Apollo Management Holdings L.P. Has $105.06 Million Stock Holdings in CarMax, Inc. $KMX

Key Points

• Apollo Management Holdings cut its CarMax stake by 52.1% in the second quarter, selling 2.16 million shares but retaining 1.99 million shares worth approximately $105.1 million.
• CarMax insiders purchased 13,900 shares worth $735,574 over the past quarter, including notable purchases by CEO Keith Barr and Director Sona Chawla.
• CarMax exceeded quarterly earnings and revenue estimates, reporting $1.31 EPS and $8.01 billion in revenue. Despite several analyst upgrades and higher price targets, the stock has a consensus rating of “Hold” with a $51 average target.

Apollo Management Holdings L.P. trimmed its position in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 52.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,986,285 shares of the company's stock after selling 2,158,456 shares during the period. CarMax comprises approximately 1.2% of Apollo Management Holdings L.P.'s portfolio, making the stock its 12th biggest holding. Apollo Management Holdings L.P. owned about 1.40% of CarMax worth $105,055,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of CarMax by 151.8% in the 4th quarter. AQR Capital Management LLC now owns 7,930,345 shares of the company's stock valued at $306,429,000 after acquiring an additional 4,780,903 shares in the last quarter. SRS Investment Management LLC boosted its position in shares of CarMax by 1,717.5% in the fourth quarter. SRS Investment Management LLC now owns 5,637,803 shares of the company's stock valued at $217,845,000 after acquiring an additional 5,327,603 shares during the period. Jupiter Topco LLC bought a new stake in shares of CarMax in the second quarter valued at approximately $245,676,000. Janus Henderson Group PLC grew its stake in shares of CarMax by 1.1% in the first quarter. Janus Henderson Group PLC now owns 4,580,807 shares of the company's stock worth $190,471,000 after acquiring an additional 49,987 shares during the last quarter. Finally, Primecap Management Co. CA acquired a new stake in shares of CarMax in the second quarter worth $230,548,000.

Insider Buying and Selling at CarMax

In related news, Director Sona Chawla purchased 2,000 shares of the stock in a transaction dated Thursday, June 25th. The stock was bought at an average cost of $53.39 per share, with a total value of $106,780.00. Following the purchase, the director directly owned 21,702 shares in the company, valued at $1,158,669.78. The trade was a 10.15% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Keith Barr purchased 9,400 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was purchased at an average price of $53.01 per share, for a total transaction of $498,294.00. Following the completion of the transaction, the chief executive officer directly owned 33,375 shares in the company, valued at $1,769,208.75. This trade represents a 39.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 13,900 shares of company stock valued at $735,574. 1.01% of the stock is currently owned by company insiders.

CarMax Stock Performance

Shares of CarMax stock opened at $61.96 on Monday. The firm has a fifty day moving average of $56.79 and a two-hundred day moving average of $47.59. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 40.50, a PEG ratio of 2.84 and a beta of 1.15. CarMax, Inc. has a 52 week low of $30.26 and a 52 week high of $65.28. The company has a debt-to-equity ratio of 2.87, a quick ratio of 0.82 and a current ratio of 2.70.

CarMax (NYSE:KMX - Get Free Report) last posted its quarterly earnings results on Wednesday, June 17th. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.35. CarMax had a return on equity of 6.64% and a net margin of 0.84%.The business had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.42 billion. During the same period last year, the company earned $1.38 EPS. The firm's revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts predict that CarMax, Inc. will post 2.73 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on KMX shares. Truist Financial lifted their target price on CarMax from $47.00 to $50.00 and gave the stock a "hold" rating in a research report on Thursday, June 18th. Barclays raised CarMax from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $37.00 to $61.00 in a report on Tuesday, July 21st. Weiss Ratings raised CarMax from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday, July 20th. JPMorgan Chase & Co. upgraded shares of CarMax from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $38.00 to $60.00 in a research note on Wednesday, July 29th. Finally, UBS Group set a $60.00 price objective on shares of CarMax in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, CarMax presently has an average rating of "Hold" and a consensus price target of $51.00.

CarMax Profile

CarMax NYSE: KMX is a leading retailer of used vehicles in the United States, offering customers a streamlined, no-haggle purchasing experience. The company's inventory spans a broad range of makes and models, each of which undergoes a comprehensive inspection process before being offered for sale. Customers can shop in person at CarMax's retail locations or browse the company's online platform, which provides detailed vehicle histories, virtual tours and contactless purchasing options.

Originally launched in 1993 as a division of Circuit City, CarMax became an independent, publicly traded company in 1997.

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