Biglari Sardar Buys New Stake in CarMax, Inc. $KMX

Biglari Sardar bought a new stake in shares of CarMax, Inc. (NYSE:KMX - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 41,100 shares of the company's stock, valued at approximately $2,173,779,000. CarMax comprises about 3.5% of Biglari Sardar's holdings, making the stock its 8th biggest position.

A number of other large investors have also recently bought and sold shares of the stock. Bessemer Group Inc. boosted its position in CarMax by 28.1% during the first quarter. Bessemer Group Inc. now owns 156,121 shares of the company's stock worth $6,491,000 after acquiring an additional 34,211 shares during the last quarter. Bank of America Corp DE grew its stake in CarMax by 61.7% in the 1st quarter. Bank of America Corp DE now owns 1,687,359 shares of the company's stock worth $70,160,000 after acquiring an additional 643,834 shares during the period. Broad Run Investment Management LLC acquired a new position in CarMax in the 2nd quarter valued at $14,980,000. Convergence Investment Partners LLC acquired a new position in CarMax in the 1st quarter valued at $1,688,000. Finally, BML Capital Management LLC purchased a new position in shares of CarMax during the 4th quarter worth $5,989,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on KMX shares. Stephens upgraded CarMax from an "equal weight" rating to an "overweight" rating and set a $66.00 price objective on the stock in a report on Thursday, June 18th. Wall Street Zen upgraded CarMax from a "sell" rating to a "hold" rating in a research report on Saturday, June 13th. JPMorgan Chase & Co. raised CarMax from an "underweight" rating to a "neutral" rating and raised their price target for the stock from $38.00 to $60.00 in a research note on Wednesday, July 29th. Weiss Ratings upgraded CarMax from a "sell (d)" rating to a "sell (d+)" rating in a report on Monday, July 20th. Finally, Barclays raised shares of CarMax from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $37.00 to $61.00 in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $51.00.

CarMax Price Performance

KMX opened at $64.17 on Wednesday. CarMax, Inc. has a 52-week low of $30.26 and a 52-week high of $64.59. The company has a 50 day moving average of $56.11 and a two-hundred day moving average of $47.24. The company has a market cap of $9.11 billion, a P/E ratio of 41.94, a P/E/G ratio of 2.87 and a beta of 1.15. The company has a quick ratio of 0.82, a current ratio of 2.70 and a debt-to-equity ratio of 2.87.

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

Insider Activity at CarMax

In related news, Director Sona Chawla purchased 2,000 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was purchased at an average cost of $53.39 per share, for a total transaction of $106,780.00. Following the acquisition, the director owned 21,702 shares in the company, valued at approximately $1,158,669.78. This trade represents a 10.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keith Barr acquired 9,400 shares of the business's stock in a transaction on Monday, June 22nd. The stock was bought at an average cost 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 of the company's stock, 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. In the last three months, insiders purchased 13,900 shares of company stock worth $735,574. Corporate insiders own 1.01% of the company's stock.

About CarMax

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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