The Manufacturers Life Insurance Company Invests $128 Million in CarMax, Inc. $KMX

The Manufacturers Life Insurance Company acquired a new position in shares of CarMax, Inc. (NYSE:KMX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,420,139 shares of the company's stock, valued at approximately $128,001,000. The Manufacturers Life Insurance Company owned 1.71% of CarMax at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bessemer Group Inc. increased its stake in shares of CarMax by 28.1% in the first quarter. Bessemer Group Inc. now owns 156,121 shares of the company's stock worth $6,491,000 after purchasing an additional 34,211 shares during the period. Bank of America Corp DE lifted its position in shares of CarMax by 61.7% during the 1st quarter. Bank of America Corp DE now owns 1,687,359 shares of the company's stock worth $70,160,000 after purchasing an additional 643,834 shares during the last quarter. Broad Run Investment Management LLC bought a new stake in CarMax during the 2nd quarter valued at approximately $14,980,000. Convergence Investment Partners LLC bought a new stake in CarMax during the 1st quarter valued at approximately $1,688,000. Finally, BML Capital Management LLC acquired a new stake in CarMax in the 4th quarter valued at approximately $5,989,000.

Wall Street Analyst Weigh In

Several research analysts have commented on KMX shares. Bank of America lifted their price target on CarMax from $40.00 to $45.00 and gave the stock an "underperform" rating in a research report on Wednesday, June 17th. Stephens upgraded shares of CarMax from an "equal weight" rating to an "overweight" rating and set a $66.00 price objective on the stock in a research note on Thursday, June 18th. Zacks Research raised shares of CarMax from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 11th. Barclays upgraded shares of CarMax from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $37.00 to $61.00 in a research note on Tuesday, July 21st. Finally, Weiss Ratings raised shares of CarMax from a "sell (d)" rating to a "sell (d+)" rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $51.00.

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 shares were purchased at an average price of $53.39 per share, with a total value of $106,780.00. Following the acquisition, the director directly owned 21,702 shares of the company's stock, valued at $1,158,669.78. This represents a 10.15% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Keith Barr acquired 9,400 shares of the company's stock in a transaction dated 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 purchase, the chief executive officer owned 33,375 shares in the company, valued at approximately $1,769,208.75. This represents a 39.21% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 13,900 shares of company stock valued at $735,574 over the last ninety days. 1.01% of the stock is owned by company insiders.

CarMax Trading Up 2.2%

CarMax stock opened at $64.17 on Wednesday. The business has a 50 day moving average price of $56.11 and a two-hundred day moving average price of $47.24. The company has a quick ratio of 0.82, a current ratio of 2.70 and a debt-to-equity ratio of 2.87. The stock has a market cap of $9.11 billion, a price-to-earnings ratio of 41.94, a price-to-earnings-growth ratio of 2.87 and a beta of 1.15. CarMax, Inc. has a 12 month low of $30.26 and a 12 month high of $64.59.

CarMax (NYSE:KMX - Get Free Report) last announced its quarterly earnings data on Wednesday, June 17th. The company reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.35. CarMax had a return on equity of 6.64% and a net margin of 0.84%.The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.42 billion. During the same quarter last year, the company earned $1.38 EPS. The company's quarterly revenue was up 6.2% on a year-over-year basis. As a group, equities analysts forecast that CarMax, Inc. will post 2.73 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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