Maryland State Retirement & Pension System Sells 699 Shares of OPENLANE, Inc. (NYSE:KAR)

Maryland State Retirement & Pension System reduced its stake in OPENLANE, Inc. (NYSE:KAR) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,981 shares of the specialty retailer’s stock after selling 699 shares during the quarter. Maryland State Retirement & Pension System’s holdings in OPENLANE were worth $714,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its position in shares of OPENLANE by 435.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock worth $51,000 after purchasing an additional 2,062 shares during the period. KBC Group NV lifted 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 buying an additional 1,798 shares during the period. Pacer Advisors Inc. bought a new stake in OPENLANE during the fourth quarter valued at $187,000. Versor Investments LP acquired a new stake in OPENLANE during the 4th quarter worth about $254,000. Finally, Natixis Advisors LLC raised its position in shares of OPENLANE by 19.9% in the 4th quarter. Natixis Advisors LLC now owns 15,137 shares of the specialty retailer’s stock worth $300,000 after acquiring an additional 2,512 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Stephens upgraded OPENLANE from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $20.00 to $26.00 in a research report on Friday, February 28th. StockNews.com raised shares of OPENLANE from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Finally, Barrington Research reissued an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a research note on Friday, February 21st. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, OPENLANE has an average rating of “Moderate Buy” and an average price target of $22.80.

OPENLANE Stock Up 2.3 %

NYSE KAR opened at $21.06 on Tuesday. OPENLANE, Inc. has a 52 week low of $15.44 and a 52 week high of $22.47. The business has a 50 day moving average price of $20.79 and a 200-day moving average price of $19.16. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 39.74, a P/E/G ratio of 1.85 and a beta of 1.53.

OPENLANE (NYSE:KAR) last released its quarterly earnings data 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. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The firm had revenue of $455.00 million for the quarter, compared to the consensus estimate of $416.64 million. On average, equities research 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.