,115,000. Versor Investments LP acquired a new stake in shares of OPENLANE during the fourth quarter valued at about $254,000. JPMorgan Chase & Co. increased its position in shares of OPENLANE by 119.4% during the fourth quarter. JPMorgan Chase & Co. now owns 306,038 shares of the specialty retailer’s stock worth $6,072,000 after acquiring an additional 166,536 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of OPENLANE by 344.7% in the third quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock worth $3,022,000 after acquiring an additional 138,720 shares in the last quarter. 99.76% of the stock is owned by hedge funds and other institutional investors.

OPENLANE Stock Up 0.7%

Shares of NYSE KAR opened at $22.34 on Wednesday. The stock’s 50 day moving average price is $19.59 and its two-hundred day moving average price is $19.90. OPENLANE, Inc. has a 52-week low of $15.44 and a 52-week high of $22.86. The stock has a market capitalization of $2.40 billion, a P/E ratio of 42.15, a PEG ratio of 1.85 and a beta of 1.32.

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on KAR. StockNews.com upgraded OPENLANE from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Barrington Research reissued an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Friday, February 21st. JPMorgan Chase & Co. cut shares of OPENLANE from an “overweight” rating to a “neutral” rating and cut their price target for the company from $23.00 to $20.00 in a report on Thursday, March 27th. Finally, Stephens upgraded shares of OPENLANE from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $20.00 to $26.00 in a research note on Friday, February 28th.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the transaction, the executive vice president now owns 36,511 shares of the company’s stock, valued at $793,018.92. This trade represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.51% of the stock is owned by insiders.

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.