William Blair Investment Management LLC Sells 106,274 Shares of OPENLANE, Inc. $KAR

William Blair Investment Management LLC lowered its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,321,639 shares of the specialty retailer’s stock after selling 106,274 shares during the quarter. William Blair Investment Management LLC owned about 1.23% of OPENLANE worth $32,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Burgundy Asset Management Ltd. lifted its position in shares of OPENLANE by 7.0% during the first quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer’s stock valued at $191,367,000 after buying an additional 647,164 shares during the last quarter. Hawk Ridge Capital Management LP lifted its position in OPENLANE by 11.2% during the first quarter. Hawk Ridge Capital Management LP now owns 4,577,285 shares of the specialty retailer’s stock valued at $88,250,000 after acquiring an additional 461,976 shares during the last quarter. Brown Advisory Inc. boosted its stake in OPENLANE by 14.6% in the first quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer’s stock valued at $48,942,000 after acquiring an additional 323,696 shares in the last quarter. Northern Trust Corp boosted its stake in OPENLANE by 16.0% in the first quarter. Northern Trust Corp now owns 1,586,179 shares of the specialty retailer’s stock valued at $30,582,000 after acquiring an additional 219,261 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in OPENLANE by 32.6% in the first quarter. Invesco Ltd. now owns 1,148,034 shares of the specialty retailer’s stock worth $22,134,000 after purchasing an additional 282,021 shares during the last quarter. 99.76% of the stock is currently owned by institutional investors.

OPENLANE Stock Down 0.8%

Shares of NYSE:KAR opened at $26.14 on Friday. OPENLANE, Inc. has a 52-week low of $15.72 and a 52-week high of $30.93. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 35.32, a PEG ratio of 2.50 and a beta of 1.33. The business has a 50-day moving average price of $28.31 and a 200-day moving average price of $24.44.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.09. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The firm had revenue of $481.70 million for the quarter, compared to analyst estimates of $453.26 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. OPENLANE’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, EVP Charles S. Coleman sold 59,289 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $27.97, for a total value of $1,658,313.33. Following the sale, the executive vice president directly owned 53,474 shares of the company’s stock, valued at approximately $1,495,667.78. This represents a 52.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP James P. Coyle sold 194,575 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $27.94, for a total value of $5,436,425.50. Following the sale, the executive vice president directly owned 36,851 shares in the company, valued at $1,029,616.94. This represents a 84.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.51% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on OPENLANE from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Stephens raised their price target on OPENLANE from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, September 10th. Weiss Ratings upgraded OPENLANE from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 8th. Barrington Research upped their price objective on shares of OPENLANE from $25.00 to $30.00 and gave the company an “outperform” rating in a report on Wednesday, August 6th. Finally, Zacks Research cut shares of OPENLANE from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, OPENLANE has an average rating of “Moderate Buy” and an average price target of $29.50.

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.