Kimelman & Baird LLC Acquires New Shares in OPENLANE, Inc. (NYSE:KAR)

Kimelman & Baird LLC acquired a new stake in OPENLANE, Inc. (NYSE:KAR) during the 4th quarter, Holdings Channel reports. The fund acquired 796,040 shares of the specialty retailer’s stock, valued at approximately $15,793,000. OPENLANE makes up approximately 1.3% of Kimelman & Baird LLC’s portfolio, making the stock its 26th biggest holding.

Several other large investors have also bought and sold shares of the business. Natixis Advisors LLC boosted its stake in OPENLANE by 19.9% in the fourth quarter. Natixis Advisors LLC now owns 15,137 shares of the specialty retailer’s stock valued at $300,000 after buying an additional 2,512 shares in the last quarter. Swiss National Bank boosted its stake in OPENLANE by 1.0% in the fourth quarter. Swiss National Bank now owns 213,600 shares of the specialty retailer’s stock valued at $4,238,000 after buying an additional 2,100 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in OPENLANE by 25.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 686,723 shares of the specialty retailer’s stock valued at $13,625,000 after buying an additional 141,319 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in OPENLANE in the fourth quarter valued at about $5,822,000. Finally, Victory Capital Management Inc. boosted its stake in OPENLANE by 92.2% in the fourth quarter. Victory Capital Management Inc. now owns 62,955 shares of the specialty retailer’s stock valued at $1,249,000 after buying an additional 30,196 shares in the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on KAR. StockNews.com lowered OPENLANE from a “buy” rating to a “hold” rating in a research note on Saturday, February 22nd. Barrington Research reissued an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $20.00 to $26.00 in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. lifted their price target on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.80.

OPENLANE Trading Up 2.7 %

Shares of KAR stock opened at $20.70 on Monday. 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 $2.21 billion, a price-to-earnings ratio of 39.06, a PEG ratio of 1.85 and a beta of 1.53. The business’s 50-day moving average price is $20.70 and its 200-day moving average price is $19.01.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $416.64 million. On average, sell-side analysts predict that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

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.