Kovitz Investment Group Partners LLC Sells 5,058,826 Shares of CarMax, Inc. (NYSE:KMX)

Kovitz Investment Group Partners LLC lessened its holdings in shares of CarMax, Inc. (NYSE:KMX) by 76.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,536,241 shares of the company’s stock after selling 5,058,826 shares during the period. Kovitz Investment Group Partners LLC’s holdings in CarMax were worth $119,704,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Leith Wheeler Investment Counsel Ltd. raised its position in shares of CarMax by 1.2% in the 1st quarter. Leith Wheeler Investment Counsel Ltd. now owns 107,638 shares of the company’s stock worth $8,387,000 after purchasing an additional 1,228 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in shares of CarMax by 3.8% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,590 shares of the company’s stock worth $513,000 after purchasing an additional 243 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of CarMax by 49.1% in the 1st quarter. Russell Investments Group Ltd. now owns 102,825 shares of the company’s stock worth $7,892,000 after purchasing an additional 33,867 shares during the last quarter. Resona Asset Management Co. Ltd. raised its position in shares of CarMax by 3.9% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 49,532 shares of the company’s stock worth $3,845,000 after purchasing an additional 1,871 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of CarMax by 9.2% in the 1st quarter. Public Sector Pension Investment Board now owns 21,090 shares of the company’s stock worth $1,643,000 after purchasing an additional 1,771 shares during the last quarter.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of CarMax in a research report on Wednesday, June 18th. Benchmark assumed coverage on CarMax in a research report on Thursday, July 17th. They issued a “buy” rating and a $75.00 target price for the company. Truist Financial boosted their target price on CarMax from $72.00 to $74.00 and gave the stock a “hold” rating in a research report on Monday, June 23rd. Mizuho decreased their target price on CarMax from $80.00 to $78.00 and set a “neutral” rating for the company in a research report on Thursday, July 3rd. Finally, Morgan Stanley assumed coverage on CarMax in a research report on Tuesday, July 1st. They issued an “overweight” rating and a $80.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, CarMax currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.75.

Insiders Place Their Bets

In related news, EVP Jon G. Daniels sold 1,540 shares of the firm’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $70.64, for a total value of $108,785.60. Following the completion of the sale, the executive vice president directly owned 2,779 shares in the company, valued at $196,308.56. This trade represents a 35.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is owned by insiders.

CarMax Trading Up 3.4%

Shares of NYSE:KMX opened at $58.60 on Thursday. The stock has a 50 day moving average of $63.55 and a 200 day moving average of $70.29. The company has a market cap of $8.79 billion, a PE ratio of 16.19, a price-to-earnings-growth ratio of 0.92 and a beta of 1.36. The company has a current ratio of 2.39, a quick ratio of 0.80 and a debt-to-equity ratio of 2.86. CarMax, Inc. has a 12-month low of $54.53 and a 12-month high of $91.25.

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

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.