Truist Financial Forecasts Strong Price Appreciation for CarMax (NYSE:KMX) Stock

CarMax (NYSE:KMX) had its price target boosted by equities research analysts at Truist Financial from $37.00 to $47.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price objective would suggest a potential downside of 10.82% from the stock’s current price.

KMX has been the subject of a number of other reports. Barclays upped their price target on CarMax from $26.00 to $31.00 and gave the company an “underweight” rating in a research report on Friday. JPMorgan Chase & Co. lifted their price objective on CarMax from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Thursday, June 11th. Evercore set a $45.00 target price on CarMax in a report on Friday, April 10th. UBS Group began coverage on CarMax in a research note on Wednesday, May 27th. They issued a “neutral” rating and a $42.00 target price for the company. Finally, Bank of America initiated coverage on CarMax in a report on Wednesday, April 15th. They set an “underperform” rating and a $40.00 price target on the stock. One analyst has rated the stock with a Buy rating, fourteen have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $42.40.

CarMax Price Performance

Shares of CarMax stock traded up $0.49 during trading hours on Tuesday, reaching $52.70. 462,521 shares of the company’s stock were exchanged, compared to its average volume of 3,340,954. The business has a fifty day moving average of $42.05 and a two-hundred day moving average of $42.29. The company has a market capitalization of $7.47 billion, a P/E ratio of 32.94, a price-to-earnings-growth ratio of 1.95 and a beta of 1.21. The company has a quick ratio of 0.49, a current ratio of 2.20 and a debt-to-equity ratio of 2.93. CarMax has a 1 year low of $30.26 and a 1 year high of $71.99.

CarMax (NYSE:KMX) last posted its quarterly earnings results on Tuesday, April 14th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.12. CarMax had a net margin of 0.96% and a return on equity of 7.00%. The firm had revenue of $5.95 billion for the quarter, compared to analyst estimates of $5.65 billion. During the same period in the previous year, the business posted $0.58 earnings per share. CarMax’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, research analysts predict that CarMax will post 2.28 earnings per share for the current fiscal year.

Institutional Trading of CarMax

Hedge funds and other institutional investors have recently modified their holdings of the business. Huntington National Bank raised its holdings in CarMax by 62.4% in the 4th quarter. Huntington National Bank now owns 690 shares of the company’s stock valued at $27,000 after buying an additional 265 shares during the period. CYBER HORNET ETFs LLC acquired a new stake in shares of CarMax during the second quarter valued at about $28,000. Wellington Grp LLC raised its stake in shares of CarMax by 6,500.0% in the 1st quarter. Wellington Grp LLC now owns 726 shares of the company’s stock valued at $30,000 after acquiring an additional 715 shares during the period. MUFG Securities EMEA plc acquired a new position in shares of CarMax in the 2nd quarter worth approximately $30,000. Finally, Advisory Services Network LLC purchased a new position in shares of CarMax during the 3rd quarter worth approximately $32,000.

About CarMax

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.