Texas Permanent School Fund Corp Grows Holdings in OPENLANE, Inc. (NYSE:KAR)

Posted by on Aug 1st, 2023

Texas Permanent School Fund Corp increased its position in shares of OPENLANE, Inc. (NYSE:KAR – Free Report) by 33.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 97,669 shares of the specialty retailer’s stock after buying an additional 24,451 shares during the period. Texas Permanent School Fund Corp owned about 0.09% of OPENLANE worth $1,336,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in OPENLANE in the 2nd quarter valued at approximately $27,000. Royal Bank of Canada boosted its stake in shares of OPENLANE by 165.8% during the 3rd quarter. Royal Bank of Canada now owns 2,703 shares of the specialty retailer’s stock valued at $30,000 after buying an additional 1,686 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in OPENLANE by 193.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,964 shares of the specialty retailer’s stock valued at $39,000 after buying an additional 1,953 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in OPENLANE by 47.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,692 shares of the specialty retailer’s stock worth $51,000 after buying an additional 1,196 shares during the last quarter. Finally, Clear Street Markets LLC bought a new stake in shares of OPENLANE during the fourth quarter valued at approximately $87,000.

Wall Street Analysts Forecast Growth

KAR has been the subject of several research reports. StockNews.com assumed coverage on OPENLANE in a research note on Thursday, May 18th. They set a “hold” rating for the company. Bank of America increased their price objective on shares of OPENLANE from $15.00 to $17.00 in a research note on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.00.

OPENLANE Price Performance

Shares of KAR stock opened at $15.71 on Tuesday. The business has a fifty day simple moving average of $15.36 and a 200 day simple moving average of $14.45. OPENLANE, Inc. has a twelve month low of $11.15 and a twelve month high of $17.66. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.14. The company has a market cap of $1.72 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.86 and a beta of 1.44.

OPENLANE (NYSE:KAR – Get Free Report) last issued its quarterly earnings results on Tuesday, May 2nd. The specialty retailer reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. OPENLANE had a net margin of 16.18% and a return on equity of 5.50%. The business had revenue of $420.60 million for the quarter, compared to analysts’ expectations of $387.47 million. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, sell-side analysts forecast that OPENLANE, Inc. will post 0.49 EPS for the current fiscal year.

About OPENLANE

(Free Report)

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.

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Institutional Ownership by Quarter for OPENLANE (NYSE:KAR)

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