Neo Ivy Capital Management Buys 31,708 Shares of CarMax, Inc. $KMX

Key Points

• Neo Ivy Capital Management increased its stake in CarMax (KMX) by 143.1% in Q3, buying 31,708 additional shares to hold 53,868 shares worth about $2.42 million.
• Other institutions also raised or initiated positions (e.g., True North, Intech, Fox Run, Candriam), signaling renewed institutional interest in the name.
• Analysts are mixed: MarketBeat shows an average rating of "Reduce" with an average target of $39.21, even though CarMax beat quarterly EPS estimates ($0.43 vs. $0.31) while revenue fell 6.9% year-over-year and the stock trades near $42 with a ~$5.99 billion market cap.

Neo Ivy Capital Management grew its position in CarMax, Inc. (NYSE:KMX - Free Report) by 143.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,868 shares of the company's stock after purchasing an additional 31,708 shares during the period. Neo Ivy Capital Management's holdings in CarMax were worth $2,417,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Fox Run Management L.L.C. bought a new stake in CarMax during the second quarter worth about $1,887,000. True North Advisors LLC raised its stake in shares of CarMax by 66.6% in the third quarter. True North Advisors LLC now owns 123,742 shares of the company's stock valued at $5,552,000 after acquiring an additional 49,450 shares during the last quarter. AXQ Capital LP bought a new position in shares of CarMax in the second quarter valued at approximately $859,000. Intech Investment Management LLC boosted its holdings in shares of CarMax by 129.4% in the 3rd quarter. Intech Investment Management LLC now owns 86,444 shares of the company's stock worth $3,879,000 after acquiring an additional 48,757 shares in the last quarter. Finally, Candriam S.C.A. boosted its holdings in shares of CarMax by 172.5% in the 2nd quarter. Candriam S.C.A. now owns 24,506 shares of the company's stock worth $1,647,000 after acquiring an additional 15,513 shares in the last quarter.

Analyst Upgrades and Downgrades

KMX has been the topic of a number of research analyst reports. Morgan Stanley set a $35.00 price target on CarMax in a research report on Monday, December 8th. Evercore set a $42.00 price objective on CarMax in a research note on Tuesday, February 10th. Barclays increased their target price on CarMax from $24.00 to $28.00 and gave the stock an "underweight" rating in a report on Wednesday, January 21st. Wall Street Zen upgraded CarMax from a "sell" rating to a "hold" rating in a research note on Sunday, February 22nd. Finally, Truist Financial lifted their price target on CarMax from $35.00 to $37.00 and gave the company a "hold" rating in a report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, twelve have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $39.21.

CarMax Stock Performance

Shares of CarMax stock opened at $42.27 on Friday. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.99 and a quick ratio of 0.51. The firm has a 50 day simple moving average of $44.10 and a 200 day simple moving average of $45.29. CarMax, Inc. has a fifty-two week low of $30.26 and a fifty-two week high of $82.79. The firm has a market cap of $5.99 billion, a P/E ratio of 13.95, a P/E/G ratio of 0.99 and a beta of 1.35.

CarMax (NYSE:KMX - Get Free Report) last posted its quarterly earnings data on Thursday, December 18th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.12. The firm had revenue of $5.79 billion for the quarter, compared to the consensus estimate of $5.66 billion. CarMax had a return on equity of 7.72% and a net margin of 1.77%.The business's revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 EPS. Sell-side analysts predict that CarMax, Inc. will post 3.23 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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