Avenir Corp Sells 4,870 Shares of CarMax, Inc. $KMX

Key Points

• Avenir Corp reduced its holdings in CarMax, Inc. by 2.1%, selling 4,870 shares and now owning 227,300 shares valued at approximately $17.7 million.
• Several hedge funds have shown increased interest in CarMax, with notable raises from firms like Mirae Asset Global Investments and Sequoia Financial Advisors during the first quarter of the year.
• CarMax reported $1.38 EPS for its latest quarter, exceeding analysts' expectations of $1.18, while revenue was reported at $7.55 billion, slightly below estimates.

Avenir Corp decreased its position in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 227,300 shares of the company's stock after selling 4,870 shares during the period. CarMax makes up approximately 1.9% of Avenir Corp's investment portfolio, making the stock its 14th biggest position. Avenir Corp owned 0.15% of CarMax worth $17,711,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of CarMax by 13.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,678 shares of the company's stock valued at $1,571,000 after acquiring an additional 2,375 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of CarMax in the 1st quarter valued at about $1,753,000. Sequoia Financial Advisors LLC lifted its holdings 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 acquiring an additional 176 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of CarMax by 3.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 60,653 shares of the company's stock valued at $4,726,000 after acquiring an additional 2,078 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of CarMax by 12.6% in the 1st quarter. GAMMA Investing LLC now owns 6,620 shares of the company's stock valued at $516,000 after acquiring an additional 742 shares during the last quarter.

CarMax Trading Down 1.3%

NYSE KMX traded down $0.84 during trading on Friday, hitting $61.33. The stock had a trading volume of 1,863,390 shares, compared to its average volume of 2,663,270. 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 stock has a market capitalization of $9.20 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 1.00 and a beta of 1.36. CarMax, Inc. has a one year low of $54.53 and a one year high of $91.25. The stock has a 50 day simple moving average of $61.99 and a 200 day simple moving average of $68.03.

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

Insider Buying and Selling at CarMax

In other news, EVP Jon G. Daniels sold 1,540 shares of CarMax stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $70.64, for a total transaction of $108,785.60. Following the completion of the sale, the executive vice president owned 2,779 shares of the company's stock, valued at approximately $196,308.56. The trade was a 35.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on KMX shares. Wall Street Zen raised shares of CarMax from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. raised shares of CarMax from an "underweight" rating to a "neutral" rating and lowered their price target for the company from $65.00 to $58.00 in a report on Wednesday, August 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $92.00 price target on shares of CarMax in a report on Monday, June 23rd. Wedbush reissued an "outperform" rating and issued a $84.00 price objective on shares of CarMax in a research note on Tuesday, August 19th. Finally, Morgan Stanley initiated coverage on shares of CarMax in a research note on Tuesday, July 1st. They issued an "overweight" rating and a $80.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $81.50.

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.