Needham Investment Management LLC Sells 5,000 Shares of CarMax, Inc. $KMX

Key Points

• Needham Investment Management LLC decreased its stake in CarMax, Inc. by 3.5%, selling 5,000 shares, and now owns 137,500 shares valued at approximately $10.71 million.
• CarMax's stock has seen a slight decline of 0.3%, currently trading around $60.75, while analysts have varying price targets, with a consensus target price of $81.50.
• Insider trading activity includes EVP Jon G. Daniels selling 1,540 shares at an average price of $70.64, representing a 35.66% decrease in his holdings.

Needham Investment Management LLC lessened its stake in CarMax, Inc. (NYSE:KMX - Free Report) by 3.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,500 shares of the company's stock after selling 5,000 shares during the period. Needham Investment Management LLC owned approximately 0.09% of CarMax worth $10,714,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. boosted its stake in CarMax by 626.1% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 903,024 shares of the company's stock worth $70,364,000 after buying an additional 778,652 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of CarMax by 8,675.6% in the 1st quarter. GAMMA Investing LLC now owns 515,830 shares of the company's stock valued at $40,193,000 after purchasing an additional 509,952 shares in the last quarter. ThornTree Capital Partners LP bought a new position in shares of CarMax during the 4th quarter valued at $35,612,000. Nuveen LLC purchased a new position in CarMax in the 1st quarter worth $33,872,000. Finally, Wellington Management Group LLP raised its position in CarMax by 34.2% in the 1st quarter. Wellington Management Group LLP now owns 815,461 shares of the company's stock worth $63,541,000 after purchasing an additional 207,665 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Royal Bank Of Canada upped their price target on shares of CarMax from $80.00 to $81.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Mizuho decreased 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. Evercore ISI dropped their price objective on CarMax from $82.00 to $80.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. Morgan Stanley assumed coverage on shares of CarMax in a research note on Tuesday, July 1st. They issued an "overweight" rating and a $80.00 target price on the stock. Finally, JPMorgan Chase & Co. raised shares of CarMax from an "underweight" rating to a "neutral" rating and dropped their price target for the company from $65.00 to $58.00 in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $81.50.

CarMax Trading Up 0.1%

CarMax stock traded up $0.04 during mid-day trading on Tuesday, reaching $61.42. 2,237,942 shares of the company traded hands, compared to its average volume of 2,476,621. The company has a debt-to-equity ratio of 2.86, a current ratio of 2.39 and a quick ratio of 0.80. The firm's 50 day moving average price is $61.18 and its 200 day moving average price is $66.78. The firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of 16.97, a P/E/G ratio of 1.00 and a beta of 1.35. CarMax, Inc. has a 52-week low of $54.53 and a 52-week high of $91.25.

CarMax (NYSE:KMX - Get Free Report) last posted its earnings results on Friday, June 20th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.18 by $0.20. The firm had revenue of $7.55 billion during the quarter, compared to analysts' expectations of $7.58 billion. CarMax had a net margin of 2.09% and a return on equity of 9.11%. The company's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the company posted $0.97 EPS. On average, analysts anticipate that CarMax, Inc. will post 3.23 earnings per share for the current fiscal year.

Insider Buying and Selling at CarMax

In other CarMax news, EVP Jon G. Daniels sold 1,540 shares of CarMax stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $70.64, for a total value 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. The trade was a 35.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.70% of the stock is owned by insiders.

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.