Raymond James & Associates Increases Stock Position in OPENLANE, Inc. (NYSE:KAR)

Raymond James & Associates increased its position in shares of OPENLANE, Inc. (NYSE:KAR) by 20.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 292,094 shares of the specialty retailer’s stock after buying an additional 48,930 shares during the quarter. Raymond James & Associates’ holdings in OPENLANE were worth $4,931,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. boosted 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings in OPENLANE by 0.7% during the second 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 in the last quarter. Invenomic Capital Management LP lifted its holdings in OPENLANE by 277.0% during the first quarter. Invenomic Capital Management LP now owns 1,529,680 shares of the specialty retailer’s stock valued at $26,463,000 after purchasing an additional 1,123,953 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in OPENLANE by 14.4% during 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 lifted its holdings in 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 purchasing an additional 18,706 shares in the last quarter. 99.76% of the stock is owned by hedge funds and other institutional investors.

OPENLANE Price Performance

KAR stock opened at $15.90 on Friday. OPENLANE, Inc. has a 1 year low of $12.86 and a 1 year high of $18.73. The firm has a market capitalization of $1.73 billion, a PE ratio of 106.40, a price-to-earnings-growth ratio of 1.71 and a beta of 1.44. The business has a 50 day simple moving average of $16.46 and a 200-day simple moving average of $16.95.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, August 7th. The specialty retailer reported $0.19 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.02). OPENLANE had a net margin of 3.39% and a return on equity of 7.85%. The company had revenue of $431.80 million during the quarter, compared to analyst estimates of $426.11 million. During the same period in the prior year, the business posted $0.25 EPS. OPENLANE’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities research analysts expect that OPENLANE, Inc. will post 0.77 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Barrington Research reaffirmed an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a report on Friday, September 20th.

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.