OLD National Bancorp IN Acquires 35,340 Shares of CarMax, Inc. $KMX

Key Points

• OLD National Bancorp IN increased its CarMax stake by 22.3% in the first quarter, buying 35,340 additional shares and bringing its total holdings to 193,940 shares worth about $8.06 million.
• Insider buying was also notable, with directors Sona Chawla and Peter J. Bensen purchasing shares in June; insiders bought 13,900 shares over the past 90 days, signaling confidence in the company.
• CarMax recently reported better-than-expected quarterly results, posting $1.31 EPS on $8.01 billion in revenue, both above analyst estimates, even as analysts maintain a cautious overall stance with an average rating of “Reduce.”

OLD National Bancorp IN raised its stake in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 22.3% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 193,940 shares of the company's stock after purchasing an additional 35,340 shares during the period. OLD National Bancorp IN owned approximately 0.14% of CarMax worth $8,064,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System bought a new position in shares of CarMax in the first quarter valued at approximately $2,615,000. Davis Investment Partners LLC grew its holdings in CarMax by 36.5% during the first quarter. Davis Investment Partners LLC now owns 12,328 shares of the company's stock worth $513,000 after buying an additional 3,299 shares in the last quarter. Krilogy Financial LLC grew its holdings in CarMax by 13.6% during the first quarter. Krilogy Financial LLC now owns 21,202 shares of the company's stock worth $858,000 after buying an additional 2,533 shares in the last quarter. Kirr Marbach & Co. LLC IN raised its position in CarMax by 12.4% in the 1st quarter. Kirr Marbach & Co. LLC IN now owns 125,479 shares of the company's stock valued at $5,217,000 after buying an additional 13,820 shares during the last quarter. Finally, Evolve Private Wealth LLC lifted its stake in CarMax by 6.4% during the 1st quarter. Evolve Private Wealth LLC now owns 19,678 shares of the company's stock valued at $818,000 after acquiring an additional 1,188 shares in the last quarter.

Insider Buying and Selling

In related news, Director Sona Chawla acquired 2,000 shares of the stock in a transaction on Thursday, June 25th. The shares were acquired at an average price of $53.39 per share, with a total value of $106,780.00. Following the completion of the transaction, the director owned 21,702 shares in the company, valued at approximately $1,158,669.78. The trade was a 10.15% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter J. Bensen bought 2,500 shares of the company's stock in a transaction on Monday, June 22nd. The stock was bought 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 owned 24,796 shares of the company's stock, valued at approximately $1,294,351.20. The trade was a 11.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders purchased 13,900 shares of company stock worth $735,574. Insiders own 1.01% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of CarMax from a "sell" rating to a "hold" rating in a report on Saturday, June 13th. Robert W. Baird raised their price target on shares of CarMax from $48.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, June 18th. Truist Financial boosted their price target on shares of CarMax from $47.00 to $50.00 and gave the stock a "hold" rating in a report on Thursday, June 18th. JPMorgan Chase & Co. upped their price objective on shares of CarMax from $37.00 to $38.00 and gave the stock an "underweight" rating in a research report on Thursday, June 18th. Finally, Argus upgraded shares of CarMax to a "hold" rating in a research note on Thursday, April 16th. Two analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $47.73.

CarMax Stock Down 0.3%

Shares of NYSE:KMX opened at $52.72 on Friday. CarMax, Inc. has a 1 year low of $30.26 and a 1 year high of $71.99. The company 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. The business has a fifty day moving average price of $43.49 and a two-hundred day moving average price of $43.10. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.70 and a quick ratio of 0.82.

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

CarMax Profile

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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