353,155 Shares in OPENLANE, Inc. (NYSE:KAR) Bought by Norges Bank

Norges Bank bought a new position in OPENLANE, Inc. (NYSE:KAR - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 353,155 shares of the specialty retailer's stock, valued at approximately $7,007,000. Norges Bank owned approximately 0.33% of OPENLANE as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of KAR. Kimelman & Baird LLC bought a new position in OPENLANE in the 4th quarter worth about $15,793,000. Raymond James Financial Inc. purchased a new position in OPENLANE in the 4th quarter worth $5,822,000. Hillsdale Investment Management Inc. purchased a new position in shares of OPENLANE in the fourth quarter worth about $4,115,000. JPMorgan Chase & Co. boosted its holdings in OPENLANE by 119.4% during the 4th quarter. JPMorgan Chase & Co. now owns 306,038 shares of the specialty retailer's stock valued at $6,072,000 after acquiring an additional 166,536 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in OPENLANE by 25.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 686,723 shares of the specialty retailer's stock worth $13,625,000 after acquiring an additional 141,319 shares during the last quarter. Institutional investors own 99.76% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Stephens upgraded shares of OPENLANE from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $20.00 to $26.00 in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded shares of OPENLANE from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th. Barrington Research restated an "outperform" rating and issued a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. Finally, StockNews.com cut shares of OPENLANE from a "buy" rating to a "hold" rating in a research note on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.75.

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OPENLANE Price Performance

NYSE KAR traded down $0.09 during midday trading on Monday, hitting $18.57. 8,283 shares of the company traded hands, compared to its average volume of 734,286. The company has a market cap of $1.98 billion, a PE ratio of 34.92, a price-to-earnings-growth ratio of 1.85 and a beta of 1.38. OPENLANE, Inc. has a 52 week low of $15.44 and a 52 week high of $22.47. The company's 50-day simple moving average is $20.35 and its 200-day simple moving average is $19.44.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The firm had revenue of $455.00 million during the quarter, compared to analysts' expectations of $416.64 million. On average, research analysts predict that OPENLANE, Inc. will post 0.95 earnings per share 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.