State Board of Administration of Florida Retirement System Increases Position in OPENLANE, Inc. $KAR

State Board of Administration of Florida Retirement System grew its holdings in OPENLANE, Inc. (NYSE:KAR) by 243.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,958 shares of the specialty retailer’s stock after purchasing an additional 75,137 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in OPENLANE were worth $2,591,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. North Star Investment Management Corp. increased its holdings in shares of OPENLANE by 77.6% in the second quarter. North Star Investment Management Corp. now owns 1,575 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 688 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of OPENLANE by 29.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer’s stock worth $63,000 after acquiring an additional 735 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of OPENLANE during the 1st quarter worth $75,000. CWM LLC boosted its position in shares of OPENLANE by 13.3% during the 2nd quarter. CWM LLC now owns 4,756 shares of the specialty retailer’s stock valued at $116,000 after acquiring an additional 558 shares during the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. purchased a new stake in shares of OPENLANE in the second quarter valued at about $156,000. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

OPENLANE Stock Up 1.6%

Shares of NYSE KAR opened at $26.19 on Friday. The business’s 50 day moving average is $26.25 and its two-hundred day moving average is $26.00. OPENLANE, Inc. has a 52-week low of $17.08 and a 52-week high of $30.93. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 30.10, a PEG ratio of 1.27 and a beta of 1.25.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, November 5th. The specialty retailer reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. The business had revenue of $498.40 million during the quarter, compared to analysts’ expectations of $464.40 million. OPENLANE had a return on equity of 12.42% and a net margin of 9.00%.The company’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. OPENLANE has set its FY 2025 guidance at 1.220-1.26 EPS. Analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on KAR. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OPENLANE in a research note on Monday. Barclays initiated coverage on shares of OPENLANE in a research report on Tuesday, November 11th. They set an “overweight” rating and a $32.00 price target on the stock. Stephens increased their price objective on OPENLANE from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 10th. Zacks Research upgraded OPENLANE from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Finally, Wall Street Zen cut OPENLANE from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, OPENLANE has an average rating of “Moderate Buy” and a consensus price target of $30.20.

Insiders Place Their Bets

In other OPENLANE news, EVP Charles S. Coleman sold 88,062 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $26.00, for a total transaction of $2,289,612.00. Following the sale, the executive vice president directly owned 53,474 shares in the company, valued at $1,390,324. This represents a 62.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.51% of the stock is currently owned by corporate insiders.

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.