Wedbush Brokers Boost Earnings Estimates for CarMax Inc (KMX)
CarMax Inc (NYSE:KMX) – Equities researchers at Wedbush lifted their Q3 2018 EPS estimates for CarMax in a report released on Wednesday. Wedbush analyst S. Basham now anticipates that the company will post earnings of $0.83 per share for the quarter, up from their prior estimate of $0.78. Wedbush currently has a “Outperform” rating and a $77.00 target price on the stock. Wedbush also issued estimates for CarMax’s FY2018 earnings at $3.81 EPS, Q1 2019 earnings at $1.24 EPS, Q2 2019 earnings at $1.09 EPS, Q3 2019 earnings at $0.89 EPS, Q4 2019 earnings at $0.98 EPS, FY2019 earnings at $4.20 EPS and FY2020 earnings at $4.74 EPS.
Several other equities analysts have also weighed in on the company. Zacks Investment Research lowered CarMax from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. ValuEngine upgraded CarMax from a “hold” rating to a “buy” rating in a report on Friday, June 23rd. CIBC restated a “buy” rating on shares of CarMax in a report on Tuesday, July 4th. Royal Bank Of Canada restated a “market perform” rating and set a $63.00 target price (down from $71.00) on shares of CarMax in a report on Tuesday, July 4th. Finally, Deutsche Bank AG restated a “buy” rating and set a $73.00 target price (up from $71.00) on shares of CarMax in a report on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $70.82.
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CarMax (KMX) traded up 0.49% during midday trading on Thursday, hitting $69.43. The stock had a trading volume of 522,189 shares. CarMax has a 12-month low of $47.50 and a 12-month high of $69.77. The company’s 50-day moving average price is $65.79 and its 200 day moving average price is $62.57. The stock has a market cap of $12.72 billion, a P/E ratio of 19.94 and a beta of 1.32.
CarMax (NYSE:KMX) last posted its earnings results on Wednesday, June 21st. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.15. CarMax had a return on equity of 21.72% and a net margin of 4.07%. The business had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.46 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year.
In other CarMax news, SVP Mohammad Shamim sold 13,938 shares of CarMax stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $66.08, for a total transaction of $921,023.04. Following the sale, the senior vice president now directly owns 9,218 shares of the company’s stock, valued at $609,125.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas J. Folliard sold 50,000 shares of CarMax stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $61.41, for a total value of $3,070,500.00. Following the sale, the director now directly owns 509,166 shares in the company, valued at $31,267,884.06. The disclosure for this sale can be found here. Insiders have sold 188,515 shares of company stock worth $12,085,019 over the last ninety days. Company insiders own 1.70% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in KMX. Canada Pension Plan Investment Board boosted its holdings in shares of CarMax by 16,031.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 15,486 shares of the company’s stock worth $917,000 after acquiring an additional 15,390 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of CarMax by 39.5% in the 1st quarter. First Trust Advisors LP now owns 118,553 shares of the company’s stock worth $7,021,000 after acquiring an additional 33,588 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of CarMax by 120.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 13,675 shares of the company’s stock worth $845,000 after acquiring an additional 7,481 shares in the last quarter. Suntrust Banks Inc. boosted its holdings in shares of CarMax by 43.0% in the 1st quarter. Suntrust Banks Inc. now owns 16,200 shares of the company’s stock worth $958,000 after acquiring an additional 4,868 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its holdings in shares of CarMax by 6.6% in the 1st quarter. Pictet Asset Management Ltd. now owns 106,988 shares of the company’s stock worth $6,336,000 after acquiring an additional 6,600 shares in the last quarter.
CarMax Company Profile
CarMax, Inc (CarMax) is a holding company. The Company is a retailer of used vehicles. The Company operates through two segments: CarMax Sales Operations and CarMax Auto Finance (CAF). The Company’s CarMax Sales Operations segment consists of all aspects of its auto merchandising and service operations, excluding financing provided by CAF.
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