Vancity Investment Management Ltd Makes New $10.58 Million Investment in CarMax, Inc. $KMX

Key Points

• Vancity Investment Management Ltd has made a new investment in CarMax, Inc., acquiring approximately $10.58 million in shares, which makes CarMax 1.5% of the fund's holdings.
• Multiple institutional investors, including Zions Bancorporation and Accent Capital Management, have recently modified their ownership of CarMax, indicating increased interest in the company.
• CarMax's stock has received mixed ratings from analysts, with target prices ranging from $58.00 to $92.00, reflecting a consensus rating of "Moderate Buy" and an average target of $81.50.

Vancity Investment Management Ltd purchased a new position in shares of CarMax, Inc. (NYSE:KMX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 135,756 shares of the company's stock, valued at approximately $10,578,000. CarMax accounts for approximately 1.5% of Vancity Investment Management Ltd's holdings, making the stock its 24th largest holding. Vancity Investment Management Ltd owned 0.09% of CarMax as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation National Association UT purchased a new position in shares of CarMax in the 1st quarter valued at approximately $27,000. Accent Capital Management LLC purchased a new stake in shares of CarMax in the first quarter valued at approximately $34,000. Strengthening Families & Communities LLC boosted its stake in shares of CarMax by 93.1% in the first quarter. Strengthening Families & Communities LLC now owns 531 shares of the company's stock valued at $39,000 after buying an additional 256 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in shares of CarMax in the fourth quarter valued at approximately $53,000. Finally, Quarry LP boosted its stake in shares of CarMax by 50.5% in the first quarter. Quarry LP now owns 694 shares of the company's stock valued at $54,000 after buying an additional 233 shares in the last quarter.

Analyst Ratings Changes

A number of research firms recently weighed in on KMX. Truist Financial lifted their price target on CarMax from $72.00 to $74.00 and gave the company a "hold" rating in a research note on Monday, June 23rd. Needham & Company LLC reiterated a "buy" rating and set a $92.00 target price on shares of CarMax in a research report on Monday, June 23rd. JPMorgan Chase & Co. upgraded CarMax from an "underweight" rating to a "neutral" rating and dropped their price target for the company from $65.00 to $58.00 in a research report on Wednesday, August 6th. Evercore ISI lowered their price objective on shares of CarMax from $82.00 to $80.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 12th. Finally, Morgan Stanley began coverage on shares of CarMax in a report on Tuesday, July 1st. They issued an "overweight" rating and a $80.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, CarMax has a consensus rating of "Moderate Buy" and an average price target of $81.50.

Insider Activity

In other news, EVP Jon G. Daniels sold 1,540 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $70.64, for a total value of $108,785.60. Following the completion of the sale, the executive vice president owned 2,779 shares of the company's stock, valued at $196,308.56. This represents a 35.66% decrease in their ownership of the stock. 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 owned by insiders.

CarMax Stock Performance

Shares of KMX stock opened at $60.75 on Monday. CarMax, Inc. has a one year low of $54.53 and a one year high of $91.25. 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 company has a 50 day moving average price of $61.30 and a 200 day moving average price of $66.93. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 0.99 and a beta of 1.35.

CarMax (NYSE:KMX - Get Free Report) last issued its quarterly earnings results on Friday, June 20th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.18 by $0.20. CarMax had a net margin of 2.09% and a return on equity of 9.11%. 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 earnings per share. CarMax's revenue for the quarter was up 6.1% compared to the same quarter last year. Sell-side analysts anticipate that CarMax, Inc. will post 3.23 EPS for the current year.

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.

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