State of New Jersey Common Pension Fund D Cuts Position in OPENLANE, Inc. (NYSE:KAR)

State of New Jersey Common Pension Fund D decreased its holdings in OPENLANE, Inc. (NYSE:KAR) by 40.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 111,302 shares of the specialty retailer’s stock after selling 76,197 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.10% of OPENLANE worth $1,846,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Burgundy Asset Management Ltd. raised its holdings in OPENLANE by 1.0% in the first quarter. Burgundy Asset Management Ltd. now owns 8,775,701 shares of the specialty retailer’s stock valued at $151,820,000 after buying an additional 84,835 shares during the period. Hawk Ridge Capital Management LP raised its holdings in OPENLANE by 5.3% in the fourth quarter. Hawk Ridge Capital Management LP now owns 3,900,178 shares of the specialty retailer’s stock valued at $57,762,000 after buying an additional 195,200 shares during the period. Sunriver Management LLC raised its holdings in OPENLANE by 729.7% in the fourth quarter. Sunriver Management LLC now owns 2,338,093 shares of the specialty retailer’s stock valued at $34,627,000 after buying an additional 2,056,280 shares during the period. Invenomic Capital Management LP raised its holdings in OPENLANE by 277.0% in 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 buying an additional 1,123,953 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in OPENLANE by 2.2% in 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 buying an additional 18,706 shares during the period. Hedge funds and other institutional investors own 99.76% of the company’s stock.

OPENLANE Stock Down 0.8 %

KAR opened at $16.50 on Tuesday. The firm has a market capitalization of $1.79 billion, a P/E ratio of -9.22, a P/E/G ratio of 1.65 and a beta of 1.44. The firm’s 50 day moving average is $17.20 and its 200-day moving average is $17.08. OPENLANE, Inc. has a 52-week low of $12.86 and a 52-week high of $18.73.

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

Wall Street Analyst Weigh In

Separately, Barrington Research reiterated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Friday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, OPENLANE presently 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.