CarMax (NYSE:KMX) Given New $56.00 Price Target at Morgan Stanley

CarMax (NYSE:KMX) had its target price decreased by Morgan Stanley from $80.00 to $56.00 in a research report released on Wednesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

KMX has been the subject of a number of other research reports. Seaport Res Ptn downgraded CarMax from a “strong-buy” rating to a “hold” rating in a research report on Sunday, September 28th. JPMorgan Chase & Co. lowered their price objective on CarMax from $65.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, September 26th. Stephens lowered their price objective on CarMax from $74.00 to $53.00 and set an “overweight” rating for the company in a research report on Friday, September 26th. Benchmark started coverage on CarMax in a report on Thursday, July 17th. They issued a “buy” rating and a $75.00 target price on the stock. Finally, Truist Financial lowered their price target on CarMax from $74.00 to $47.00 and set a “hold” rating for the company in a research report on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $56.58.

CarMax Stock Performance

CarMax stock opened at $46.42 on Wednesday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.06 and a current ratio of 2.46. The stock has a fifty day moving average of $56.99 and a two-hundred day moving average of $63.94. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 0.87 and a beta of 1.27. CarMax has a fifty-two week low of $42.75 and a fifty-two week high of $91.25.

CarMax (NYSE:KMX) last released its quarterly earnings results on Thursday, September 25th. The company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.39). The company had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $7.07 billion. CarMax had a return on equity of 8.51% and a net margin of 1.98%.The business’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.85 EPS. On average, analysts anticipate that CarMax will post 3.23 EPS for the current fiscal year.

Institutional Investors Weigh In On CarMax

Several institutional investors and hedge funds have recently modified their holdings of KMX. Avior Wealth Management LLC lifted its stake in shares of CarMax by 6,129.3% in the second quarter. Avior Wealth Management LLC now owns 9,344 shares of the company’s stock worth $628,000 after acquiring an additional 9,194 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of CarMax by 13.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,678 shares of the company’s stock worth $1,571,000 after acquiring an additional 2,375 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in shares of CarMax in the first quarter worth about $1,753,000. Sequoia Financial Advisors LLC lifted its stake in shares of CarMax by 5.5% in the first quarter. Sequoia Financial Advisors LLC now owns 3,367 shares of the company’s stock worth $262,000 after acquiring an additional 176 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its stake in shares of CarMax by 54.9% in the second quarter. Wedge Capital Management L L P NC now owns 102,632 shares of the company’s stock worth $6,898,000 after acquiring an additional 36,376 shares in the last quarter.

About CarMax

CarMax, Inc, through its subsidiaries, operates as a retailer of used vehicles and related products in the United States. It operates in two segments: CarMax Sales Operations and CarMax Auto Finance. The CarMax Sales Operations segment offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles, as well as hybrid and electric vehicles; used vehicle auctions; extended protection plans to customers at the time of sale; and reconditioning and vehicle repair services.