Intech Investment Management LLC Purchases Shares of 85,283 OPENLANE, Inc. (NYSE:KAR)

Intech Investment Management LLC purchased a new stake in OPENLANE, Inc. (NYSE:KAR) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 85,283 shares of the specialty retailer’s stock, valued at approximately $1,440,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. boosted its position in OPENLANE by 1.7% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after buying an additional 146,266 shares during the period. Dimensional Fund Advisors LP boosted its position in OPENLANE by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock valued at $118,517,000 after buying an additional 50,773 shares during the period. River Road Asset Management LLC boosted its position in OPENLANE by 15.3% in the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock valued at $85,161,000 after buying an additional 671,104 shares during the period. D. E. Shaw & Co. Inc. boosted its position in OPENLANE by 14.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer’s stock valued at $23,922,000 after buying an additional 181,130 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in OPENLANE by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 876,398 shares of the specialty retailer’s stock valued at $14,539,000 after buying an additional 18,706 shares during the period. Hedge funds and other institutional investors own 99.76% of the company’s stock.

Insider Buying and Selling

In related news, CFO Brad S. Lakhia purchased 4,985 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.32% of the stock is owned by company insiders.

OPENLANE Trading Up 1.3 %

Shares of KAR opened at $20.20 on Tuesday. The firm’s fifty day simple moving average is $17.13 and its 200-day simple moving average is $17.12. OPENLANE, Inc. has a twelve month low of $12.86 and a twelve month high of $20.45. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 77.70, a PEG ratio of 1.98 and a beta of 1.44.

OPENLANE (NYSE:KAR) last announced its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The firm had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. During the same period last year, the business earned $0.18 EPS. OPENLANE’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts predict that OPENLANE, Inc. will post 0.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on KAR shares. Barrington Research restated an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a report on Monday, November 4th. JPMorgan Chase & Co. raised their price objective on shares of 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.20.

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.