Corient Private Wealth LP Purchases Shares of 51,436 CarMax, Inc. $KMX

Key Points

• Corient Private Wealth acquired 51,436 CarMax shares during the second quarter, valued at approximately $2.72 million. Several other major investors also increased or initiated positions in the used-car retailer.
• CarMax reported quarterly EPS of $1.31, beating the $0.96 consensus estimate, while revenue rose 6.2% year over year to $8.01 billion. Analysts project full-year EPS of $2.73.
• CarMax shares opened at $61.03, above the analyst consensus price target of $51.00; despite some target-price increases, the stock carries an overall “Hold” rating. Insiders have also purchased 13,900 shares worth $735,574 over the past 90 days.

Corient Private Wealth LP acquired a new position in shares of CarMax, Inc. (NYSE:KMX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 51,436 shares of the company's stock, valued at approximately $2,720,000.

A number of other large investors have also made changes to their positions in the stock. AQR Capital Management LLC grew its position in CarMax by 151.8% during the fourth quarter. AQR Capital Management LLC now owns 7,930,345 shares of the company's stock worth $306,429,000 after buying an additional 4,780,903 shares in the last quarter. SRS Investment Management LLC raised its holdings in CarMax by 1,717.5% in the 4th quarter. SRS Investment Management LLC now owns 5,637,803 shares of the company's stock valued at $217,845,000 after acquiring an additional 5,327,603 shares in the last quarter. Jupiter Topco LLC bought a new stake in shares of CarMax in the 2nd quarter worth approximately $245,676,000. Janus Henderson Group PLC lifted its position in shares of CarMax by 1.1% in the 1st quarter. Janus Henderson Group PLC now owns 4,580,807 shares of the company's stock worth $190,471,000 after acquiring an additional 49,987 shares during the period. Finally, Primecap Management Co. CA acquired a new stake in shares of CarMax during the 2nd quarter worth approximately $230,548,000.

CarMax Stock Down 0.5%

NYSE KMX opened at $61.03 on Wednesday. The stock's 50 day simple moving average is $57.15 and its 200 day simple moving average is $47.81. CarMax, Inc. has a one year low of $30.26 and a one year high of $65.28. The firm has a market cap of $8.66 billion, a PE ratio of 39.89, a price-to-earnings-growth ratio of 2.81 and a beta of 1.17. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.70 and a quick ratio of 0.82.

CarMax (NYSE:KMX - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.42 billion. During the same quarter in the previous year, the company posted $1.38 EPS. The business's revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, sell-side analysts forecast that CarMax, Inc. will post 2.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Sona Chawla acquired 2,000 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were purchased at an average price of $53.39 per share, with a total value of $106,780.00. Following the acquisition, the director directly owned 21,702 shares in the company, valued at $1,158,669.78. The trade was a 10.15% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter J. Bensen acquired 2,500 shares of the stock in a transaction on Monday, June 22nd. The stock was bought at an average price of $52.20 per share, with a total value of $130,500.00. Following the transaction, the director directly owned 24,796 shares in the company, valued at approximately $1,294,351.20. This represents a 11.21% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 13,900 shares of company stock worth $735,574 in the last 90 days. Corporate insiders own 1.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on KMX. Robert W. Baird upped their target price on CarMax from $48.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, June 18th. Benchmark reissued a "hold" rating on shares of CarMax in a report on Thursday, June 18th. Morgan Stanley boosted their price target on shares of CarMax from $35.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, June 23rd. Weiss Ratings raised shares of CarMax from a "sell (d)" rating to a "sell (d+)" rating in a report on Monday, July 20th. Finally, Wall Street Zen raised shares of CarMax from a "sell" rating to a "hold" rating in a report on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $51.00.

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.

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