CarMax, Inc. $KMX Position Raised by Korea Investment CORP

Key Points

• Korea Investment CORP increased its stake in CarMax, Inc. by 17.3% during Q1, now owning approximately $6,021,000 worth of shares.
• Recent analyst ratings show a consensus of "Moderate Buy" for CarMax, with a price target averaging around $81.50.
• CarMax reported an earnings per share of $1.38 for the last quarter, exceeding estimates and marking a 6.1% year-over-year revenue increase.

Korea Investment CORP raised its stake in CarMax, Inc. (NYSE:KMX - Free Report) by 17.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 77,268 shares of the company's stock after buying an additional 11,400 shares during the quarter. Korea Investment CORP owned approximately 0.05% of CarMax worth $6,021,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Redmond Asset Management LLC grew its holdings in CarMax by 0.3% during the first quarter. Redmond Asset Management LLC now owns 50,803 shares of the company's stock worth $3,959,000 after acquiring an additional 152 shares during the period. Maia Wealth LLC grew its stake in CarMax by 0.6% during the 1st quarter. Maia Wealth LLC now owns 26,099 shares of the company's stock valued at $2,034,000 after acquiring an additional 157 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in CarMax by 5.5% during 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 in the last quarter. Nicolet Advisory Services LLC lifted its holdings in shares of CarMax by 6.3% during the 1st quarter. Nicolet Advisory Services LLC now owns 3,576 shares of the company's stock valued at $279,000 after buying an additional 212 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of CarMax by 3.8% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,590 shares of the company's stock valued at $513,000 after buying an additional 243 shares during the last quarter.

Analyst Ratings Changes

Several research analysts have commented on KMX shares. Morgan Stanley began coverage on CarMax in a research report on Tuesday, July 1st. They issued an "overweight" rating and a $80.00 price target on the stock. Benchmark started coverage on CarMax in a report on Thursday, July 17th. They set a "buy" rating and a $75.00 price objective for the company. Wedbush restated an "outperform" rating and set a $84.00 price target on shares of CarMax in a research report on Tuesday. JPMorgan Chase & Co. upgraded shares of CarMax from an "underweight" rating to a "neutral" rating and lowered their price objective for the company from $65.00 to $58.00 in a research report on Wednesday, August 6th. Finally, Wall Street Zen upgraded CarMax from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $81.50.

Insider Activity at CarMax

In other news, EVP Jon G. Daniels sold 1,540 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $70.64, for a total transaction of $108,785.60. Following the sale, the executive vice president directly owned 2,779 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 1.70% of the company's stock.

CarMax Trading Up 3.7%

Shares of NYSE:KMX opened at $60.0160 on Friday. The company has a quick ratio of 0.80, a current ratio of 2.39 and a debt-to-equity ratio of 2.86. The business has a 50 day moving average of $62.43 and a 200-day moving average of $69.00. CarMax, Inc. has a 12-month low of $54.53 and a 12-month high of $91.25. The stock has a market cap of $9.01 billion, a PE ratio of 16.58, a P/E/G ratio of 0.94 and a beta of 1.36.

CarMax (NYSE:KMX - Get Free Report) last announced its earnings results on Friday, June 20th. The company reported $1.38 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 company had revenue of $7.55 billion for the quarter, compared to analysts' expectations of $7.58 billion. During the same period last year, the firm earned $0.97 earnings per share. The business's revenue for the quarter was up 6.1% on a year-over-year basis. As a group, equities research analysts forecast that CarMax, Inc. will post 3.23 earnings per share for the current year.

CarMax 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.

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