Rafferty Asset Management LLC Trims Stock Position in CarMax, Inc. $KMX

Key Points

• Rafferty Asset Management LLC has reduced its stake in CarMax, Inc. by 30.4%, selling 6,719 shares and now holding 15,404 shares valued at approximately $1.2 million.
• Despite recent sales, several hedge funds increased their positions in CarMax during the first quarter, indicating a continued interest in the company among institutional investors.
• CarMax received mixed ratings from analysts, with a current consensus rating of "Moderate Buy" and a target price averaging $81.50, suggesting potential for future growth.

Rafferty Asset Management LLC trimmed its stake in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 30.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,404 shares of the company's stock after selling 6,719 shares during the quarter. Rafferty Asset Management LLC's holdings in CarMax were worth $1,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Janus Henderson Group PLC lifted its stake in shares of CarMax by 0.6% in the 4th quarter. Janus Henderson Group PLC now owns 4,671,950 shares of the company's stock valued at $381,978,000 after purchasing an additional 29,715 shares during the period. Baird Financial Group Inc. lifted its position in CarMax by 4.3% during the fourth quarter. Baird Financial Group Inc. now owns 2,887,526 shares of the company's stock valued at $236,084,000 after purchasing an additional 119,666 shares in the last quarter. Invesco Ltd. lifted its position in CarMax by 4.9% during the first quarter. Invesco Ltd. now owns 2,863,594 shares of the company's stock valued at $223,131,000 after purchasing an additional 133,629 shares in the last quarter. Turtle Creek Asset Management Inc. lifted its position in CarMax by 2.2% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 2,590,071 shares of the company's stock valued at $211,764,000 after purchasing an additional 56,906 shares in the last quarter. Finally, First Pacific Advisors LP lifted its position in CarMax by 0.8% during the first quarter. First Pacific Advisors LP now owns 2,415,974 shares of the company's stock valued at $188,253,000 after purchasing an additional 18,912 shares in the last quarter.

CarMax Stock Down 0.3%

CarMax stock traded down $0.20 during mid-day trading on Friday, reaching $60.75. 2,367,303 shares of the company were exchanged, compared to its average volume of 2,422,317. The business has a fifty day moving average of $61.30 and a 200 day moving average of $67.20. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.80 and a current ratio of 2.39. The firm has a market cap of $9.12 billion, a P/E ratio of 16.78, a PEG ratio of 0.99 and a beta of 1.35. CarMax, Inc. has a 12-month low of $54.53 and a 12-month high of $91.25.

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

Insider Activity

In related news, EVP Jon G. Daniels sold 1,540 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $70.64, for a total value of $108,785.60. Following the transaction, the executive vice president directly owned 2,779 shares of the company's stock, valued at $196,308.56. This represents a 35.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. upgraded CarMax from an "underweight" rating to a "neutral" rating and lowered their price objective for the company from $65.00 to $58.00 in a research report on Wednesday, August 6th. Wedbush reissued an "outperform" rating and set a $84.00 price objective on shares of CarMax in a research note on Tuesday, August 19th. Truist Financial boosted their price objective on CarMax from $72.00 to $74.00 and gave the stock a "hold" rating in a research note on Monday, June 23rd. Royal Bank Of Canada upped their target price on CarMax from $80.00 to $81.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Finally, Benchmark started coverage on CarMax in a research note on Thursday, July 17th. They set a "buy" rating and a $75.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $81.50.

About CarMax

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.