Clifford Capital Partners LLC Takes $10.31 Million Position in OPENLANE, Inc. (NYSE:KAR)

Clifford Capital Partners LLC purchased a new position in OPENLANE, Inc. (NYSE:KAR) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 610,744 shares of the specialty retailer’s stock, valued at approximately $10,309,000. OPENLANE makes up about 2.1% of Clifford Capital Partners LLC’s investment portfolio, making the stock its 29th largest holding. Clifford Capital Partners LLC owned 0.57% of OPENLANE at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC bought a new position in OPENLANE during the 2nd quarter worth approximately $3,243,000. Burgundy Asset Management Ltd. lifted its stake in OPENLANE by 1.7% during the second quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock worth $148,015,000 after purchasing an additional 146,266 shares during the last quarter. Raymond James & Associates boosted its holdings in OPENLANE by 293.5% in the second quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock worth $4,034,000 after purchasing an additional 181,364 shares during the period. River Road Asset Management LLC increased its stake in OPENLANE by 15.3% during the third quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock valued at $85,161,000 after purchasing an additional 671,104 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of OPENLANE by 96.3% during the second quarter. SG Americas Securities LLC now owns 16,072 shares of the specialty retailer’s stock worth $267,000 after purchasing an additional 7,886 shares during the period. 99.76% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the purchase, the chief financial officer now directly owns 14,303 shares of the company’s stock, valued at $286,918.18. The trade was a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.32% of the company’s stock.

OPENLANE Stock Down 1.2 %

Shares of NYSE:KAR opened at $19.96 on Wednesday. OPENLANE, Inc. has a fifty-two week low of $12.86 and a fifty-two week high of $20.45. The company has a market cap of $2.13 billion, a PE ratio of 76.75, a P/E/G ratio of 2.01 and a beta of 1.44. The company’s 50-day moving average price is $17.21 and its 200 day moving average price is $17.14.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. As a group, equities analysts anticipate that OPENLANE, Inc. will post 0.84 EPS for the current year.

Wall Street Analyst Weigh In

KAR has been the subject of several research reports. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Monday, November 4th. JPMorgan Chase & Co. upped their target price on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.20.

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.