Fifth Third Bancorp Raises Stock Position in CarMax, Inc. $KMX

Fifth Third Bancorp increased its position in CarMax, Inc. (NYSE:KMX) by 1,196.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,876 shares of the company’s stock after acquiring an additional 38,647 shares during the period. Fifth Third Bancorp’s holdings in CarMax were worth $1,741,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SRS Investment Management LLC increased its stake in shares of CarMax by 1,717.5% in the 4th quarter. SRS Investment Management LLC now owns 5,637,803 shares of the company’s stock worth $217,845,000 after purchasing an additional 5,327,603 shares in the last quarter. AQR Capital Management LLC increased its position in CarMax by 151.8% in the fourth quarter. AQR Capital Management LLC now owns 7,930,345 shares of the company’s stock worth $306,429,000 after buying an additional 4,780,903 shares in the last quarter. Norges Bank purchased a new position in CarMax during the fourth quarter valued at approximately $159,232,000. Arrowstreet Capital Limited Partnership increased its stake in shares of CarMax by 73.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,522,923 shares of the company’s stock worth $158,074,000 after purchasing an additional 1,494,205 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of CarMax by 1,467.5% during the 4th quarter. Renaissance Technologies LLC now owns 1,149,000 shares of the company’s stock valued at $44,397,000 after purchasing an additional 1,075,700 shares during the period.

CarMax Trading Down 0.2%

KMX stock opened at $57.47 on Thursday. The company has a quick ratio of 0.82, a current ratio of 2.70 and a debt-to-equity ratio of 2.87. CarMax, Inc. has a twelve month low of $30.26 and a twelve month high of $63.74. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 37.56, a price-to-earnings-growth ratio of 1.86 and a beta of 1.17. The firm’s fifty day simple moving average is $48.86 and its two-hundred day simple moving average is $44.95.

CarMax (NYSE:KMX) last announced its quarterly earnings data on Wednesday, June 17th. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.35. CarMax had a net margin of 0.84% and a return on equity of 6.64%. The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.42 billion. During the same quarter last year, the firm earned $1.38 earnings per share. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, analysts anticipate that CarMax, Inc. will post 2.7 earnings per share for the current year.

Insider Activity at CarMax

In other news, Director Peter J. Bensen purchased 2,500 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was purchased at an average price of $52.20 per share, for a total transaction of $130,500.00. Following the completion of the acquisition, the director owned 24,796 shares of the company’s stock, valued at approximately $1,294,351.20. This trade represents a 11.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Sona Chawla acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was purchased at an average cost of $53.39 per share, for a total transaction of $106,780.00. Following the purchase, the director owned 21,702 shares of the company’s stock, valued at $1,158,669.78. This represents a 10.15% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 13,900 shares of company stock worth $735,574 in the last 90 days. 1.01% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on KMX. Barclays upgraded CarMax from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $37.00 to $61.00 in a research report on Tuesday. Evercore set a $45.00 target price on shares of CarMax in a report on Friday, April 10th. Weiss Ratings upgraded shares of CarMax from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday. Truist Financial upped their price target 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. Finally, Royal Bank Of Canada increased their price objective on shares of CarMax from $41.00 to $45.00 and gave the company a “sector perform” rating in a research report on Thursday, June 18th. Two equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, 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.