37,436 Shares in CarMax, Inc. $KMX Bought by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management LLC acquired a new stake in CarMax, purchasing 37,436 shares valued at approximately $2.9 million in the first quarter.
• Wall Street analysts have positive forecasts for CarMax, with a consensus rating of "Moderate Buy" and target prices ranging from $58.00 to $92.00.
• CarMax reported earnings of $1.38 per share for the last quarter, exceeding the consensus estimate by $0.20, with a year-over-year revenue increase of 6.1%.

HITE Hedge Asset Management LLC purchased a new position in shares of CarMax, Inc. (NYSE:KMX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 37,436 shares of the company's stock, valued at approximately $2,917,000.

Other hedge funds also recently made changes to their positions in the company. Zions Bancorporation National Association UT bought a new position in shares of CarMax during the 1st quarter worth approximately $27,000. Accent Capital Management LLC bought a new position in shares of CarMax during the 1st quarter worth approximately $34,000. Strengthening Families & Communities LLC boosted its holdings in shares of CarMax by 93.1% in the 1st quarter. Strengthening Families & Communities LLC now owns 531 shares of the company's stock valued at $39,000 after buying an additional 256 shares during the last quarter. Ameriflex Group Inc. bought a new position in shares of CarMax in the fourth quarter valued at $53,000. Finally, Colonial Trust Co SC grew its stake in shares of CarMax by 2,310.0% in the fourth quarter. Colonial Trust Co SC now owns 723 shares of the company's stock valued at $59,000 after buying an additional 693 shares in the last quarter.

CarMax Stock Performance

Shares of KMX traded up $2.1260 during midday trading on Friday, reaching $60.0160. 1,811,819 shares of the stock were exchanged, compared to its average volume of 2,933,518. CarMax, Inc. has a twelve month low of $54.53 and a twelve month high of $91.25. The company has a quick ratio of 0.80, a current ratio of 2.39 and a debt-to-equity ratio of 2.86. The company has a market cap of $9.01 billion, a P/E ratio of 16.58, a PEG ratio of 0.94 and a beta of 1.36. The stock's 50 day simple moving average is $62.53 and its 200 day simple moving average is $69.17.

CarMax (NYSE:KMX - Get Free Report) last posted its 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. CarMax had a return on equity of 9.11% and a net margin of 2.09%.The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.58 billion. During the same quarter last year, the firm earned $0.97 earnings per share. The company's revenue was up 6.1% on a year-over-year basis. On average, sell-side analysts expect that CarMax, Inc. will post 3.23 earnings per share for the current year.

Insider Buying and Selling at CarMax

In other news, EVP Jon G. Daniels sold 1,540 shares of CarMax 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 completion of the sale, the executive vice president owned 2,779 shares of the company's stock, valued at approximately $196,308.56. This trade represents a 35.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

KMX has been the subject of several analyst reports. Benchmark initiated coverage on shares of CarMax in a research note on Thursday, July 17th. They issued a "buy" rating and a $75.00 target price for the company. Stephens reissued an "overweight" rating and issued a $81.00 target price on shares of CarMax in a research note on Tuesday. Truist Financial raised their target price on shares of CarMax from $72.00 to $74.00 and gave the company a "hold" rating in a research note on Monday, June 23rd. Morgan Stanley initiated coverage on shares of CarMax in a research note on Tuesday, July 1st. They issued an "overweight" rating and a $80.00 target price for the company. Finally, Royal Bank Of Canada raised their target price on shares of CarMax from $80.00 to $81.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $81.50.

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.