Tocqueville Asset Management L.P. Trims Holdings in CarMax, Inc (KMX)
Tocqueville Asset Management L.P. lessened its stake in shares of CarMax, Inc (NYSE:KMX) by 41.9% in the 2nd quarter, Holdings Channel reports. The firm owned 14,612 shares of the company’s stock after selling 10,550 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in CarMax were worth $1,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently added to or reduced their stakes in KMX. Epoch Investment Partners Inc. purchased a new stake in shares of CarMax during the first quarter worth approximately $36,954,000. Douglass Winthrop Advisors LLC purchased a new stake in shares of CarMax during the second quarter worth approximately $29,704,000. Principal Financial Group Inc. raised its stake in shares of CarMax by 4.3% during the first quarter. Principal Financial Group Inc. now owns 9,658,783 shares of the company’s stock worth $598,264,000 after purchasing an additional 402,543 shares during the last quarter. Chilton Investment Co. LLC raised its stake in shares of CarMax by 281.6% during the second quarter. Chilton Investment Co. LLC now owns 448,724 shares of the company’s stock worth $32,699,000 after purchasing an additional 331,148 shares during the last quarter. Finally, Royal Bank of Canada raised its stake in shares of CarMax by 625.4% during the first quarter. Royal Bank of Canada now owns 348,926 shares of the company’s stock worth $21,611,000 after purchasing an additional 300,823 shares during the last quarter.
Shares of KMX stock opened at $80.61 on Wednesday. CarMax, Inc has a 1-year low of $57.05 and a 1-year high of $81.67. The firm has a market cap of $13.92 billion, a P/E ratio of 21.79, a price-to-earnings-growth ratio of 1.16 and a beta of 1.57. The company has a current ratio of 2.30, a quick ratio of 0.54 and a debt-to-equity ratio of 3.80.
Several equities research analysts have recently commented on the company. Morgan Stanley upgraded CarMax from an “underweight” rating to an “overweight” rating in a research note on Tuesday, July 10th. TheStreet upgraded CarMax from a “c+” rating to a “b” rating in a research note on Friday, June 1st. Robert W. Baird upped their price target on CarMax from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, June 25th. Buckingham Research cut CarMax from a “buy” rating to a “neutral” rating and upped their price target for the stock from $75.00 to $84.00 in a research note on Monday, June 25th. They noted that the move was a valuation call. Finally, ValuEngine cut CarMax from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. CarMax has a consensus rating of “Buy” and a consensus price target of $83.53.
In related news, SVP Mohammad Shamim sold 8,556 shares of the company’s stock in a transaction on Wednesday, June 27th. The stock was sold at an average price of $75.44, for a total transaction of $645,464.64. Following the transaction, the senior vice president now owns 7,155 shares of the company’s stock, valued at $539,773.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William D. Nash sold 74,130 shares of the company’s stock in a transaction on Monday, July 16th. The stock was sold at an average price of $77.25, for a total value of $5,726,542.50. Following the transaction, the chief executive officer now directly owns 150,631 shares in the company, valued at approximately $11,636,244.75. The disclosure for this sale can be found here. Insiders have sold 666,816 shares of company stock worth $50,495,526 in the last ninety days. 1.97% of the stock is currently owned by corporate insiders.
CarMax, Inc, through its subsidiaries, operates as a retailer of used vehicles in the United States. The company operates in two segments, CarMax Sales Operations and CarMax Auto Finance. It offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles; vehicles that do not meet its retail standards to licensed dealers through on-site wholesale auctions; and extended protection plans to customers at the time of sale.
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