AQR Capital Management LLC Buys 109,332 Shares of CarMax, Inc. $KMX

Key Points

• AQR Capital Management LLC increased its stake in CarMax, Inc. by 7.8%, now owning about 1,509,344 shares valued at approximately $115.9 million as of the 1st quarter.
• Several other institutional investors, including Mirae Asset Global Investments and GAMMA Investing LLC, also adjusted their positions in CarMax, contributing to an overall trend of increased institutional ownership.
• Wall Street analysts have given CarMax an average rating of "Moderate Buy" with a consensus price target of $81.50, pointing to expectations for future growth despite some price target adjustments.

AQR Capital Management LLC increased its position in CarMax, Inc. (NYSE:KMX - Free Report) by 7.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,509,344 shares of the company's stock after buying an additional 109,332 shares during the period. AQR Capital Management LLC owned 0.99% of CarMax worth $115,887,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Redmond Asset Management LLC boosted its stake in shares of CarMax by 0.3% in the 1st quarter. Redmond Asset Management LLC now owns 50,803 shares of the company's stock valued at $3,959,000 after purchasing an additional 152 shares in the last quarter. Maia Wealth LLC boosted its stake in shares of CarMax by 0.6% in the 1st quarter. Maia Wealth LLC now owns 26,099 shares of the company's stock valued at $2,034,000 after purchasing an additional 157 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of CarMax by 5.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,367 shares of the company's stock valued at $262,000 after purchasing an additional 176 shares in the last quarter. Nicolet Advisory Services LLC boosted its stake in shares of CarMax by 6.3% in the 1st quarter. Nicolet Advisory Services LLC now owns 3,576 shares of the company's stock valued at $279,000 after purchasing an additional 212 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of CarMax by 50.5% in the 1st quarter. Quarry LP now owns 694 shares of the company's stock valued at $54,000 after purchasing an additional 233 shares in the last quarter.

CarMax Trading Up 0.1%

NYSE:KMX traded up $0.04 on Tuesday, hitting $61.42. 2,210,809 shares of the stock were exchanged, compared to its average volume of 2,915,992. The stock has a market capitalization of $9.22 billion, a price-to-earnings ratio of 16.97, a P/E/G ratio of 0.99 and a beta of 1.35. CarMax, Inc. has a 52 week low of $54.53 and a 52 week high of $91.25. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.80 and a current ratio of 2.39. The company's 50-day moving average price is $61.18 and its 200 day moving average price is $66.78.

CarMax (NYSE:KMX - Get Free Report) last announced its quarterly earnings data on Friday, June 20th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.20. The firm had revenue of $7.55 billion during the quarter, compared to analysts' expectations of $7.58 billion. CarMax had a return on equity of 9.11% and a net margin of 2.09%.The company's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.97 EPS. On average, equities research analysts forecast that CarMax, Inc. will post 3.23 earnings per share for the current year.

Analysts Set New Price Targets

KMX has been the topic of several recent analyst reports. Needham & Company LLC restated a "buy" rating and issued a $92.00 target price on shares of CarMax in a research note on Monday, June 23rd. JPMorgan Chase & Co. upgraded shares of CarMax from an "underweight" rating to a "neutral" rating and reduced their target price for the company from $65.00 to $58.00 in a research note on Wednesday, August 6th. Royal Bank Of Canada boosted their target price on shares of CarMax from $80.00 to $81.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Stephens restated an "overweight" rating and issued a $81.00 target price on shares of CarMax in a research note on Tuesday, August 19th. Finally, Wedbush restated an "outperform" rating and issued a $84.00 target price on shares of CarMax in a research note on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $81.50.

Insider Activity at CarMax

In other news, EVP Jon G. Daniels sold 1,540 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $70.64, for a total value of $108,785.60. Following the completion of the sale, the executive vice president directly owned 2,779 shares of the company's stock, valued at $196,308.56. This represents a 35.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by company insiders.

CarMax Company Profile

CarMax, Inc, through its subsidiaries, operates as a retailer of used vehicles and related products in the United States. It operates in two segments: CarMax Sales Operations and CarMax Auto Finance. The CarMax Sales Operations segment offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles, as well as hybrid and electric vehicles; used vehicle auctions; extended protection plans to customers at the time of sale; and reconditioning and vehicle repair services.