Bank of New York Mellon Corp Has $20.70 Million Stock Position in OPENLANE, Inc. $KAR

Bank of New York Mellon Corp boosted its position in shares of OPENLANE, Inc. (NYSE:KAR) by 1.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 846,557 shares of the specialty retailer’s stock after buying an additional 9,658 shares during the period. Bank of New York Mellon Corp’s holdings in OPENLANE were worth $20,698,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of OPENLANE in the 1st quarter worth approximately $14,725,000. Burgundy Asset Management Ltd. boosted its stake in OPENLANE by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer’s stock worth $191,367,000 after purchasing an additional 647,164 shares in the last quarter. Hawk Ridge Capital Management LP grew its holdings in shares of 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 worth $88,250,000 after purchasing an additional 461,976 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of OPENLANE by 137.1% in the first quarter. Public Sector Pension Investment Board now owns 631,165 shares of the specialty retailer’s stock valued at $12,169,000 after buying an additional 364,986 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of OPENLANE by 32.6% in the first quarter. Invesco Ltd. now owns 1,148,034 shares of the specialty retailer’s stock valued at $22,134,000 after buying an additional 282,021 shares during the last quarter. 99.76% of the stock is owned by institutional investors.

OPENLANE Price Performance

Shares of NYSE KAR opened at $25.70 on Friday. OPENLANE, Inc. has a fifty-two week low of $17.08 and a fifty-two week high of $30.93. The firm has a market capitalization of $2.73 billion, a P/E ratio of 34.72, a P/E/G ratio of 1.81 and a beta of 1.33. The company’s 50 day simple moving average is $27.28 and its 200 day simple moving average is $25.56.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, November 5th. The specialty retailer reported $0.35 EPS for the quarter, beating the consensus estimate of $0.30 by $0.05. The company had revenue of $498.40 million during the quarter, compared to analysts’ expectations of $464.40 million. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS. OPENLANE has set its FY 2025 guidance at 1.220-1.26 EPS. Sell-side analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on KAR shares. Weiss Ratings reissued a “buy (b)” rating on shares of OPENLANE in a report on Thursday. JPMorgan Chase & Co. upped their target price on shares of OPENLANE from $28.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Stephens raised their price target on shares of OPENLANE from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, September 10th. Zacks Research upgraded shares of OPENLANE from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Finally, Wall Street Zen lowered OPENLANE from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, OPENLANE presently has a consensus rating of “Moderate Buy” and an average price target of $30.20.

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.