Hillsdale Investment Management Inc. Makes New $4.12 Million Investment in OPENLANE, Inc. (NYSE:KAR)

Hillsdale Investment Management Inc. bought a new stake in shares of OPENLANE, Inc. (NYSE:KAR) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 207,400 shares of the specialty retailer’s stock, valued at approximately $4,115,000. Hillsdale Investment Management Inc. owned approximately 0.19% of OPENLANE at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of KAR. Geode Capital Management LLC boosted its position in OPENLANE by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock valued at $41,799,000 after acquiring an additional 35,214 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in OPENLANE by 0.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,759,952 shares of the specialty retailer’s stock worth $29,708,000 after purchasing an additional 6,469 shares during the period. William Blair Investment Management LLC grew its stake in OPENLANE by 2.4% in the fourth quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer’s stock worth $29,641,000 after purchasing an additional 35,164 shares during the period. Bank of New York Mellon Corp lifted its position in OPENLANE by 14.5% during the fourth quarter. Bank of New York Mellon Corp now owns 884,553 shares of the specialty retailer’s stock valued at $17,550,000 after buying an additional 111,798 shares during the period. Finally, Kimelman & Baird LLC purchased a new position in OPENLANE during the fourth quarter valued at $15,793,000. Hedge funds and other institutional investors own 99.76% of the company’s stock.

OPENLANE Stock Down 0.1 %

Shares of KAR opened at $20.62 on Friday. The company has a market capitalization of $2.20 billion, a P/E ratio of 38.91, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53. OPENLANE, Inc. has a twelve month low of $15.44 and a twelve month high of $22.47. The firm has a 50 day moving average of $20.76 and a 200 day moving average of $19.12.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The firm had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $416.64 million. On average, sell-side analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on KAR shares. StockNews.com upgraded shares of OPENLANE from a “hold” rating to a “buy” rating in a research note on Thursday. Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $20.00 to $26.00 in a research report on Friday, February 28th. Finally, Barrington Research reiterated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, OPENLANE has a consensus rating of “Moderate Buy” and an average target price of $22.80.

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.