Louisiana State Employees Retirement System Acquires New Position in CarMax, Inc. $KMX

Key Points

• Louisiana State Employees Retirement System opened a new position in CarMax during the first quarter, buying 62,900 shares valued at about $2.615 million.
• CarMax saw notable insider buying, with CEO Keith Barr and Director Peter J. Bensen purchasing shares in June, boosting their ownership stakes by 39.21% and 11.21%, respectively.
• The company recently reported better-than-expected quarterly earnings, posting $1.31 EPS on $8.01 billion in revenue, while analysts currently rate the stock around “Reduce” with an average price target of $47.73.

Louisiana State Employees Retirement System acquired a new stake in CarMax, Inc. (NYSE:KMX - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 62,900 shares of the company's stock, valued at approximately $2,615,000.

A number of other institutional investors also recently modified their holdings of the stock. SRS Investment Management LLC grew its stake in CarMax by 1,717.5% in the fourth quarter. SRS Investment Management LLC now owns 5,637,803 shares of the company's stock valued at $217,845,000 after purchasing an additional 5,327,603 shares in the last quarter. AQR Capital Management LLC boosted its holdings in CarMax by 151.8% in the fourth quarter. AQR Capital Management LLC now owns 7,930,345 shares of the company's stock worth $306,429,000 after purchasing an additional 4,780,903 shares in the last quarter. Norges Bank acquired a new position in CarMax during the fourth quarter worth $159,232,000. Arrowstreet Capital Limited Partnership raised its stake in shares of CarMax by 73.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,522,923 shares of the company's stock valued at $158,074,000 after acquiring an additional 1,494,205 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of CarMax by 1,467.5% in the fourth quarter. Renaissance Technologies LLC now owns 1,149,000 shares of the company's stock valued at $44,397,000 after purchasing an additional 1,075,700 shares during the period.

Insider Buying and Selling

In other CarMax news, CEO Keith Barr bought 9,400 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average price of $53.01 per share, with a total value of $498,294.00. Following the completion of the transaction, the chief executive officer owned 33,375 shares in the company, valued at approximately $1,769,208.75. This trade represents a 39.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter J. Bensen purchased 2,500 shares of the stock in a transaction on Monday, June 22nd. The stock was acquired at an average price of $52.20 per share, for a total transaction of $130,500.00. Following the completion of the purchase, the director directly owned 24,796 shares in the company, valued at approximately $1,294,351.20. The trade was a 11.21% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 13,900 shares of company stock worth $735,574. 1.01% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Royal Bank Of Canada increased their target price on CarMax from $41.00 to $45.00 and gave the company a "sector perform" rating in a research note on Thursday, June 18th. JPMorgan Chase & Co. boosted their target price on shares of CarMax from $37.00 to $38.00 and gave the company an "underweight" rating in a research note on Thursday, June 18th. Stephens raised CarMax from an "equal weight" rating to an "overweight" rating and set a $66.00 price objective on the stock in a research note on Thursday, June 18th. Evercore set a $45.00 price objective on shares of CarMax in a research report on Friday, April 10th. Finally, Bank of America lifted their price target on shares of CarMax from $40.00 to $45.00 and gave the stock an "underperform" rating in a research report on Wednesday, June 17th. Two investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $47.73.

CarMax Trading Down 0.1%

NYSE:KMX opened at $52.72 on Monday. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.70 and a quick ratio of 0.82. The business's 50-day simple moving average is $43.49 and its 200-day simple moving average is $43.13. CarMax, Inc. has a fifty-two week low of $30.26 and a fifty-two week high of $71.99. The stock has a market capitalization of $7.48 billion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 1.77 and a beta of 1.21.

CarMax (NYSE:KMX - Get Free Report) last announced its earnings results on Wednesday, June 17th. The company reported $1.31 EPS for the quarter, topping the consensus estimate of $0.96 by $0.35. The firm had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.42 billion. CarMax had a net margin of 0.84% and a return on equity of 6.64%. The business's quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the company posted $1.38 EPS. Sell-side analysts expect that CarMax, Inc. will post 2.6 earnings per share for the current fiscal year.

About CarMax

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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