Clifford Swan Investment Counsel LLC Buys 23,486 Shares of CarMax, Inc. $KMX

Key Points

• Clifford Swan Investment Counsel LLC increased its CarMax stake by 7.8% in the first quarter, buying 23,486 shares and bringing its total holding to 324,084 shares worth about $13.5 million.
• Several CarMax insiders also bought shares, including Director Sona Chawla and CEO Keith Barr, with insiders purchasing 13,900 shares total over the past 90 days.
• CarMax recently beat quarterly earnings expectations, reporting $1.31 EPS versus $0.96 expected and revenue of $8.01 billion, while analysts currently maintain a cautious outlook with an average rating of “Reduce.”

Clifford Swan Investment Counsel LLC lifted its stake in CarMax, Inc. (NYSE:KMX - Free Report) by 7.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 324,084 shares of the company's stock after acquiring an additional 23,486 shares during the quarter. Clifford Swan Investment Counsel LLC owned approximately 0.23% of CarMax worth $13,475,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of CarMax by 0.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,389 shares of the company's stock worth $2,446,000 after purchasing an additional 173 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of CarMax by 3.1% in the 1st quarter. Jones Financial Companies Lllp now owns 5,372 shares of the company's stock valued at $419,000 after buying an additional 161 shares during the last quarter. Empowered Funds LLC grew its stake in shares of CarMax by 12.5% in the first quarter. Empowered Funds LLC now owns 5,273 shares of the company's stock valued at $411,000 after buying an additional 585 shares in the last quarter. Intech Investment Management LLC increased its holdings in CarMax by 61.7% during the first quarter. Intech Investment Management LLC now owns 19,143 shares of the company's stock worth $1,492,000 after buying an additional 7,307 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in CarMax during the first quarter worth $727,000.

Insider Transactions at CarMax

In other news, Director Sona Chawla bought 2,000 shares of the company's stock in a transaction dated Thursday, June 25th. The stock was bought at an average price of $53.39 per share, with a total value of $106,780.00. Following the completion of the acquisition, the director owned 21,702 shares of the company's stock, valued at $1,158,669.78. This represents a 10.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Keith Barr bought 9,400 shares of CarMax stock in a transaction dated Monday, June 22nd. The stock was acquired at an average cost of $53.01 per share, with a total value of $498,294.00. Following the transaction, the chief executive officer owned 33,375 shares of the company's stock, valued at $1,769,208.75. This trade represents a 39.21% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 13,900 shares of company stock valued at $735,574. 1.01% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on KMX. Barclays lifted their price objective on shares of CarMax from $31.00 to $37.00 and gave the company an "underweight" rating in a research report on Thursday, June 18th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of CarMax in a report on Monday, July 6th. Mizuho raised their target price on shares of CarMax from $38.00 to $43.00 and gave the company a "neutral" rating in a research note on Thursday, June 18th. Benchmark reiterated a "hold" rating on shares of CarMax in a report on Thursday, June 18th. Finally, Argus raised CarMax to a "hold" rating in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $47.73.

CarMax Price Performance

Shares of NYSE KMX opened at $57.37 on Friday. The firm has a market cap of $8.14 billion, a P/E ratio of 37.50, a price-to-earnings-growth ratio of 1.89 and a beta of 1.17. The company has a current ratio of 2.70, a quick ratio of 0.82 and a debt-to-equity ratio of 2.87. CarMax, Inc. has a 1-year low of $30.26 and a 1-year high of $63.74. The business's 50 day moving average is $47.73 and its 200-day moving average is $44.53.

CarMax (NYSE:KMX - Get Free Report) last released its quarterly earnings results on Wednesday, June 17th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.35. CarMax had a return on equity of 6.64% and a net margin of 0.84%.The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.42 billion. During the same period in the previous year, the company posted $1.38 EPS. The firm's quarterly revenue was up 6.2% on a year-over-year basis. Equities research analysts predict that CarMax, Inc. will post 2.7 earnings per share 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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