SG Americas Securities LLC Sells 66,283 Shares of CarMax, Inc. $KMX

Key Points

• SG Americas Securities LLC cut its CarMax stake by 37.3% in the first quarter, selling 66,283 shares and leaving it with 111,471 shares worth about $4.6 million.
• CarMax insiders were buying shares: Director Sona Chawla and CEO Keith Barr both made recent purchases, and insiders have acquired 13,900 shares over the past 90 days.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $47.73, even after CarMax reported quarterly earnings and revenue above expectations.

SG Americas Securities LLC trimmed its position in shares of CarMax, Inc. (NYSE:KMX - Free Report) by 37.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 111,471 shares of the company's stock after selling 66,283 shares during the period. SG Americas Securities LLC owned about 0.08% of CarMax worth $4,635,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Evolve Private Wealth LLC boosted its stake in CarMax by 6.4% in the first quarter. Evolve Private Wealth LLC now owns 19,678 shares of the company's stock worth $818,000 after buying an additional 1,188 shares in the last quarter. World Investment Advisors grew its position in CarMax by 1.5% during the fourth quarter. World Investment Advisors now owns 111,013 shares of the company's stock valued at $4,290,000 after acquiring an additional 1,643 shares during the last quarter. Midway Capital Research & Management purchased a new position in shares of CarMax during the fourth quarter worth approximately $1,625,000. Framtiden Holdings Management Co LLC purchased a new position in shares of CarMax during the fourth quarter worth approximately $20,866,000. Finally, Van Diest Capital LLC bought a new stake in shares of CarMax in the 4th quarter worth approximately $226,000.

Insider Buying and Selling

In other CarMax news, Director Sona Chawla purchased 2,000 shares of the stock in a transaction on Thursday, June 25th. The stock was acquired at an average price of $53.39 per share, with a total value of $106,780.00. Following the transaction, the director directly owned 21,702 shares of the company's stock, valued at approximately $1,158,669.78. This trade represents a 10.15% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Keith Barr acquired 9,400 shares of the company's stock in a transaction on Monday, June 22nd. The stock was acquired at an average price of $53.01 per share, with a total value of $498,294.00. Following the acquisition, the chief executive officer owned 33,375 shares in the company, valued at approximately $1,769,208.75. This trade represents a 39.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 13,900 shares of company stock valued at $735,574 over the last ninety days. 1.01% of the stock is owned by insiders.

Analysts Set New Price Targets

KMX has been the subject of a number of research reports. Stephens raised shares of CarMax from an "equal weight" rating to an "overweight" rating and set a $66.00 price objective for the company in a research note on Thursday, June 18th. Bank of America lifted their target price on shares of CarMax from $40.00 to $45.00 and gave the stock an "underperform" rating in a research report on Wednesday, June 17th. Benchmark reissued a "hold" rating on shares of CarMax in a research note on Thursday, June 18th. Argus upgraded shares of CarMax to a "hold" rating in a research report on Thursday, April 16th. Finally, Evercore set a $45.00 price objective on CarMax in a research note on Friday, April 10th. Two investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, CarMax presently has a consensus rating of "Reduce" and an average target price of $47.73.

CarMax Stock Up 0.7%

Shares of CarMax stock opened at $53.15 on Tuesday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 0.82 and a current ratio of 2.70. CarMax, Inc. has a 52-week low of $30.26 and a 52-week high of $71.99. The company's 50 day moving average price is $43.74 and its 200-day moving average price is $43.23. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of 34.74, a P/E/G ratio of 1.77 and a beta of 1.21.

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

CarMax Company 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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