Icon Advisers Inc. Co. Buys Shares of 140,000 OPENLANE, Inc. (NYSE:KAR)

Icon Advisers Inc. Co. acquired a new position in OPENLANE, Inc. (NYSE:KAR) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 140,000 shares of the specialty retailer’s stock, valued at approximately $2,778,000. Icon Advisers Inc. Co. owned approximately 0.13% of OPENLANE as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Geode Capital Management LLC boosted its stake in OPENLANE by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock worth $41,799,000 after purchasing an additional 35,214 shares during the period. William Blair Investment Management LLC grew its stake in shares of OPENLANE by 2.4% in the 4th quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer’s stock valued at $29,641,000 after buying an additional 35,164 shares in the last quarter. Bank of New York Mellon Corp grew its position in OPENLANE by 14.5% in the fourth quarter. Bank of New York Mellon Corp now owns 884,553 shares of the specialty retailer’s stock worth $17,550,000 after acquiring an additional 111,798 shares in the last quarter. Invesco Ltd. lifted its stake in shares of OPENLANE by 7.7% in the 4th quarter. Invesco Ltd. now owns 866,013 shares of the specialty retailer’s stock valued at $17,182,000 after purchasing an additional 61,762 shares during the last quarter. Finally, Kimelman & Baird LLC acquired a new stake in shares of OPENLANE in the fourth quarter worth about $15,793,000. Institutional investors own 99.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of OPENLANE from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $20.00 in a report on Thursday, March 27th. Barrington Research reissued an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a research report on Friday, February 21st. StockNews.com cut OPENLANE from a “buy” rating to a “hold” rating in a report on Friday, March 28th. Finally, Stephens upgraded OPENLANE from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $20.00 to $26.00 in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

OPENLANE Trading Up 1.6 %

OPENLANE stock opened at $18.61 on Monday. The company has a fifty day simple moving average of $20.35 and a 200 day simple moving average of $19.44. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $22.47. The company has a market cap of $1.99 billion, a P/E ratio of 35.10, a price-to-earnings-growth ratio of 1.85 and a beta of 1.38.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, beating 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 business had revenue of $455.00 million during the quarter, compared to the consensus estimate of $416.64 million. On average, equities research analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current 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.