State of New Jersey Common Pension Fund D Raises Stock Position in OPENLANE, Inc. (NYSE:KAR)

State of New Jersey Common Pension Fund D grew its holdings in OPENLANE, Inc. (NYSE:KAR) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 112,320 shares of the specialty retailer’s stock after purchasing an additional 1,018 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.10% of OPENLANE worth $1,896,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Fifth Third Bancorp boosted its position in OPENLANE by 175.5% in the 2nd quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 1,018 shares during the period. Quarry LP raised its stake in shares of OPENLANE by 201.4% in the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 1,587 shares in the last quarter. Innealta Capital LLC purchased a new position in OPENLANE in the second quarter valued at $81,000. Creative Planning acquired a new position in OPENLANE during the 3rd quarter worth $193,000. Finally, MQS Management LLC purchased a new stake in OPENLANE during the 2nd quarter worth about $204,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Barrington Research reissued an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research report on Monday, November 4th.

Insider Activity at OPENLANE

In other news, CFO Brad S. Lakhia bought 4,985 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average cost of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now directly owns 14,303 shares in the company, valued at $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.32% of the company’s stock.

OPENLANE Price Performance

OPENLANE stock opened at $19.87 on Tuesday. The stock has a market cap of $2.12 billion, a PE ratio of 76.43, a P/E/G ratio of 1.90 and a beta of 1.44. The stock’s fifty day moving average is $16.77 and its two-hundred day moving average is $17.05. OPENLANE, Inc. has a 1-year low of $12.86 and a 1-year high of $20.45.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.18 earnings per share. On average, research analysts expect that OPENLANE, Inc. will post 0.85 earnings per share for the current fiscal year.

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.