Weitz Investment Management Inc. Cuts Stock Position in CarMax, Inc. (NYSE:KMX)

Weitz Investment Management Inc. decreased its position in shares of CarMax, Inc. (NYSE:KMX) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 554,700 shares of the company’s stock after selling 15,000 shares during the period. CarMax makes up approximately 3.0% of Weitz Investment Management Inc.’s investment portfolio, making the stock its 13th biggest position. Weitz Investment Management Inc. owned 0.34% of CarMax worth $71,640,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. raised its stake in CarMax by 116.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 39,269 shares of the company’s stock worth $5,072,000 after buying an additional 21,156 shares in the last quarter. Toronto Dominion Bank grew its holdings in CarMax by 3.4% in the second quarter. Toronto Dominion Bank now owns 94,499 shares of the company’s stock worth $12,205,000 after purchasing an additional 3,113 shares during the last quarter. XML Financial LLC grew its holdings in CarMax by 2.7% in the second quarter. XML Financial LLC now owns 4,158 shares of the company’s stock worth $537,000 after purchasing an additional 110 shares during the last quarter. Tower Bridge Advisors grew its holdings in CarMax by 138.2% in the second quarter. Tower Bridge Advisors now owns 27,810 shares of the company’s stock worth $3,592,000 after purchasing an additional 16,137 shares during the last quarter. Finally, Empirical Finance LLC purchased a new stake in shares of CarMax during the second quarter valued at $255,000. Institutional investors own 95.40% of the company’s stock.

Shares of NYSE KMX traded down $1.49 during mid-day trading on Wednesday, reaching $133.51. The company had a trading volume of 5,132 shares, compared to its average volume of 1,136,328. The stock has a fifty day moving average of $131.31 and a two-hundred day moving average of $127.56. CarMax, Inc. has a 12-month low of $84.70 and a 12-month high of $139.95. The company has a market capitalization of $21.75 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 1.04 and a beta of 1.61. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.69 and a current ratio of 2.24.

CarMax (NYSE:KMX) last announced its quarterly earnings data on Thursday, June 24th. The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $1.00. The business had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $6.22 billion. CarMax had a net margin of 5.03% and a return on equity of 27.44%. CarMax’s quarterly revenue was up 138.4% on a year-over-year basis. During the same quarter last year, the company posted $0.03 earnings per share. Sell-side analysts forecast that CarMax, Inc. will post 7.49 earnings per share for the current fiscal year.

KMX has been the subject of a number of analyst reports. Bank of America upped their price objective on shares of CarMax from $150.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, July 16th. Zacks Investment Research raised shares of CarMax from a “hold” rating to a “strong-buy” rating and set a $150.00 price target for the company in a research note on Wednesday, June 30th. Royal Bank of Canada increased their target price on shares of CarMax from $148.00 to $160.00 and gave the stock an “outperform” rating in a report on Monday, June 28th. Stephens raised their price objective on shares of CarMax from $154.00 to $163.00 and gave the company an “overweight” rating in a report on Monday, June 28th. Finally, Robert W. Baird raised their price objective on shares of CarMax from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Monday, June 28th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, CarMax presently has an average rating of “Buy” and an average target price of $134.29.

In related news, COO Edwin J. Hill sold 6,508 shares of the business’s stock in a transaction that occurred on Friday, July 9th. The stock was sold at an average price of $134.69, for a total transaction of $876,562.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO James Lyski sold 63,129 shares of the company’s stock in a transaction on Tuesday, August 3rd. The shares were sold at an average price of $139.54, for a total value of $8,809,020.66. Following the completion of the transaction, the chief marketing officer now directly owns 79,084 shares in the company, valued at $11,035,381.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 323,968 shares of company stock valued at $43,163,413. Corporate insiders own 1.76% of the company’s stock.

CarMax Company Profile

CarMax, Inc is a holding company, which engages in the retail of used vehicles and wholesale of vehicle auction operator. It operates through the CarMax Sales Operations and CarMax Auto Finance (CAF) segments. The CarMax Sales Operations segment comprises of all aspects of its auto merchandising and service operations.

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Institutional Ownership by Quarter for CarMax (NYSE:KMX)

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