The Manufacturers Life Insurance Company Buys 1,450 Shares of OPENLANE, Inc. (NYSE:KAR)

The Manufacturers Life Insurance Company grew its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 2.7% during the second quarter, Holdings Channel.com reports. The institutional investor owned 54,254 shares of the specialty retailer’s stock after acquiring an additional 1,450 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in OPENLANE were worth $900,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Invenomic Capital Management LP raised its position in shares of OPENLANE by 277.0% in the 1st quarter. Invenomic Capital Management LP now owns 1,529,680 shares of the specialty retailer’s stock valued at $26,463,000 after acquiring an additional 1,123,953 shares during the period. Renaissance Technologies LLC bought a new stake in OPENLANE in the second quarter valued at approximately $3,243,000. Raymond James & Associates raised its holdings in OPENLANE by 293.5% in the second quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock worth $4,034,000 after purchasing an additional 181,364 shares during the period. D. E. Shaw & Co. Inc. raised its holdings in 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 worth $23,922,000 after purchasing an additional 181,130 shares during the period. Finally, Burgundy Asset Management Ltd. boosted its position in shares of 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 purchasing an additional 146,266 shares in the last quarter. Institutional investors own 99.76% of the company’s stock.

OPENLANE Stock Up 2.3 %

Shares of NYSE:KAR opened at $15.88 on Monday. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -8.87, a PEG ratio of 1.65 and a beta of 1.44. OPENLANE, Inc. has a 12 month low of $12.86 and a 12 month high of $18.73. The company’s fifty day simple moving average is $16.72 and its 200 day simple moving average is $17.06.

OPENLANE (NYSE:KAR) last posted its quarterly earnings data on Wednesday, August 7th. The specialty retailer reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.02). OPENLANE had a return on equity of 7.85% and a net margin of 3.39%. The firm had revenue of $431.80 million for the quarter, compared to analyst estimates of $426.11 million. During the same period in the prior year, the company earned $0.25 earnings per share. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Research analysts expect that OPENLANE, Inc. will post 0.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Barrington Research reaffirmed an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Friday, September 20th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.60.

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.