Royal Bank of Canada Acquires 69,198 Shares of CarMax, Inc. $KMX

Royal Bank of Canada lifted its holdings in shares of CarMax, Inc. (NYSE:KMX) by 31.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 291,671 shares of the company’s stock after purchasing an additional 69,198 shares during the quarter. Royal Bank of Canada’s holdings in CarMax were worth $12,128,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in CarMax by 0.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,389 shares of the company’s stock worth $2,446,000 after buying an additional 173 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of CarMax by 3.1% in the first quarter. Jones Financial Companies Lllp now owns 5,372 shares of the company’s stock valued at $419,000 after buying an additional 161 shares during the period. Empowered Funds LLC increased its position in shares of CarMax by 12.5% during the first quarter. Empowered Funds LLC now owns 5,273 shares of the company’s stock worth $411,000 after acquiring an additional 585 shares in the last quarter. Intech Investment Management LLC increased its position in shares of CarMax by 61.7% during the first quarter. Intech Investment Management LLC now owns 19,143 shares of the company’s stock worth $1,492,000 after acquiring an additional 7,307 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of CarMax during the first quarter worth $727,000.

Analyst Upgrades and Downgrades

Several research firms recently commented on KMX. Robert W. Baird boosted their price objective on shares of CarMax from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. Royal Bank Of Canada increased their target price on CarMax from $41.00 to $45.00 and gave the stock a “sector perform” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. raised CarMax from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $38.00 to $60.00 in a research note on Wednesday, July 29th. Bank of America boosted their price target on CarMax from $40.00 to $45.00 and gave the company an “underperform” rating in a report on Wednesday, June 17th. Finally, Truist Financial upped their price objective on CarMax from $47.00 to $50.00 and gave the stock a “hold” rating in a research report on Thursday, June 18th. Two investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $51.00.

CarMax Stock Performance

Shares of KMX stock opened at $58.15 on Friday. CarMax, Inc. has a 12 month low of $30.26 and a 12 month high of $62.56. The company’s fifty day simple moving average is $53.29 and its 200-day simple moving average is $46.10. The firm has a market cap of $8.25 billion, a PE ratio of 38.01, a P/E/G ratio of 2.66 and a beta of 1.15. The company has a quick ratio of 0.82, a current ratio of 2.70 and a debt-to-equity ratio of 2.87.

CarMax (NYSE:KMX) last issued its quarterly earnings results on Wednesday, June 17th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $7.42 billion. During the same period in the previous year, the business earned $1.38 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. Equities research analysts expect that CarMax, Inc. will post 2.73 EPS for the current fiscal year.

Insider Activity

In related news, Director Sona Chawla bought 2,000 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were acquired at an average price of $53.39 per share, with a total value of $106,780.00. Following the completion of the transaction, the director owned 21,702 shares in the company, valued at $1,158,669.78. The trade was a 10.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Peter J. Bensen bought 2,500 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average price of $52.20 per share, for a total transaction of $130,500.00. Following the acquisition, the director directly owned 24,796 shares of the company’s stock, valued at $1,294,351.20. This represents a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 13,900 shares of company stock worth $735,574 in the last quarter. Corporate insiders own 1.01% of the company’s stock.

CarMax 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.