Victory Capital Management Inc. Purchases 11,039 Shares of OPENLANE, Inc. (NYSE:KAR)

Victory Capital Management Inc. grew its position in shares of OPENLANE, Inc. (NYSE:KAR) by 50.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 32,759 shares of the specialty retailer’s stock after buying an additional 11,039 shares during the period. Victory Capital Management Inc.’s holdings in OPENLANE were worth $553,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Burgundy Asset Management Ltd. raised its holdings 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 buying an additional 146,266 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in OPENLANE by 0.7% during 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 purchasing an additional 50,773 shares during the last quarter. River Road Asset Management LLC increased its holdings in OPENLANE by 15.3% during the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock worth $85,161,000 after purchasing an additional 671,104 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in shares of OPENLANE by 14.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer’s stock valued at $23,922,000 after purchasing an additional 181,130 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of OPENLANE by 2.2% during the second 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 last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

OPENLANE Stock Up 0.8 %

OPENLANE stock opened at $20.11 on Friday. The company has a market capitalization of $2.15 billion, a P/E ratio of 77.35, a P/E/G ratio of 2.01 and a beta of 1.44. The firm has a 50 day moving average price of $17.34 and a 200-day moving average price of $17.17. OPENLANE, Inc. has a twelve month low of $12.86 and a twelve month high of $20.45.

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

Wall Street Analyst Weigh In

KAR has been the topic of several recent analyst reports. Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Monday, November 4th. JPMorgan Chase & Co. upped their price objective on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.20.

Insider Transactions at OPENLANE

In related news, CFO Brad S. Lakhia purchased 4,985 shares of OPENLANE stock in a transaction dated Wednesday, November 13th. The stock was bought at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the transaction, the chief financial officer now 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.32% of the company’s stock.

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.