CarMax (NYSE:KMX) Price Target Raised to $47.00

CarMax (NYSE:KMX) had its price target raised by Morgan Stanley from $44.00 to $47.00 in a report issued on Wednesday, MarketBeat reports. The firm currently has an equal weight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Truist Financial boosted their price objective on CarMax from $47.00 to $50.00 and gave the company a “hold” rating in a report on Thursday, June 18th. Robert W. Baird increased their target price on CarMax from $48.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. JPMorgan Chase & Co. lifted their target price on CarMax from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, September 18th. Benchmark reissued a “hold” rating on shares of CarMax in a research note on Thursday, June 18th. Finally, UBS Group set a $60.00 price target on shares of CarMax in a report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, CarMax presently has an average rating of “Reduce” and an average target price of $53.15.

CarMax Stock Up 1.6%

Shares of NYSE:KMX opened at $57.24 on Wednesday. The firm has a market capitalization of $8.12 billion, a PE ratio of 37.41, a price-to-earnings-growth ratio of 2.58 and a beta of 1.17. The business has a 50 day simple moving average of $59.51 and a two-hundred day simple moving average of $49.92. CarMax has a 1 year low of $30.26 and a 1 year high of $65.28. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.70 and a quick ratio of 0.82.

Institutional Investors Weigh In On CarMax

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp raised its holdings in CarMax by 5.6% in the second quarter. State Street Corp now owns 5,156,276 shares of the company’s stock worth $272,715,000 after purchasing an additional 271,216 shares in the last quarter. Jupiter Topco LLC bought a new stake in shares of CarMax in the 2nd quarter valued at about $245,676,000. Janus Henderson Group PLC grew its position in shares of CarMax by 1.1% in the 1st quarter. Janus Henderson Group PLC now owns 4,580,807 shares of the company’s stock worth $190,471,000 after buying an additional 49,987 shares during the last quarter. Primecap Management Co. CA purchased a new position in shares of CarMax in the 2nd quarter worth approximately $230,548,000. Finally, Dimensional Fund Advisors LP grew its position in shares of CarMax by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,275,663 shares of the company’s stock worth $177,767,000 after buying an additional 289,768 shares during the last quarter.

About CarMax

CarMax, Inc is a specialty retailer of used vehicles and one of the largest automotive retailers in the United States. The company sells a broad selection of used cars, trucks and sport utility vehicles through its retail locations and online platform. CarMax also purchases vehicles from consumers and other sources, providing customers with a streamlined alternative to traditional private-party sales.

In addition to retail sales, CarMax operates wholesale vehicle auctions for vehicles that do not meet its retail standards or business requirements.