True North Advisors LLC Takes $3.60 Million Position in CarMax, Inc. $KMX

Key Points

• True North Advisors LLC opened a new position in CarMax during the first quarter, buying 86,635 shares worth about $3.6 million.
• CarMax executives also showed confidence: CEO Keith Barr and Director Sona Chawla both bought shares in June, with insiders purchasing 13,900 shares worth roughly $735,574 over the last 90 days.
• CarMax recently beat Wall Street expectations, reporting $1.31 EPS on $8.01 billion in revenue, while analysts remain cautious overall with an average rating of "Reduce" and a target price of $47.73.

True North Advisors LLC purchased a new stake in shares of CarMax, Inc. (NYSE:KMX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 86,635 shares of the company's stock, valued at approximately $3,602,000. True North Advisors LLC owned 0.06% of CarMax at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CYBER HORNET ETFs LLC purchased a new stake in CarMax in the second quarter worth about $28,000. MUFG Securities EMEA plc purchased a new position in shares of CarMax during the 2nd quarter worth approximately $30,000. Huntington National Bank raised its position in shares of CarMax by 62.4% in the 4th quarter. Huntington National Bank now owns 690 shares of the company's stock worth $27,000 after acquiring an additional 265 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of CarMax in the 3rd quarter worth approximately $32,000. Finally, Commonwealth Retirement Investments LLC bought a new position in shares of CarMax in the 4th quarter worth approximately $33,000.

Insider Buying and Selling at CarMax

In related news, CEO Keith Barr bought 9,400 shares of the company's stock in a transaction on Monday, June 22nd. The shares were acquired at an average cost of $53.01 per share, with a total value of $498,294.00. Following the completion of the acquisition, the chief executive officer owned 33,375 shares of the company's stock, valued at $1,769,208.75. The trade was a 39.21% 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, Director Sona Chawla bought 2,000 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was bought at an average cost of $53.39 per share, for a total transaction of $106,780.00. Following the completion of the purchase, the director owned 21,702 shares of the company's stock, valued at approximately $1,158,669.78. The trade was a 10.15% increase in their position. 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. 1.01% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on KMX. Benchmark restated a "hold" rating on shares of CarMax in a research report on Thursday, June 18th. Royal Bank Of Canada increased their price objective on CarMax from $41.00 to $45.00 and gave the stock a "sector perform" rating in a report on Thursday, June 18th. Bank of America raised their price objective on CarMax from $40.00 to $45.00 and gave the company an "underperform" rating in a research report on Wednesday, June 17th. Truist Financial raised 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. Finally, Mizuho boosted their target price on shares of CarMax from $38.00 to $43.00 and gave the company a "neutral" rating in a report on Thursday, June 18th. Two research 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 MarketBeat, the stock has an average rating of "Reduce" and an average target price of $47.73.

CarMax Price Performance

Shares of NYSE KMX opened at $57.37 on Friday. CarMax, Inc. has a fifty-two week low of $30.26 and a fifty-two week high of $63.74. The company has a 50 day simple moving average of $47.73 and a two-hundred day simple moving average of $44.53. The company has a market capitalization of $8.14 billion, a price-to-earnings ratio of 37.50, a P/E/G ratio of 1.85 and a beta of 1.17. 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 (NYSE:KMX - Get Free Report) last issued its quarterly 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 firm 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 firm posted $1.38 EPS. Analysts expect that CarMax, Inc. will post 2.7 EPS for the current fiscal 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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