JPMorgan Chase & Co. Cuts CarMax (NYSE:KMX) Price Target to $28.00

CarMax (NYSE:KMX) had its target price reduced by JPMorgan Chase & Co. from $30.00 to $28.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 27.65% from the company’s current price.

Other equities analysts have also issued research reports about the company. Wall Street Zen lowered CarMax from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Seaport Res Ptn lowered shares of CarMax from a “strong-buy” rating to a “hold” rating in a report on Sunday, September 28th. Needham & Company LLC reaffirmed a “hold” rating on shares of CarMax in a research note on Friday, November 7th. Benchmark reissued a “hold” rating on shares of CarMax in a research note on Tuesday. Finally, Wedbush dropped their price objective on CarMax from $40.00 to $36.00 and set a “neutral” rating for the company in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, eleven have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $40.00.

CarMax Stock Performance

KMX traded down $0.64 on Friday, hitting $38.70. 1,105,977 shares of the stock traded hands, compared to its average volume of 3,657,011. The business has a fifty day moving average price of $39.35 and a two-hundred day moving average price of $53.00. The company has a current ratio of 2.46, a quick ratio of 1.06 and a debt-to-equity ratio of 2.87. CarMax has a 52 week low of $30.26 and a 52 week high of $89.47. The firm has a market capitalization of $5.68 billion, a PE ratio of 11.34, a P/E/G ratio of 1.01 and a beta of 1.29.

CarMax (NYSE:KMX) last issued its earnings results on Thursday, December 18th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.11. CarMax had a net margin of 1.98% and a return on equity of 8.51%. The business had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business earned $0.81 EPS. The firm’s revenue was down 6.9% on a year-over-year basis. On average, research analysts predict that CarMax will post 3.23 EPS for the current fiscal year.

Hedge Funds Weigh In On CarMax

Several institutional investors have recently modified their holdings of KMX. CYBER HORNET ETFs LLC bought a new stake in CarMax during the 2nd quarter worth approximately $28,000. MUFG Securities EMEA plc acquired a new position in shares of CarMax in the second quarter valued at approximately $30,000. Center for Financial Planning Inc. bought a new stake in shares of CarMax during the third quarter worth $31,000. Advisory Services Network LLC bought a new stake in shares of CarMax during the third quarter worth $32,000. Finally, Strengthening Families & Communities LLC raised its holdings in shares of CarMax by 220.0% during the third quarter. Strengthening Families & Communities LLC now owns 880 shares of the company’s stock worth $39,000 after acquiring an additional 605 shares during the period.

CarMax Company 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.