HITE Hedge Asset Management LLC Purchases New Holdings in CarMax, Inc. $KMX

HITE Hedge Asset Management LLC purchased a new stake in CarMax, Inc. (NYSE:KMX) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 37,436 shares of the company’s stock, valued at approximately $2,917,000.

Several other institutional investors have also made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. boosted its stake in shares of CarMax by 626.1% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 903,024 shares of the company’s stock valued at $70,364,000 after buying an additional 778,652 shares during the period. Quantbot Technologies LP acquired a new position in CarMax during the first quarter valued at approximately $3,817,000. Wellington Management Group LLP raised its position in CarMax by 34.2% during the first quarter. Wellington Management Group LLP now owns 815,461 shares of the company’s stock valued at $63,541,000 after purchasing an additional 207,665 shares in the last quarter. Korea Investment CORP raised its position in CarMax by 17.3% during the first quarter. Korea Investment CORP now owns 77,268 shares of the company’s stock valued at $6,021,000 after purchasing an additional 11,400 shares in the last quarter. Finally, Aviso Financial Inc. raised its position in CarMax by 6.6% during the first quarter. Aviso Financial Inc. now owns 4,956 shares of the company’s stock valued at $386,000 after purchasing an additional 305 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have commented on KMX. Morgan Stanley began coverage on shares of CarMax in a research report on Tuesday, July 1st. They set an “overweight” rating and a $80.00 price objective for the company. Wall Street Zen upgraded shares of CarMax from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Needham & Company LLC restated a “buy” rating and set a $92.00 price objective on shares of CarMax in a research report on Monday, June 23rd. JPMorgan Chase & Co. upgraded shares of CarMax from an “underweight” rating to a “neutral” rating and lowered their price objective for the company from $65.00 to $58.00 in a research report on Wednesday, August 6th. Finally, Truist Financial boosted their price objective on shares of CarMax from $72.00 to $74.00 and gave the company a “hold” rating in a research report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.75.

Insiders Place Their Bets

In related news, EVP Jon G. Daniels sold 1,540 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $70.64, for a total value of $108,785.60. Following the completion of the sale, the executive vice president directly owned 2,779 shares in the company, valued at $196,308.56. This represents a 35.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is owned by insiders.

CarMax Stock Up 1.2%

Shares of NYSE:KMX opened at $58.44 on Tuesday. The company has a fifty day moving average of $63.08 and a 200-day moving average of $69.50. The company has a market capitalization of $8.77 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 0.94 and a beta of 1.36. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.80 and a current ratio of 2.39. CarMax, Inc. has a 52-week low of $54.53 and a 52-week high of $91.25.

CarMax (NYSE:KMX) last announced its quarterly earnings results on Friday, June 20th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.20. The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.58 billion. CarMax had a net margin of 2.09% and a return on equity of 9.11%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.97 earnings per share. On average, equities analysts predict that CarMax, Inc. will post 3.23 EPS for the current fiscal year.

CarMax Profile

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.