CarMax, Inc. $KMX Shares Sold by Corient Private Wealth LLC

Key Points

• Corient Private Wealth LLC cut its CarMax stake by 94.7% in the fourth quarter, selling 978,077 shares and leaving it with 55,162 shares worth about $2.13 million.
• CarMax reported better-than-expected quarterly results, posting EPS of $1.31 versus the $0.96 estimate and revenue of $8.01 billion versus $7.42 billion expected, with revenue up 6.2% year over year.
• Despite the earnings beat, Wall Street remains cautious: analysts have a consensus “Reduce” rating on KMX, even after several price targets were raised, while CEO Keith Barr and Director Sona Chawla recently bought shares.

Corient Private Wealth LLC lessened its stake in CarMax, Inc. (NYSE:KMX - Free Report) by 94.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 55,162 shares of the company's stock after selling 978,077 shares during the quarter. Corient Private Wealth LLC's holdings in CarMax were worth $2,131,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in KMX. CYBER HORNET ETFs LLC acquired a new stake in shares of CarMax in the second quarter valued at about $28,000. MUFG Securities EMEA plc acquired a new position in shares of CarMax during the 2nd quarter worth about $30,000. Huntington National Bank raised its position in shares of CarMax by 62.4% during the 4th quarter. Huntington National Bank now owns 690 shares of the company's stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Advisory Services Network LLC purchased a new position in CarMax in the 3rd quarter valued at about $32,000. Finally, Commonwealth Retirement Investments LLC purchased a new position in CarMax in the 4th quarter valued at about $33,000.

CarMax Stock Up 0.7%

Shares of NYSE KMX opened at $53.15 on Tuesday. The company has a market capitalization of $7.54 billion, a P/E ratio of 34.74, a P/E/G ratio of 1.77 and a beta of 1.21. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.70 and a quick ratio of 0.82. The company has a 50 day simple moving average of $43.74 and a 200-day simple moving average of $43.23. CarMax, Inc. has a 1 year low of $30.26 and a 1 year high of $71.99.

CarMax (NYSE:KMX - Get Free Report) last released its quarterly earnings data on Wednesday, June 17th. The company reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.35. The firm had revenue of $8.01 billion for the quarter, compared to analysts' expectations of $7.42 billion. CarMax had a return on equity of 6.64% and a net margin of 0.84%.The firm's quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.38 earnings per share. On average, equities research analysts predict that CarMax, Inc. will post 2.6 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on KMX shares. Barclays boosted their price objective on CarMax from $31.00 to $37.00 and gave the stock an "underweight" rating in a research note on Thursday, June 18th. Evercore set a $45.00 target price on CarMax in a research report on Friday, April 10th. UBS Group lifted their price target on CarMax from $42.00 to $57.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 23rd. Weiss Ratings reissued a "sell (d)" rating on shares of CarMax in a research note on Wednesday, April 8th. Finally, Royal Bank Of Canada raised their price objective on CarMax from $41.00 to $45.00 and gave the company a "sector perform" rating in a report on Thursday, June 18th. Two equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $47.73.

Insider Buying and Selling at CarMax

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

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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