Bank of New York Mellon Corp Reduces Stake in CarMax, Inc. $KMX

Bank of New York Mellon Corp cut its stake in CarMax, Inc. (NYSE:KMX) by 3.7% in the first quarter, Holdings Channel reports. The fund owned 817,830 shares of the company’s stock after selling 31,669 shares during the period. Bank of New York Mellon Corp’s holdings in CarMax were worth $34,005,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. CYBER HORNET ETFs LLC acquired a new position in shares of CarMax during the 2nd quarter valued at about $28,000. MUFG Securities EMEA plc acquired a new stake in CarMax during the second quarter worth about $30,000. Huntington National Bank increased its position in CarMax by 62.4% during the fourth quarter. Huntington National Bank now owns 690 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Advisory Services Network LLC acquired a new stake in CarMax during the third quarter worth about $32,000. Finally, Commonwealth Retirement Investments LLC purchased a new position in CarMax during the fourth quarter worth about $33,000.

Wall Street Analyst Weigh In

Several research firms have weighed in on KMX. JPMorgan Chase & Co. boosted their target price on shares of CarMax from $37.00 to $38.00 and gave the company an “underweight” rating in a report on Thursday, June 18th. Robert W. Baird raised their price target on shares of CarMax from $48.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Stephens raised shares of CarMax from an “equal weight” rating to an “overweight” rating and set a $66.00 target price for the company in a research note on Thursday, June 18th. Truist Financial lifted their price target on shares of CarMax from $47.00 to $50.00 and gave the company a “hold” rating in a research report on Thursday, June 18th. Finally, Argus raised shares of CarMax to a “hold” rating in a research note on Thursday, April 16th. Two research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $49.33.

CarMax Price Performance

KMX stock opened at $58.31 on Monday. The business’s fifty day moving average price is $49.69 and its 200 day moving average price is $45.21. CarMax, Inc. has a 12-month low of $30.26 and a 12-month high of $62.56. The company has a current ratio of 2.70, a quick ratio of 0.82 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $8.27 billion, a PE ratio of 38.11, a P/E/G ratio of 2.70 and a beta of 1.17.

CarMax (NYSE:KMX) last announced its earnings results on Wednesday, June 17th. The company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.35. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.42 billion. CarMax had a return on equity of 6.64% and a net margin of 0.84%.CarMax’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the business posted $1.38 EPS. On average, sell-side analysts anticipate that CarMax, Inc. will post 2.7 EPS for the current year.

Insider Transactions at CarMax

In other CarMax news, Director Sona Chawla purchased 2,000 shares of CarMax stock in a transaction dated Thursday, June 25th. The shares were acquired at an average price of $53.39 per share, with a total value of $106,780.00. Following the completion of the transaction, the director owned 21,702 shares of the company’s stock, valued at $1,158,669.78. This trade represents a 10.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keith Barr acquired 9,400 shares of the stock in a transaction dated Monday, June 22nd. The stock was acquired at an average cost of $53.01 per share, with a total value of $498,294.00. Following the purchase, the chief executive officer owned 33,375 shares of the company’s stock, valued at approximately $1,769,208.75. This trade represents a 39.21% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 13,900 shares of company stock valued at $735,574. 1.01% of the stock is currently owned by corporate insiders.

CarMax Company 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.