Convergence Investment Partners LLC Buys Shares of 40,589 CarMax, Inc. $KMX

Convergence Investment Partners LLC bought a new position in CarMax, Inc. (NYSE:KMX) in the 1st quarter, Holdings Channel reports. The firm bought 40,589 shares of the company’s stock, valued at approximately $1,688,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in KMX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CarMax by 0.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,389 shares of the company’s stock worth $2,446,000 after acquiring an additional 173 shares during the period. Jones Financial Companies Lllp grew its holdings in CarMax by 3.1% during the 1st quarter. Jones Financial Companies Lllp now owns 5,372 shares of the company’s stock worth $419,000 after acquiring an additional 161 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of CarMax by 12.5% in the 1st quarter. Empowered Funds LLC now owns 5,273 shares of the company’s stock valued at $411,000 after purchasing an additional 585 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of CarMax by 61.7% in the 1st quarter. Intech Investment Management LLC now owns 19,143 shares of the company’s stock valued at $1,492,000 after purchasing an additional 7,307 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of CarMax in the 1st quarter worth approximately $727,000.

Insider Activity at CarMax

In other news, Director Sona Chawla bought 2,000 shares of the stock in a transaction on Thursday, June 25th. The stock was bought at an average cost of $53.39 per share, for a total transaction of $106,780.00. Following the completion of the purchase, the director directly owned 21,702 shares in the company, valued at approximately $1,158,669.78. The trade was a 10.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter J. Bensen bought 2,500 shares of the stock in a transaction on Monday, June 22nd. The stock was purchased at an average price of $52.20 per share, with a total value of $130,500.00. Following the completion of the purchase, the director owned 24,796 shares of the company’s stock, valued at $1,294,351.20. This represents a 11.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 13,900 shares of company stock valued at $735,574 over the last 90 days. Insiders own 1.01% of the company’s stock.

CarMax Stock Performance

KMX stock opened at $57.48 on Wednesday. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of 37.57, a PEG ratio of 1.80 and a beta of 1.17. The firm has a 50-day simple moving average of $48.45 and a two-hundred day simple moving average of $44.82. CarMax, Inc. has a one year low of $30.26 and a one year high of $63.74. The company has a debt-to-equity ratio of 2.87, a quick ratio of 0.82 and a current ratio of 2.70.

CarMax (NYSE:KMX) last issued its quarterly earnings data on Wednesday, June 17th. The company reported $1.31 earnings per share (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 for the quarter, compared to the consensus estimate of $7.42 billion. During the same quarter in the previous year, the firm earned $1.38 EPS. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, equities analysts forecast that CarMax, Inc. will post 2.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on KMX shares. Truist Financial increased their price objective on shares of CarMax from $47.00 to $50.00 and gave the company a “hold” rating in a research note on Thursday, June 18th. Benchmark reissued a “hold” rating on shares of CarMax in a research note on Thursday, June 18th. Bank of America upped their target price on CarMax from $40.00 to $45.00 and gave the stock an “underperform” rating in a report on Wednesday, June 17th. Stephens raised CarMax from an “equal weight” rating to an “overweight” rating and set a $66.00 target price on the stock in a research report on Thursday, June 18th. Finally, Barclays upgraded CarMax from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $37.00 to $61.00 in a report on Tuesday. Two research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $49.33.

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.