Burgundy Asset Management Ltd. Increases Stock Holdings in OPENLANE, Inc. (NYSE:KAR)

Burgundy Asset Management Ltd. raised its position in shares of OPENLANE, Inc. (NYSE:KAR) by 1.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,921,967 shares of the specialty retailer’s stock after purchasing an additional 146,266 shares during the quarter. OPENLANE accounts for approximately 1.6% of Burgundy Asset Management Ltd.’s holdings, making the stock its 25th biggest position. Burgundy Asset Management Ltd. owned about 8.24% of OPENLANE worth $148,015,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Fifth Third Bancorp lifted its position in OPENLANE by 175.5% during the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 1,018 shares in the last quarter. TFO Wealth Partners LLC raised its stake in shares of OPENLANE by 16,018.2% in the fourth quarter. TFO Wealth Partners LLC now owns 1,773 shares of the specialty retailer’s stock worth $26,000 after buying an additional 1,762 shares during the period. Innealta Capital LLC purchased a new position in shares of OPENLANE during the 2nd quarter valued at about $81,000. Teacher Retirement System of Texas bought a new position in shares of OPENLANE during the 4th quarter valued at approximately $164,000. Finally, MQS Management LLC purchased a new stake in OPENLANE in the 2nd quarter worth approximately $204,000. Hedge funds and other institutional investors own 99.76% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Barrington Research reaffirmed an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a report on Thursday, August 22nd. Three 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 price target of $19.60.

OPENLANE Trading Down 0.6 %

NYSE:KAR opened at $16.57 on Thursday. The stock has a 50-day moving average price of $17.26 and a 200 day moving average price of $17.05. The stock has a market capitalization of $1.79 billion, a P/E ratio of -9.25, a P/E/G 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.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Wednesday, August 7th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $426.11 million. During the same period last year, the business earned $0.25 earnings per share. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, research analysts predict that OPENLANE, Inc. will post 0.78 earnings per share for the current fiscal 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.