Bastion Asset Management Inc. Buys New Stake in OPENLANE, Inc. (NYSE:KAR)

Bastion Asset Management Inc. bought a new position in shares of OPENLANE, Inc. (NYSE:KAR) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 207,980 shares of the specialty retailer’s stock, valued at approximately $3,891,000. OPENLANE makes up 2.6% of Bastion Asset Management Inc.’s holdings, making the stock its 11th biggest holding. Bastion Asset Management Inc. owned 0.19% of OPENLANE at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Bank of Montreal Can raised its stake in OPENLANE by 9.6% during the fourth quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer’s stock worth $263,000 after acquiring an additional 1,161 shares in the last quarter. Carolina Wealth Advisors LLC lifted its holdings in OPENLANE by 3.7% during the 4th quarter. Carolina Wealth Advisors LLC now owns 41,912 shares of the specialty retailer’s stock valued at $832,000 after purchasing an additional 1,477 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in OPENLANE in the fourth quarter valued at about $34,000. Quarry LP grew its stake in OPENLANE by 414.6% during the fourth 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 last quarter. Finally, Pictet Asset Management Holding SA raised its stake in shares of OPENLANE by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 13,092 shares of the specialty retailer’s stock valued at $260,000 after acquiring an additional 1,765 shares during the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered shares of OPENLANE from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. StockNews.com lowered shares of OPENLANE from a “buy” rating to a “hold” rating in a report on Friday, March 28th. Stephens upgraded OPENLANE from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $20.00 to $26.00 in a report on Friday, February 28th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research report on Friday, February 21st.

OPENLANE Price Performance

Shares of NYSE KAR opened at $19.00 on Friday. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $22.47. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 35.85, a PEG ratio of 1.85 and a beta of 1.38. The business has a 50-day moving average of $19.70 and a 200-day moving average of $19.67.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $455.00 million for the quarter, compared to analyst estimates of $416.64 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. On average, sell-side analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current year.

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.