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

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. raised its position in OPENLANE by 32.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 545,404 shares of the specialty retailer's stock valued at $9,206,000 after purchasing an additional 133,767 shares during the period. Sasco Capital Inc. CT raised its holdings in shares of OPENLANE by 16.0% in the 3rd quarter. Sasco Capital Inc. CT now owns 76,440 shares of the specialty retailer's stock valued at $1,290,000 after buying an additional 10,530 shares during the period. MQS Management LLC raised its holdings in shares of OPENLANE by 109.7% in the 3rd quarter. MQS Management LLC now owns 25,800 shares of the specialty retailer's stock valued at $436,000 after buying an additional 13,496 shares during the period. Victory Capital Management Inc. raised its holdings in shares of OPENLANE by 50.8% in the 3rd quarter. Victory Capital Management Inc. now owns 32,759 shares of the specialty retailer's stock valued at $553,000 after buying an additional 11,039 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of OPENLANE by 0.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer's stock valued at $1,896,000 after buying an additional 1,018 shares during the period. Hedge funds and other institutional investors own 99.76% of the company's stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average cost 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 in the company, valued at $286,918.18. The trade was a 53.50 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.32% of the stock is owned by company insiders.

OPENLANE Stock Down 1.2 %

NYSE KAR traded down $0.25 during trading hours on Tuesday, hitting $19.96. 658,357 shares of the company were exchanged, compared to its average volume of 701,372. The company has a 50 day moving average of $17.21 and a two-hundred day moving average of $17.14. OPENLANE, Inc. has a 52-week low of $12.86 and a 52-week high of $20.45. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 76.58, a PEG ratio of 1.98 and a beta of 1.44.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping 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 company had revenue of $448.00 million for the quarter, compared to the consensus estimate of $431.68 million. During the same quarter in the prior year, the business earned $0.18 EPS. OPENLANE's revenue was up 7.6% on a year-over-year basis. On average, equities research analysts predict that OPENLANE, Inc. will post 0.84 EPS for the current year.

About OPENLANE

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.