Intech Investment Management LLC Invests $1.44 Million in OPENLANE, Inc. (NYSE:KAR)

Intech Investment Management LLC bought a new position in shares of OPENLANE, Inc. (NYSE:KAR) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 85,283 shares of the specialty retailer’s stock, valued at approximately $1,440,000. Intech Investment Management LLC owned approximately 0.08% of OPENLANE as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. River Road Asset Management LLC grew its stake 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 valued at $85,161,000 after acquiring an additional 671,104 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in OPENLANE during the 2nd quarter valued at about $3,243,000. Raymond James & Associates grew its stake in OPENLANE by 293.5% during the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock valued at $4,034,000 after acquiring an additional 181,364 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in OPENLANE by 14.4% during 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 acquiring an additional 181,130 shares in the last quarter. Finally, Burgundy Asset Management Ltd. grew its stake in OPENLANE by 1.7% during 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 acquiring an additional 146,266 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company’s stock.

OPENLANE Price Performance

NYSE:KAR opened at $20.20 on Tuesday. 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. The company’s 50-day moving average is $17.13 and its two-hundred day moving average is $17.12. OPENLANE, Inc. has a 1-year low of $12.86 and a 1-year high of $20.45.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average price of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. This trade represents a 53.50 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.32% of the stock is currently owned by corporate insiders.

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.