Harvey Investment Co. LLC Reduces Stock Position in CarMax, Inc. $KMX

Harvey Investment Co. LLC lessened its stake in CarMax, Inc. (NYSE:KMX) by 33.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,750 shares of the company’s stock after selling 20,553 shares during the quarter. Harvey Investment Co. LLC’s holdings in CarMax were worth $1,828,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its holdings in CarMax by 195.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,457,340 shares of the company’s stock valued at $298,107,000 after buying an additional 2,947,996 shares in the last quarter. Baird Financial Group Inc. raised its stake in CarMax by 6.6% during the second quarter. Baird Financial Group Inc. now owns 3,298,113 shares of the company’s stock worth $221,666,000 after purchasing an additional 204,481 shares during the period. Norges Bank purchased a new stake in shares of CarMax during the 2nd quarter valued at approximately $208,144,000. Invesco Ltd. raised its position in CarMax by 4.7% in the second quarter. Invesco Ltd. now owns 2,998,928 shares of the company’s stock valued at $201,558,000 after purchasing an additional 135,334 shares during the period. Finally, First Pacific Advisors LP grew its holdings in shares of CarMax by 0.6% during the 2nd quarter. First Pacific Advisors LP now owns 2,431,244 shares of the company’s stock worth $163,404,000 after purchasing an additional 15,270 shares during the period.

CarMax Stock Up 1.7%

CarMax stock opened at $39.28 on Monday. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.99 and a quick ratio of 0.51. CarMax, Inc. has a 1-year low of $30.26 and a 1-year high of $89.47. The company has a market cap of $5.57 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 0.94 and a beta of 1.29. The stock’s 50 day moving average price is $38.29 and its 200 day moving average price is $50.73.

CarMax (NYSE:KMX) last posted its earnings results on Thursday, December 18th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.11. CarMax had a return on equity of 7.72% and a net margin of 1.77%.The company had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company earned $0.81 earnings per share. CarMax’s revenue was down 6.9% compared to the same quarter last year. On average, sell-side analysts predict that CarMax, Inc. will post 3.23 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on KMX. William Blair cut shares of CarMax from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 6th. Wedbush lowered their price target on CarMax from $40.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, December 19th. Robert W. Baird dropped their price objective on CarMax from $90.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, September 26th. Zacks Research lowered shares of CarMax from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 2nd. Finally, Wall Street Zen cut shares of CarMax from a “hold” rating to a “sell” rating in a research report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, eleven have issued a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $39.36.

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.