CarMax, Inc. $KMX Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its CarMax stake by 17.7% in the first quarter, acquiring 24,650 additional shares and bringing its holdings to 163,920 shares valued at approximately $6.8 million.
• Analyst sentiment remains cautious despite upgrades from Stephens and Barclays: 15 analysts rate CarMax a Hold, while the consensus rating is Reduce with a $51 price target.
• CarMax reported quarterly EPS of $1.31, beating estimates of $0.96, while revenue reached $8.01 billion and rose 6.2% year over year. Company insiders also purchased 13,900 shares worth about $735,574 over the past 90 days.

California State Teachers Retirement System grew its position in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 17.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 163,920 shares of the company's stock after buying an additional 24,650 shares during the quarter. California State Teachers Retirement System owned 0.12% of CarMax worth $6,816,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Huntington National Bank raised its holdings in CarMax by 62.4% during the fourth quarter. Huntington National Bank now owns 690 shares of the company's stock worth $27,000 after purchasing an additional 265 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new stake in CarMax in the 2nd quarter valued at approximately $28,000. MUFG Securities EMEA plc acquired a new position in CarMax during the 2nd quarter worth approximately $30,000. Advisory Services Network LLC acquired a new position in CarMax during the 3rd quarter worth approximately $32,000. Finally, Commonwealth Retirement Investments LLC purchased a new position in shares of CarMax during the 4th quarter worth approximately $33,000.

Analyst Ratings Changes

A number of research firms have commented on KMX. Stephens raised CarMax from an "equal weight" rating to an "overweight" rating and set a $66.00 target price for the company in a report on Thursday, June 18th. Barclays upgraded shares of CarMax from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $37.00 to $61.00 in a report on Tuesday, July 21st. Wall Street Zen upgraded shares of CarMax from a "sell" rating to a "hold" rating in a research note on Saturday, June 13th. Evercore set a $45.00 price objective on shares of CarMax in a report on Friday, April 10th. Finally, Truist Financial upped their target price on shares of CarMax from $47.00 to $50.00 and gave the stock a "hold" rating in a research report on Thursday, June 18th. Two analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $51.00.

Insider Buying and Selling

In other CarMax news, Director Sona Chawla purchased 2,000 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were purchased at an average cost of $53.39 per share, with a total value of $106,780.00. Following the purchase, the director owned 21,702 shares in the company, valued at approximately $1,158,669.78. This represents a 10.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Keith Barr acquired 9,400 shares of the company's stock in a transaction dated Monday, June 22nd. The shares were bought at an average cost of $53.01 per share, with a total value of $498,294.00. Following the purchase, the chief executive officer owned 33,375 shares in the company, valued at approximately $1,769,208.75. The trade was a 39.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have acquired 13,900 shares of company stock worth $735,574. 1.01% of the stock is owned by company insiders.

CarMax Stock Down 1.4%

KMX stock opened at $56.68 on Thursday. The company has a 50 day moving average price of $52.73 and a two-hundred day moving average price of $45.95. The company has a debt-to-equity ratio of 2.87, a quick ratio of 0.82 and a current ratio of 2.70. The stock has a market capitalization of $8.04 billion, a P/E ratio of 37.05, a PEG ratio of 2.63 and a beta of 1.15. CarMax, Inc. has a one year low of $30.26 and a one year high of $62.56.

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

CarMax 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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