JPMorgan Chase & Co. Grows Stock Holdings in OPENLANE, Inc. (NYSE:KAR)

JPMorgan Chase & Co. grew its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 119.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 306,038 shares of the specialty retailer's stock after buying an additional 166,536 shares during the period. JPMorgan Chase & Co. owned 0.29% of OPENLANE worth $6,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. KLP Kapitalforvaltning AS acquired a new stake in shares of OPENLANE during the fourth quarter worth about $448,000. Hillsdale Investment Management Inc. acquired a new stake in shares of OPENLANE during the fourth quarter worth about $4,115,000. Teacher Retirement System of Texas increased its position in shares of OPENLANE by 95.6% during the fourth quarter. Teacher Retirement System of Texas now owns 78,604 shares of the specialty retailer's stock worth $1,560,000 after purchasing an additional 38,415 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of OPENLANE by 2.4% during the fourth quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer's stock worth $29,641,000 after purchasing an additional 35,164 shares in the last quarter. Finally, Kimelman & Baird LLC acquired a new stake in shares of OPENLANE during the fourth quarter worth about $15,793,000. 99.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

OPENLANE Stock Up 1.7 %

Shares of NYSE KAR traded up $0.32 during mid-day trading on Wednesday, hitting $18.91. 37,522 shares of the company were exchanged, compared to its average volume of 725,603. The stock has a 50 day simple moving average of $20.05 and a 200-day simple moving average of $19.52. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $22.47. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 35.68, a price-to-earnings-growth ratio of 1.85 and a beta of 1.38.

OPENLANE (NYSE:KAR - Get Free Report) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. The company had revenue of $455.00 million for the quarter, compared to analyst estimates of $416.64 million. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. Analysts anticipate that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal 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.