CarMax, Inc. $KMX Shares Bought by Comerica Bank

Key Points

• Comerica Bank increased its holdings in CarMax by 62.9% during the first quarter, owning 37,953 shares worth approximately $2.96 million as of the latest SEC filing.
• Various institutional investors have also adjusted their positions in CarMax, with notable increases from Janus Henderson Group and Baird Financial Group.
• CarMax recently reported earnings of $1.38 per share, exceeding analyst estimates, while its revenue for the quarter was $7.55 billion, slightly below expectations.

Comerica Bank boosted its stake in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 62.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,953 shares of the company's stock after acquiring an additional 14,659 shares during the quarter. Comerica Bank's holdings in CarMax were worth $2,957,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Janus Henderson Group PLC grew its holdings in CarMax by 0.6% in the fourth quarter. Janus Henderson Group PLC now owns 4,671,950 shares of the company's stock valued at $381,978,000 after purchasing an additional 29,715 shares during the period. Baird Financial Group Inc. grew its holdings in CarMax by 4.3% in the fourth quarter. Baird Financial Group Inc. now owns 2,887,526 shares of the company's stock valued at $236,084,000 after purchasing an additional 119,666 shares during the period. Invesco Ltd. grew its holdings in CarMax by 4.9% in the first quarter. Invesco Ltd. now owns 2,863,594 shares of the company's stock valued at $223,131,000 after purchasing an additional 133,629 shares during the period. Turtle Creek Asset Management Inc. grew its holdings in CarMax by 2.2% in the fourth quarter. Turtle Creek Asset Management Inc. now owns 2,590,071 shares of the company's stock valued at $211,764,000 after purchasing an additional 56,906 shares during the period. Finally, First Pacific Advisors LP grew its holdings in CarMax by 0.8% in the first quarter. First Pacific Advisors LP now owns 2,415,974 shares of the company's stock valued at $188,253,000 after purchasing an additional 18,912 shares during the period.

Wall Street Analysts Forecast Growth

Several analysts have commented on KMX shares. JPMorgan Chase & Co. raised CarMax from an "underweight" rating to a "neutral" rating and dropped their price objective for the company from $65.00 to $58.00 in a report on Wednesday, August 6th. Needham & Company LLC reissued a "buy" rating and issued a $92.00 price objective on shares of CarMax in a report on Monday, June 23rd. Royal Bank Of Canada lifted their price target on CarMax from $80.00 to $81.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Mizuho lowered their price target on CarMax from $80.00 to $78.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Finally, Evercore ISI lowered their price target on CarMax from $82.00 to $80.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $81.50.

CarMax Price Performance

Shares of NYSE:KMX traded up $0.01 during trading on Thursday, reaching $60.22. The stock had a trading volume of 1,357,601 shares, compared to its average volume of 2,918,699. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.80 and a current ratio of 2.39. The business has a fifty day moving average price of $61.53 and a 200-day moving average price of $67.59. The stock has a market cap of $9.04 billion, a PE ratio of 16.64, a PEG ratio of 1.00 and a beta of 1.35. CarMax, Inc. has a 1-year low of $54.53 and a 1-year high of $91.25.

CarMax (NYSE:KMX - Get Free Report) last released its quarterly earnings data 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 company had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.58 billion. CarMax had a return on equity of 9.11% and a net margin of 2.09%.The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 earnings per share. On average, equities analysts forecast that CarMax, Inc. will post 3.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CarMax news, EVP Jon G. Daniels sold 1,540 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $70.64, for a total transaction of $108,785.60. Following the transaction, the executive vice president 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.70% of the company's stock.

CarMax Company Profile

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.