CarMax (NYSE:KMX) Upgraded at Barclays

Barclays upgraded shares of CarMax (NYSE:KMX) from an underweight rating to an equal weight rating in a research report released on Tuesday, Marketbeat Ratings reports. They currently have $61.00 price target on the stock, up from their prior price target of $37.00.

Other equities research analysts have also recently issued research reports about the stock. Evercore set a $45.00 target price on shares of CarMax in a research note on Friday, April 10th. Weiss Ratings reiterated a “sell (d)” rating on shares of CarMax in a research report on Monday, July 6th. Royal Bank Of Canada raised their price target on shares of CarMax from $41.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Thursday, June 18th. Argus upgraded shares of CarMax to a “hold” rating in a research report on Thursday, April 16th. Finally, Stephens raised shares of CarMax from an “equal weight” rating to an “overweight” rating and set a $66.00 price objective for the company in a research note on Thursday, June 18th. 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $49.33.

CarMax Price Performance

Shares of CarMax stock opened at $58.41 on Tuesday. The stock has a market capitalization of $8.29 billion, a P/E ratio of 38.17, a PEG ratio of 1.85 and a beta of 1.17. The business has a 50 day simple moving average of $49.27 and a two-hundred day simple moving average of $45.09. CarMax has a 12 month low of $30.26 and a 12 month high of $62.56. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.70 and a quick ratio of 0.82.

CarMax (NYSE:KMX) last issued its quarterly earnings results on Wednesday, June 17th. The company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.35. CarMax had a return on equity of 6.64% and a net margin of 0.84%.The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.42 billion. During the same period in the previous year, the company posted $1.38 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. As a group, analysts predict that CarMax will post 2.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Peter J. Bensen purchased 2,500 shares of the stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $52.20 per share, with a total value of $130,500.00. Following the transaction, the director owned 24,796 shares in the company, valued at $1,294,351.20. The trade was a 11.21% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, with a total value of $106,780.00. Following the acquisition, the director directly owned 21,702 shares of the company’s stock, valued at $1,158,669.78. This trade represents a 10.15% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 13,900 shares of company stock valued at $735,574 in the last three months. 1.01% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CarMax

Several institutional investors and hedge funds have recently bought and sold shares of KMX. AQR Capital Management LLC raised its position in shares of CarMax by 151.8% during the 4th quarter. AQR Capital Management LLC now owns 7,930,345 shares of the company’s stock valued at $306,429,000 after buying an additional 4,780,903 shares during the period. SRS Investment Management LLC grew its position in CarMax by 1,717.5% in the fourth quarter. SRS Investment Management LLC now owns 5,637,803 shares of the company’s stock worth $217,845,000 after acquiring an additional 5,327,603 shares during the period. Janus Henderson Group PLC increased its stake in CarMax by 1.1% during the first quarter. Janus Henderson Group PLC now owns 4,580,807 shares of the company’s stock worth $190,471,000 after acquiring an additional 49,987 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in CarMax by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,275,663 shares of the company’s stock worth $177,767,000 after acquiring an additional 289,768 shares during the last quarter. Finally, Norges Bank purchased a new stake in CarMax in the fourth quarter valued at $159,232,000.

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.