OPENLANE, Inc. (NYSE:KAR) Shares Purchased by Comerica Bank

Comerica Bank boosted its position in OPENLANE, Inc. (NYSE:KAR) by 9.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,942 shares of the specialty retailer’s stock after acquiring an additional 5,437 shares during the quarter. Comerica Bank’s holdings in OPENLANE were worth $1,269,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in KAR. Canada Pension Plan Investment Board acquired a new stake in OPENLANE in the fourth quarter valued at approximately $34,000. Quarry LP raised its holdings in OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock valued at $43,000 after acquiring an additional 1,758 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in OPENLANE by 435.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock valued at $51,000 after acquiring an additional 2,062 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in OPENLANE in the fourth quarter valued at approximately $68,000. Finally, KBC Group NV raised its holdings in OPENLANE by 51.1% in the fourth quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock valued at $105,000 after acquiring an additional 1,798 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

OPENLANE Trading Up 0.4%

Shares of KAR opened at $21.85 on Monday. The firm has a market cap of $2.35 billion, a PE ratio of 41.23, a price-to-earnings-growth ratio of 1.85 and a beta of 1.32. The company’s 50 day simple moving average is $19.55 and its 200-day simple moving average is $19.84. OPENLANE, Inc. has a 12-month low of $15.44 and a 12-month high of $22.47.

OPENLANE (NYSE:KAR) last posted its quarterly earnings data 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 net margin of 6.27% and a return on equity of 9.20%. The firm had revenue of $460.10 million for the quarter, compared to analyst estimates of $445.70 million. During the same period last year, the firm posted $0.19 EPS. OPENLANE’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, equities research analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.