Homestead Advisers Corp Increases Position in OPENLANE, Inc. (NYSE:KAR)

Homestead Advisers Corp lifted its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 33.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 152,500 shares of the specialty retailer’s stock after buying an additional 38,100 shares during the quarter. Homestead Advisers Corp’s holdings in OPENLANE were worth $3,026,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Victory Capital Management Inc. grew its stake in shares of OPENLANE by 50.8% in the 3rd quarter. Victory Capital Management Inc. now owns 32,759 shares of the specialty retailer’s stock valued at $553,000 after purchasing an additional 11,039 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in OPENLANE by 0.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,759,952 shares of the specialty retailer’s stock valued at $29,708,000 after buying an additional 6,469 shares during the last quarter. Quantbot Technologies LP increased its stake in OPENLANE by 33.3% in the 3rd quarter. Quantbot Technologies LP now owns 33,734 shares of the specialty retailer’s stock valued at $569,000 after buying an additional 8,419 shares during the period. BNP Paribas Financial Markets raised its position in OPENLANE by 6.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 23,889 shares of the specialty retailer’s stock worth $403,000 after buying an additional 1,472 shares during the last quarter. Finally, Clifford Capital Partners LLC purchased a new position in OPENLANE during the 3rd quarter worth $10,309,000. Hedge funds and other institutional investors own 99.76% of the company’s stock.

Analysts Set New Price Targets

KAR has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of OPENLANE from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Finally, Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Friday, February 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, OPENLANE has a consensus rating of “Moderate Buy” and an average target price of $22.80.

OPENLANE Price Performance

Shares of NYSE:KAR opened at $20.99 on Thursday. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $22.47. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 39.60, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53. The business’s 50 day simple moving average is $20.82 and its 200-day simple moving average is $19.21.

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