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

CarMax (NYSE:KMX) had its target price hoisted by Truist Financial from $72.00 to $74.00 in a report issued on Monday morning,Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other analysts also recently issued reports on KMX. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of CarMax in a report on Wednesday, June 18th. Evercore ISI cut their target price on CarMax from $85.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, May 28th. Wall Street Zen raised CarMax from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Robert W. Baird cut their price objective on CarMax from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. Finally, Cfra Research upgraded shares of CarMax to a “strong-buy” rating in a report on Thursday, April 10th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $85.10.

CarMax Stock Performance

NYSE KMX opened at $67.53 on Monday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.80 and a current ratio of 2.39. The stock’s fifty day moving average is $65.70 and its two-hundred day moving average is $75.12. The firm has a market capitalization of $10.31 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 1.13 and a beta of 1.38. CarMax has a fifty-two week low of $61.34 and a fifty-two week high of $91.25.

CarMax (NYSE:KMX) last announced its quarterly earnings results on Friday, June 20th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.20. CarMax had a net margin of 2.09% and a return on equity of 9.11%. The firm had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.58 billion. During the same quarter in the previous year, the company posted $0.97 EPS. The company’s revenue was up 6.1% compared to the same quarter last year. On average, research analysts anticipate that CarMax will post 3.23 earnings per share for the current year.

Insider Activity at CarMax

In other CarMax news, Director Mitchell D. Steenrod acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The stock was purchased at an average price of $65.49 per share, for a total transaction of $85,137.00. Following the completion of the acquisition, the director now owns 33,577 shares of the company’s stock, valued at approximately $2,198,957.73. This trade represents a 4.03% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CarMax

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KMX. Redmond Asset Management LLC raised its stake in shares of CarMax by 0.3% in the first quarter. Redmond Asset Management LLC now owns 50,803 shares of the company’s stock valued at $3,959,000 after acquiring an additional 152 shares in the last quarter. Maia Wealth LLC increased its holdings in CarMax by 0.6% during the 1st quarter. Maia Wealth LLC now owns 26,099 shares of the company’s stock worth $2,034,000 after purchasing an additional 157 shares during the period. Jones Financial Companies Lllp increased its holdings in CarMax by 3.1% during the 1st quarter. Jones Financial Companies Lllp now owns 5,372 shares of the company’s stock worth $419,000 after purchasing an additional 161 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in CarMax by 0.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,389 shares of the company’s stock valued at $2,446,000 after purchasing an additional 173 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of CarMax by 5.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,367 shares of the company’s stock valued at $262,000 after buying an additional 176 shares during the period.

About CarMax

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.