State Street Corp Sells 29,828 Shares of OPENLANE, Inc. (NYSE:KAR)

State Street Corp trimmed its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 0.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,142,010 shares of the specialty retailer's stock after selling 29,828 shares during the quarter. State Street Corp owned approximately 3.88% of OPENLANE worth $69,917,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its holdings in shares of OPENLANE by 96.3% during the second quarter. SG Americas Securities LLC now owns 16,072 shares of the specialty retailer's stock worth $267,000 after purchasing an additional 7,886 shares during the last quarter. Raymond James & Associates grew its holdings in OPENLANE by 293.5% during the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer's stock worth $4,034,000 after acquiring an additional 181,364 shares during the last quarter. Fifth Third Bancorp increased its position in OPENLANE by 175.5% in the 2nd quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer's stock valued at $27,000 after acquiring an additional 1,018 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of OPENLANE by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer's stock worth $904,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of OPENLANE by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 876,398 shares of the specialty retailer's stock worth $14,539,000 after purchasing an additional 18,706 shares in the last quarter. 99.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the transaction, the chief financial officer now directly owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.32% of the company's stock.

OPENLANE Stock Down 1.6 %

NYSE KAR traded down $0.32 during trading hours on Wednesday, hitting $19.98. The company's stock had a trading volume of 1,045,329 shares, compared to its average volume of 702,035. OPENLANE, Inc. has a twelve month low of $12.86 and a twelve month high of $20.85. The firm has a market capitalization of $2.13 billion, a P/E ratio of 76.85, a PEG ratio of 2.05 and a beta of 1.53. The stock has a fifty day moving average of $18.43 and a 200 day moving average of $17.47.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The company had revenue of $448.00 million for the quarter, compared to the consensus estimate of $431.68 million. During the same quarter in the prior year, the business posted $0.18 EPS. The firm's quarterly revenue was up 7.6% on a year-over-year basis. On average, analysts predict that OPENLANE, Inc. will post 0.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of OPENLANE from $21.00 to $23.00 and gave the company an "overweight" rating in a research note on Wednesday, November 20th. Barrington Research reiterated an "outperform" rating and issued a $25.00 price objective on shares of OPENLANE in a research report on Monday, November 4th. Finally, StockNews.com downgraded OPENLANE from a "buy" rating to a "hold" rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $22.00.

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.