Merit Financial Group LLC Acquires 5,796 Shares of CarMax, Inc. (NYSE:KMX)

Merit Financial Group LLC increased its position in CarMax, Inc. (NYSE:KMX - Free Report) by 79.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 13,129 shares of the company's stock after purchasing an additional 5,796 shares during the period. Merit Financial Group LLC's holdings in CarMax were worth $1,023,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its stake in shares of CarMax by 10.6% in the fourth quarter. Sequoia Financial Advisors LLC now owns 3,191 shares of the company's stock worth $261,000 after acquiring an additional 307 shares during the last quarter. Jones Financial Companies Lllp grew its stake in CarMax by 36.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,211 shares of the company's stock valued at $426,000 after purchasing an additional 1,396 shares in the last quarter. Principal Financial Group Inc. increased its position in CarMax by 3.4% in the 4th quarter. Principal Financial Group Inc. now owns 8,591,297 shares of the company's stock worth $702,425,000 after purchasing an additional 282,519 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of CarMax by 0.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 354,380 shares of the company's stock worth $28,974,000 after purchasing an additional 3,019 shares in the last quarter. Finally, Essex Financial Services Inc. purchased a new stake in shares of CarMax during the 4th quarter worth about $235,000.

Insiders Place Their Bets

In related news, Director Mitchell D. Steenrod bought 1,300 shares of CarMax stock in a transaction that occurred on Thursday, April 24th. The stock was acquired at an average price of $65.49 per share, for a total transaction of $85,137.00. Following the completion of the purchase, the director now owns 33,577 shares in the company, valued at approximately $2,198,957.73. This represents a 4.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on KMX. Royal Bank of Canada reissued an "underperform" rating on shares of CarMax in a research note on Monday, April 21st. Robert W. Baird decreased their target price on shares of CarMax from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Friday, April 11th. Wedbush restated an "outperform" rating and set a $90.00 price target on shares of CarMax in a research note on Monday, May 19th. Cfra Research raised shares of CarMax to a "strong-buy" rating in a research note on Thursday, April 10th. Finally, Evercore ISI decreased their price objective on shares of CarMax from $85.00 to $84.00 and set an "outperform" rating for the company in a report on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, CarMax has a consensus rating of "Hold" and an average target price of $85.82.

CarMax Stock Performance

Shares of NYSE:KMX traded up $0.28 during midday trading on Friday, hitting $65.68. The company's stock had a trading volume of 1,821,635 shares, compared to its average volume of 2,262,407. The company has a debt-to-equity ratio of 2.92, a quick ratio of 0.55 and a current ratio of 2.30. The stock's 50 day simple moving average is $67.36 and its 200 day simple moving average is $76.63. The stock has a market capitalization of $10.03 billion, a price-to-earnings ratio of 22.26, a PEG ratio of 1.67 and a beta of 1.38. CarMax, Inc. has a fifty-two week low of $61.34 and a fifty-two week high of $91.25.

CarMax 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.