Ieq Capital LLC Reduces Stock Position in CarMax, Inc. $KMX

Key Points

• Ieq Capital LLC reduced its stake in CarMax, Inc. by 11.2% during the first quarter, now owning approximately $7.66 million worth of stock.
• Several institutional investors increased their stakes in CarMax, with Mirae Asset Global Investments raising its position by 13.0% during the same period.
• CarMax's latest earnings report indicated an EPS of $1.38, beating analysts' estimates, while revenues grew 6.1% compared to the previous year.

Ieq Capital LLC trimmed its position in CarMax, Inc. (NYSE:KMX - Free Report) by 11.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 98,264 shares of the company's stock after selling 12,427 shares during the period. Ieq Capital LLC owned about 0.06% of CarMax worth $7,657,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of KMX. First Trust Advisors LP boosted its position in CarMax by 5.9% in the fourth quarter. First Trust Advisors LP now owns 70,652 shares of the company's stock worth $5,777,000 after purchasing an additional 3,916 shares during the last quarter. Northern Trust Corp boosted its position in CarMax by 13.2% in the fourth quarter. Northern Trust Corp now owns 1,532,837 shares of the company's stock worth $125,325,000 after purchasing an additional 178,234 shares during the last quarter. Lido Advisors LLC purchased a new position in CarMax in the fourth quarter worth about $254,000. Schonfeld Strategic Advisors LLC boosted its position in CarMax by 109.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 9,597 shares of the company's stock worth $785,000 after purchasing an additional 5,007 shares during the last quarter. Finally, Voleon Capital Management LP bought a new position in shares of CarMax in the fourth quarter worth about $611,000.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on KMX shares. Mizuho decreased their price objective on CarMax from $80.00 to $78.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Stephens reaffirmed an "overweight" rating and issued a $81.00 price objective on shares of CarMax in a research note on Tuesday, August 19th. Morgan Stanley started coverage on CarMax in a research note on Tuesday, July 1st. They issued an "overweight" rating and a $80.00 price objective on the stock. JPMorgan Chase & Co. raised CarMax from an "underweight" rating to a "neutral" rating and decreased their price objective for the stock from $65.00 to $58.00 in a research note on Wednesday, August 6th. Finally, Truist Financial raised their price objective on CarMax from $72.00 to $74.00 and gave the stock a "hold" rating in a research note on Monday, June 23rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $81.50.

CarMax Price Performance

NYSE:KMX traded down $1.56 during trading hours on Tuesday, reaching $59.79. The stock had a trading volume of 1,175,023 shares, compared to its average volume of 2,905,827. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.80 and a current ratio of 2.39. CarMax, Inc. has a 52 week low of $54.53 and a 52 week high of $91.25. The company has a 50 day moving average price of $61.87 and a two-hundred day moving average price of $67.70. The stock has a market capitalization of $8.97 billion, a PE ratio of 16.50, a PEG ratio of 1.00 and a beta of 1.35.

CarMax (NYSE:KMX - Get Free Report) last released its quarterly earnings data on Friday, June 20th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.18 by $0.20. CarMax had a return on equity of 9.11% and a net margin of 2.09%.The business had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.58 billion. During the same quarter in the previous year, the company posted $0.97 EPS. The company's revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that CarMax, Inc. will post 3.23 earnings per share for the current fiscal year.

Insider Activity at CarMax

In other news, EVP Jon G. Daniels sold 1,540 shares of CarMax stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $70.64, for a total value of $108,785.60. Following the completion of the transaction, the executive vice president owned 2,779 shares in the company, valued at approximately $196,308.56. The trade was a 35.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.70% of the company's stock.

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.