Baird Financial Group Inc. Boosts Stake in CarMax, Inc. $KMX

Key Points

• Baird Financial Group increased its CarMax stake by 4.5% in the second quarter, adding 138,682 shares to own 3.21 million shares, or 2.26% of the company.
• Analyst sentiment remains mixed, with CarMax carrying a consensus “Hold” rating and a $51 average price target, despite recent target increases and a JPMorgan upgrade to “Neutral.”
• CarMax exceeded quarterly expectations, reporting $1.31 EPS versus $0.96 expected and $8.01 billion in revenue, up 6.2% year over year. Company insiders also purchased 13,900 shares worth about $735,574 over the past 90 days.

Baird Financial Group Inc. grew its position in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 4.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,207,134 shares of the company's stock after buying an additional 138,682 shares during the quarter. Baird Financial Group Inc. owned 2.26% of CarMax worth $169,625,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in CarMax by 0.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,389 shares of the company's stock worth $2,446,000 after buying an additional 173 shares during the last quarter. Jones Financial Companies Lllp boosted its position in CarMax by 3.1% during the first quarter. Jones Financial Companies Lllp now owns 5,372 shares of the company's stock worth $419,000 after purchasing an additional 161 shares during the period. Empowered Funds LLC boosted its position in CarMax by 12.5% during the first quarter. Empowered Funds LLC now owns 5,273 shares of the company's stock worth $411,000 after purchasing an additional 585 shares during the period. Intech Investment Management LLC increased its stake in shares of CarMax by 61.7% in the first quarter. Intech Investment Management LLC now owns 19,143 shares of the company's stock worth $1,492,000 after purchasing an additional 7,307 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of CarMax in the first quarter valued at approximately $727,000.

Analyst Upgrades and Downgrades

KMX has been the topic of a number of recent research reports. Royal Bank Of Canada upped their price target on shares of CarMax from $41.00 to $45.00 and gave the company a "sector perform" rating in a research note on Thursday, June 18th. Bank of America boosted their target price on shares of CarMax from $40.00 to $45.00 and gave the company an "underperform" rating in a report on Wednesday, June 17th. Weiss Ratings raised CarMax from a "sell (d)" rating to a "sell (d+)" rating in a report on Monday, July 20th. UBS Group set a $60.00 price target on CarMax in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. upgraded CarMax from an "underweight" rating to a "neutral" rating and boosted their price objective for the company from $38.00 to $60.00 in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, CarMax presently has an average rating of "Hold" and a consensus target price of $51.00.

Insider Transactions at CarMax

In related news, Director Sona Chawla bought 2,000 shares of the business's stock in a transaction that occurred on Thursday, June 25th. The stock was bought at an average cost of $53.39 per share, for a total transaction of $106,780.00. Following the completion of the transaction, the director owned 21,702 shares of the company's stock, valued at approximately $1,158,669.78. The trade was a 10.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keith Barr bought 9,400 shares of CarMax stock in a transaction that occurred on Monday, June 22nd. The stock was purchased at an average cost of $53.01 per share, for a total transaction of $498,294.00. Following the purchase, the chief executive officer owned 33,375 shares of the company's stock, valued at $1,769,208.75. The trade was a 39.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 13,900 shares of company stock valued at $735,574. Insiders own 1.01% of the company's stock.

CarMax Stock Down 4.3%

Shares of NYSE:KMX opened at $60.58 on Wednesday. The firm has a fifty day moving average price of $58.13 and a two-hundred day moving average price of $48.51. The company has a market cap of $8.60 billion, a price-to-earnings ratio of 39.59, a PEG ratio of 2.90 and a beta of 1.17. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.70 and a quick ratio of 0.82. CarMax, Inc. has a one year low of $30.26 and a one year high of $65.28.

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

CarMax Company 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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