Vulcan Value Partners LLC Trims Stock Holdings in CarMax, Inc. $KMX

Vulcan Value Partners LLC lowered its position in shares of CarMax, Inc. (NYSE:KMX) by 58.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 912,638 shares of the company’s stock after selling 1,292,238 shares during the quarter. CarMax comprises approximately 1.5% of Vulcan Value Partners LLC’s portfolio, making the stock its 16th biggest position. Vulcan Value Partners LLC’s holdings in CarMax were worth $48,269,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System increased its stake in shares of CarMax by 4,934.8% during the second quarter. California State Teachers Retirement System now owns 8,253,061 shares of the company’s stock valued at $436,504,000 after purchasing an additional 8,089,141 shares in the last quarter. SRS Investment Management LLC grew its stake in shares of CarMax by 1,717.5% in the 4th quarter. SRS Investment Management LLC now owns 5,637,803 shares of the company’s stock worth $217,845,000 after buying an additional 5,327,603 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of CarMax by 151.8% in the 4th quarter. AQR Capital Management LLC now owns 7,930,345 shares of the company’s stock worth $306,429,000 after buying an additional 4,780,903 shares during the last quarter. Jupiter Topco LLC bought a new position in CarMax during the 2nd quarter valued at approximately $245,676,000. Finally, Primecap Management Co. CA bought a new position in CarMax during the 2nd quarter valued at approximately $230,548,000.

CarMax Stock Performance

KMX traded down $2.71 during midday trading on Tuesday, hitting $60.58. 1,976,197 shares of the company traded hands, compared to its average volume of 3,144,565. The company’s 50-day moving average is $57.98 and its 200 day moving average is $48.40. 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 firm has a market capitalization of $8.60 billion, a PE ratio of 39.59, a price-to-earnings-growth ratio of 2.90 and a beta of 1.17. CarMax, Inc. has a 52 week low of $30.26 and a 52 week high of $65.28.

CarMax (NYSE:KMX) last announced 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. CarMax had a net margin of 0.84% and a return on equity of 6.64%. The firm had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.42 billion. During the same period in the previous year, the business posted $1.38 earnings per share. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, research analysts expect that CarMax, Inc. will post 2.73 EPS for the current year.

Analyst Upgrades and Downgrades

KMX has been the topic of several analyst reports. Wall Street Zen raised CarMax from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. JPMorgan Chase & Co. raised CarMax from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $38.00 to $60.00 in a research report on Wednesday, July 29th. Mizuho upped their price target on shares of CarMax from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. Weiss Ratings raised shares of CarMax from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday, July 20th. Finally, Royal Bank Of Canada raised their price objective on shares of CarMax from $41.00 to $45.00 and gave the company a “sector perform” rating in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $51.00.

Insiders Place Their Bets

In other news, Director Sona Chawla acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was bought at an average price of $53.39 per share, with a total value of $106,780.00. Following the completion of the acquisition, the director directly 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. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keith Barr acquired 9,400 shares of CarMax stock in a transaction that occurred on Monday, June 22nd. The shares were purchased at an average price of $53.01 per share, with a total value of $498,294.00. Following the transaction, 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 disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 13,900 shares of company stock valued at $735,574. Company insiders own 1.01% of the company’s stock.

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.