Baird Financial Group Inc. Has $241.06 Million Stake in CarMax, Inc. $KMX

Key Points

• Baird Financial Group Inc. increased its stake in CarMax by 7.1%, owning approximately $241.06 million in shares after acquiring an additional 206,106 shares in the 1st quarter.
• Several hedge funds, including the Canada Pension Plan Investment Board, significantly raised their holdings in CarMax during the same period, indicating increased institutional interest in the stock.
• CarMax analysts have mixed opinions on the stock's performance, with a consensus rating of "Moderate Buy" and an average target price of $81.50.

Baird Financial Group Inc. grew its stake in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 7.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,093,632 shares of the company's stock after acquiring an additional 206,106 shares during the period. Baird Financial Group Inc. owned about 2.03% of CarMax worth $241,056,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Canada Pension Plan Investment Board raised its position in shares of CarMax by 93.9% during the first quarter. Canada Pension Plan Investment Board now owns 121,800 shares of the company's stock worth $9,491,000 after purchasing an additional 59,000 shares during the period. Trexquant Investment LP increased its stake in CarMax by 93.5% in the 1st quarter. Trexquant Investment LP now owns 141,960 shares of the company's stock worth $11,062,000 after purchasing an additional 68,586 shares in the last quarter. Eisler Capital Management Ltd. lifted its stake in CarMax by 298.6% during the first quarter. Eisler Capital Management Ltd. now owns 125,519 shares of the company's stock valued at $9,779,000 after buying an additional 94,027 shares in the last quarter. WS Management Lllp boosted its holdings in shares of CarMax by 0.5% in the first quarter. WS Management Lllp now owns 100,455 shares of the company's stock worth $7,827,000 after buying an additional 455 shares during the period. Finally, Gabelli Funds LLC increased its position in shares of CarMax by 14.1% in the first quarter. Gabelli Funds LLC now owns 73,000 shares of the company's stock worth $5,688,000 after acquiring an additional 9,000 shares in the last quarter.

CarMax Stock Down 2.6%

NYSE:KMX traded down $1.59 during trading hours on Tuesday, reaching $59.76. The company's stock had a trading volume of 2,719,148 shares, compared to its average volume of 2,915,549. The company has a debt-to-equity ratio of 2.86, a current ratio of 2.39 and a quick ratio of 0.80. The company has a market cap of $8.97 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 1.00 and a beta of 1.35. CarMax, Inc. has a one year low of $54.53 and a one year high of $91.25. The business's 50-day moving average is $61.87 and its 200-day moving average is $67.70.

CarMax (NYSE:KMX - Get Free Report) last announced its quarterly earnings results on Friday, June 20th. The company reported $1.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.20. The company 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 business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Equities research analysts predict that CarMax, Inc. will post 3.23 EPS for the current year.

Wall Street Analysts Forecast Growth

KMX has been the subject of several research analyst reports. Evercore ISI reduced their price target on shares of CarMax from $82.00 to $80.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Stephens reiterated an "overweight" rating and issued a $81.00 price objective on shares of CarMax in a research note on Tuesday, August 19th. JPMorgan Chase & Co. upgraded shares of CarMax from an "underweight" rating to a "neutral" rating and cut their target price for the stock from $65.00 to $58.00 in a research report on Wednesday, August 6th. Wedbush restated an "outperform" rating and set a $84.00 price target on shares of CarMax in a report on Tuesday, August 19th. Finally, Benchmark initiated coverage on shares of CarMax in a research note on Thursday, July 17th. They issued a "buy" rating and a $75.00 price target on the stock. One research 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, CarMax currently has an average rating of "Moderate Buy" and a consensus target price of $81.50.

Insider Transactions at CarMax

In other CarMax news, EVP Jon G. Daniels sold 1,540 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was 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 $196,308.56. This represents a 35.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by insiders.

About CarMax

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.