CarMax (NYSE:KMX – Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report released on Wednesday,Benzinga reports. The brokerage presently has a $60.00 target price on the stock, up from their prior target price of $38.00. JPMorgan Chase & Co.‘s target price indicates a potential upside of 1.99% from the stock’s previous close.
Several other analysts have also recently issued reports on the stock. Weiss Ratings raised shares of CarMax from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday, July 20th. Bank of America boosted their price target on CarMax from $40.00 to $45.00 and gave the company an “underperform” rating in a report on Wednesday, June 17th. Morgan Stanley increased their target price on shares of CarMax from $35.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 23rd. Truist Financial increased their price objective on shares of CarMax from $47.00 to $50.00 and gave the stock a “hold” rating in a research note on Thursday, June 18th. Finally, UBS Group set a $60.00 price target on CarMax in a research report on Wednesday. Two analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $51.00.
Check Out Our Latest Report on CarMax
CarMax Stock Performance
CarMax (NYSE:KMX – Get Free Report) last issued its quarterly earnings data on Wednesday, June 17th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.35. The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.42 billion. CarMax had a net margin of 0.84% and a return on equity of 6.64%. CarMax’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the company earned $1.38 earnings per share. As a group, sell-side analysts expect that CarMax will post 2.7 EPS for the current fiscal year.
Insider Buying and Selling
In other news, Director Peter J. Bensen purchased 2,500 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was purchased at an average cost of $52.20 per share, with a total value of $130,500.00. Following the purchase, the director owned 24,796 shares in the company, valued at $1,294,351.20. This trade represents a 11.21% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sona Chawla purchased 2,000 shares of the stock in a transaction dated Thursday, June 25th. The shares were purchased at an average price of $53.39 per share, for a total transaction of $106,780.00. Following the completion of the transaction, the director owned 21,702 shares in the company, 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 have bought a total of 13,900 shares of company stock valued at $735,574 over the last quarter. Corporate insiders own 1.01% of the company’s stock.
Institutional Trading of CarMax
Several institutional investors and hedge funds have recently added to or reduced their stakes in KMX. Freestone Capital Holdings LLC acquired a new stake in CarMax during the 4th quarter valued at $968,000. SG Americas Securities LLC boosted its position in shares of CarMax by 324.3% in the fourth quarter. SG Americas Securities LLC now owns 177,754 shares of the company’s stock worth $6,868,000 after buying an additional 135,858 shares during the period. Bessemer Group Inc. grew its holdings in shares of CarMax by 28.1% during the first quarter. Bessemer Group Inc. now owns 156,121 shares of the company’s stock valued at $6,491,000 after buying an additional 34,211 shares in the last quarter. Convergence Investment Partners LLC acquired a new position in CarMax during the first quarter valued at $1,688,000. Finally, HF Advisory Group LLC raised its position in CarMax by 347.7% during the fourth quarter. HF Advisory Group LLC now owns 162,544 shares of the company’s stock valued at $6,281,000 after buying an additional 126,236 shares during the period.
CarMax Company Profile
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.
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