The Manufacturers Life Insurance Company Has $99.72 Million Position in CarMax, Inc. $KMX

Key Points

• Manulife reduced its CarMax stake by 1%, selling 23,840 shares and retaining 2.4 million shares worth approximately $99.72 million, or 1.69% of the company.
• Analyst sentiment remains cautious: CarMax has an average rating of “Reduce” and a consensus price target of $49.53, despite some analysts raising targets as high as $55.
• CarMax reported quarterly earnings of $1.31 per share versus the $0.96 consensus estimate, while revenue rose 6.2% year over year to $8.01 billion. Meanwhile, the CEO and a director bought shares, totaling 13,900 insider-purchased shares during the quarter.

The Manufacturers Life Insurance Company lessened its position in CarMax, Inc. (NYSE:KMX - Free Report) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,398,257 shares of the company's stock after selling 23,840 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.69% of CarMax worth $99,720,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. CYBER HORNET ETFs LLC acquired a new position in shares of CarMax in the 2nd quarter valued at $28,000. MUFG Securities EMEA plc bought a new stake in shares of CarMax in the 2nd quarter valued at $30,000. Huntington National Bank raised its stake in CarMax by 62.4% during the 4th quarter. Huntington National Bank now owns 690 shares of the company's stock worth $27,000 after buying an additional 265 shares during the period. Advisory Services Network LLC bought a new position in CarMax during the third quarter worth about $32,000. Finally, Commonwealth Retirement Investments LLC bought a new position in CarMax during the fourth quarter worth about $33,000.

Wall Street Analysts Forecast Growth

KMX has been the subject of a number of research analyst reports. Evercore set a $45.00 target price on CarMax in a research note on Friday, April 10th. Royal Bank Of Canada lifted their price objective on CarMax from $41.00 to $45.00 and gave the company a "sector perform" rating in a report on Thursday, June 18th. Truist Financial boosted their price objective on CarMax from $47.00 to $50.00 and gave the company a "hold" rating in a research report on Thursday, June 18th. Robert W. Baird increased their target price on CarMax from $48.00 to $55.00 and gave the stock an "outperform" rating in a research note on Thursday, June 18th. Finally, Argus upgraded shares of CarMax to a "hold" rating in a report on Thursday, April 16th. Two research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $49.53.

Insider Buying and Selling at CarMax

In other news, Director Peter J. Bensen bought 2,500 shares of the business's stock in a transaction on Monday, June 22nd. The shares were purchased at an average price of $52.20 per share, for a total transaction of $130,500.00. Following 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keith Barr purchased 9,400 shares of CarMax stock in a transaction on Monday, June 22nd. The shares were purchased at an average cost of $53.01 per share, with a total value of $498,294.00. Following the transaction, the chief executive officer owned 33,375 shares in the company, valued at approximately $1,769,208.75. The trade was a 39.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 13,900 shares of company stock worth $735,574. Corporate insiders own 1.01% of the company's stock.

CarMax Stock Performance

KMX opened at $58.83 on Wednesday. The business's 50-day moving average price is $50.57 and its two-hundred day moving average price is $45.45. CarMax, Inc. has a 1 year low of $30.26 and a 1 year high of $62.56. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of 38.45, a P/E/G ratio of 2.71 and a beta of 1.17. 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 posted its quarterly earnings data on Wednesday, June 17th. The company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.35. The company had revenue of $8.01 billion during 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%.CarMax's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.38 earnings per share. Equities analysts expect that CarMax, Inc. will post 2.7 EPS 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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