CarMax, Inc. $KMX Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd significantly cut its stake in CarMax, decreasing holdings by 77.9% to 3,905 shares, valued at approximately $262,000.
• Several other hedge funds adjusted their positions in CarMax, with Strengthening Families & Communities LLC increasing its holdings by 93.1% during the first quarter.
• CarMax's recent earnings report showed a 6.1% increase in quarterly revenue year-over-year, with earnings per share of $1.38, surpassing analyst expectations.

Sumitomo Mitsui DS Asset Management Company Ltd decreased its holdings in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 77.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,905 shares of the company's stock after selling 13,787 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in CarMax were worth $262,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Zions Bancorporation National Association UT acquired a new stake in shares of CarMax during the first quarter worth $27,000. Accent Capital Management LLC acquired a new position in CarMax in the first quarter valued at $34,000. Strengthening Families & Communities LLC boosted its holdings in CarMax by 93.1% in the first quarter. Strengthening Families & Communities LLC now owns 531 shares of the company's stock valued at $39,000 after acquiring an additional 256 shares during the last quarter. Ameriflex Group Inc. acquired a new position in CarMax in the fourth quarter valued at $53,000. Finally, Quarry LP boosted its holdings in CarMax by 50.5% in the first quarter. Quarry LP now owns 694 shares of the company's stock valued at $54,000 after acquiring an additional 233 shares during the last quarter.

Insiders Place Their Bets

In other news, EVP Jon G. Daniels sold 1,540 shares of CarMax 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 of the company's stock, valued at approximately $196,308.56. The trade was a 35.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

KMX has been the topic of a number of research analyst reports. Benchmark initiated coverage on CarMax in a report on Thursday, July 17th. They issued a "buy" rating and a $75.00 target price on the stock. Truist Financial lifted their target price on CarMax from $72.00 to $74.00 and gave the company a "hold" rating in a report on Monday, June 23rd. Stephens reduced their target price on CarMax from $81.00 to $74.00 and set an "overweight" rating on the stock in a report on Monday, September 15th. JPMorgan Chase & Co. lifted their target price on CarMax from $58.00 to $65.00 and gave the company a "neutral" rating in a report on Thursday, September 18th. Finally, Evercore ISI reduced their target price on CarMax from $82.00 to $80.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $81.50.

CarMax Stock Down 0.4%

NYSE KMX opened at $58.20 on Tuesday. The stock has a market cap of $8.73 billion, a PE ratio of 16.08, a P/E/G ratio of 0.95 and a beta of 1.35. CarMax, Inc. has a fifty-two week low of $54.53 and a fifty-two week high of $91.25. The business has a 50 day moving average price of $59.49 and a two-hundred day moving average price of $65.31. The company has a quick ratio of 0.80, a current ratio of 2.39 and a debt-to-equity ratio of 2.86.

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

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.

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