Intech Investment Management LLC Boosts Holdings in OPENLANE, Inc. $KAR

Key Points

• Intech Investment Management LLC increased its stake in OPENLANE, Inc. by 30% during the first quarter, now holding 126,826 shares valued at approximately $2.45 million.
• OPENLANE reported $0.33 earnings per share (EPS) for the latest quarter, surpassing expectations and showing a revenue increase of 11.6% year-over-year.
• Multiple analysts have raised their price targets for OPENLANE, with Barrington Research setting it at $30.00 and Stephens at $35.00, reflecting a positive outlook for the company.

Intech Investment Management LLC grew its holdings in OPENLANE, Inc. (NYSE:KAR - Free Report) by 30.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 126,826 shares of the specialty retailer's stock after buying an additional 29,261 shares during the quarter. Intech Investment Management LLC owned approximately 0.12% of OPENLANE worth $2,445,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in KAR. Principal Financial Group Inc. increased its holdings in shares of OPENLANE by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock worth $10,257,000 after purchasing an additional 13,817 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in OPENLANE during the first quarter valued at approximately $1,331,000. Neo Ivy Capital Management bought a new position in shares of OPENLANE during the first quarter valued at approximately $936,000. Informed Momentum Co LLC bought a new position in shares of OPENLANE during the first quarter valued at approximately $2,856,000. Finally, Mackenzie Financial Corp bought a new position in OPENLANE in the first quarter worth approximately $1,242,000. 99.76% of the stock is owned by institutional investors.

OPENLANE Stock Down 0.3%

Shares of KAR stock traded down $0.10 during trading hours on Friday, reaching $29.05. 2,490,563 shares of the stock traded hands, compared to its average volume of 726,231. The firm has a market capitalization of $3.09 billion, a PE ratio of 39.26, a PEG ratio of 3.01 and a beta of 1.38. The business has a fifty day moving average price of $27.44 and a 200 day moving average price of $23.45. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $30.93.

OPENLANE (NYSE:KAR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 EPS for the quarter, topping the consensus estimate of $0.24 by $0.09. The company had revenue of $481.70 million during the quarter, compared to the consensus estimate of $453.26 million. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. Research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In related news, EVP James P. Coyle sold 194,575 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the completion of the sale, the executive vice president owned 36,851 shares of the company's stock, valued at $1,029,616.94. This represents a 84.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Charles S. Coleman sold 59,289 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $27.97, for a total value of $1,658,313.33. Following the transaction, the executive vice president owned 53,474 shares in the company, valued at $1,495,667.78. The trade was a 52.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.51% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Bank of America increased their price objective on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Monday, June 16th. JPMorgan Chase & Co. increased their price target on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Stephens raised their target price on OPENLANE from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. Finally, Barrington Research lifted their price objective on OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, OPENLANE currently has an average rating of "Moderate Buy" and a consensus target price of $28.75.

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.