CarMax, Inc. $KMX Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System cut its CarMax stake by 23.3% in the first quarter, selling 38,568 shares and leaving it with 126,675 shares valued at about $5.27 million.
• CarMax reported better-than-expected quarterly results, with EPS of $1.31 versus the $0.96 consensus and revenue of $8.01 billion, up 6.2% year over year.
• Analysts remain cautious overall: the stock’s average rating is “Reduce” with an average price target of $47.73, even as several firms recently raised their targets.

New York State Teachers Retirement System trimmed its stake in CarMax, Inc. (NYSE:KMX - Free Report) by 23.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 126,675 shares of the company's stock after selling 38,568 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of CarMax worth $5,267,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. CYBER HORNET ETFs LLC purchased a new position in CarMax in the 2nd quarter worth about $28,000. MUFG Securities EMEA plc acquired a new position in shares of CarMax in the second quarter worth about $30,000. Huntington National Bank increased its position in shares of CarMax by 62.4% in the fourth quarter. Huntington National Bank now owns 690 shares of the company's stock worth $27,000 after acquiring an additional 265 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of CarMax in the third quarter worth approximately $32,000. Finally, Commonwealth Retirement Investments LLC acquired a new stake in shares of CarMax during the fourth quarter valued at approximately $33,000.

CarMax Trading Up 1.7%

CarMax stock opened at $51.08 on Wednesday. CarMax, Inc. has a 12 month low of $30.26 and a 12 month high of $69.38. The company has a quick ratio of 0.82, a current ratio of 2.70 and a debt-to-equity ratio of 2.87. The stock has a market cap of $7.25 billion, a P/E ratio of 33.38, a P/E/G ratio of 1.63 and a beta of 1.17. The company's fifty day simple moving average is $45.16 and its 200-day simple moving average is $43.66.

CarMax (NYSE:KMX - Get Free Report) last released its quarterly earnings data on Wednesday, June 17th. The company reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.35. CarMax had a return on equity of 6.64% and a net margin of 0.84%.The firm had revenue of $8.01 billion during the quarter, compared to analysts' expectations of $7.42 billion. During the same quarter last year, the firm earned $1.38 earnings per share. The business's revenue for the quarter was up 6.2% on a year-over-year basis. As a group, sell-side analysts forecast that CarMax, Inc. will post 2.68 EPS for the current fiscal year.

Analysts Set New Price Targets

KMX has been the subject of a number of recent analyst reports. Royal Bank Of Canada raised their price objective on shares of CarMax from $41.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Thursday, June 18th. Morgan Stanley increased their target price on CarMax from $35.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, June 23rd. Argus raised CarMax to a "hold" rating in a research report on Thursday, April 16th. UBS Group lifted their price target on CarMax from $42.00 to $57.00 and gave the company a "neutral" rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen raised CarMax from a "sell" rating to a "hold" rating in a research report on Saturday, June 13th. Two research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, CarMax presently has an average rating of "Reduce" and an average price target of $47.73.

Insider Transactions at CarMax

In other news, Director Sona Chawla purchased 2,000 shares of CarMax stock in a transaction dated Thursday, June 25th. The stock was acquired at an average cost of $53.39 per share, for a total transaction of $106,780.00. Following the acquisition, the director directly owned 21,702 shares in the company, valued at $1,158,669.78. This represents a 10.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Peter J. Bensen bought 2,500 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was acquired at an average cost of $52.20 per share, with a total value of $130,500.00. Following the completion of the transaction, the director directly owned 24,796 shares of the company's stock, valued at approximately $1,294,351.20. This represents a 11.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 13,900 shares of company stock valued at $735,574 in the last three months. Corporate insiders own 1.01% of the company's stock.

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.

Want to see what other hedge funds are holding KMX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CarMax, Inc. (NYSE:KMX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.