Welch & Forbes LLC Lowers Stake in CarMax, Inc. (NYSE:KMX)


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Welch & Forbes LLC lessened its stake in CarMax, Inc. (NYSE:KMX) by 0.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,031,429 shares of the company’s stock after selling 2,013 shares during the quarter. CarMax makes up approximately 2.5% of Welch & Forbes LLC’s portfolio, making the stock its 6th biggest holding. Welch & Forbes LLC’s holdings in CarMax were worth $136,830,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Latitude Advisors LLC bought a new stake in shares of CarMax in the 1st quarter worth approximately $215,000. Fruth Investment Management purchased a new position in CarMax in the 1st quarter valued at approximately $265,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in CarMax by 3.7% in the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 4,678 shares of the company’s stock valued at $621,000 after buying an additional 166 shares in the last quarter. First Bank & Trust grew its stake in CarMax by 7.9% in the 1st quarter. First Bank & Trust now owns 2,431 shares of the company’s stock valued at $322,000 after buying an additional 178 shares in the last quarter. Finally, Redpoint Investment Management Pty Ltd grew its stake in CarMax by 29.3% in the 1st quarter. Redpoint Investment Management Pty Ltd now owns 3,592 shares of the company’s stock valued at $477,000 after buying an additional 814 shares in the last quarter. 97.59% of the stock is currently owned by institutional investors.

A number of research firms recently weighed in on KMX. Royal Bank of Canada lifted their price objective on shares of CarMax from $140.00 to $148.00 and gave the company an “outperform” rating in a research note on Monday, April 5th. Seaport Global Securities lowered shares of CarMax from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 31st. Robert W. Baird boosted their price target on shares of CarMax from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, April 5th. Northcoast Research upgraded shares of CarMax from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a research report on Tuesday, January 19th. Finally, Wedbush boosted their price target on shares of CarMax from $120.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 17th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $124.21.

Shares of NYSE KMX traded up $0.64 during mid-day trading on Friday, reaching $129.83. 8,295 shares of the company were exchanged, compared to its average volume of 1,326,057. CarMax, Inc. has a 52 week low of $58.93 and a 52 week high of $136.54. The company has a quick ratio of 0.67, a current ratio of 2.60 and a debt-to-equity ratio of 3.51. The stock has a market capitalization of $21.10 billion, a PE ratio of 28.46, a PEG ratio of 2.16 and a beta of 1.76. The company’s 50 day moving average price is $128.52 and its 200 day moving average price is $108.33.

CarMax (NYSE:KMX) last posted its quarterly earnings results on Wednesday, March 31st. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.01. The business had revenue of $5.16 billion during the quarter, compared to the consensus estimate of $5.17 billion. CarMax had a net margin of 4.01% and a return on equity of 20.30%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.30 earnings per share. On average, sell-side analysts predict that CarMax, Inc. will post 4.26 earnings per share for the current year.

In other news, CEO William D. Nash sold 100,000 shares of the company’s stock in a transaction dated Wednesday, January 20th. The shares were sold at an average price of $123.14, for a total transaction of $12,314,000.00. Following the completion of the transaction, the chief executive officer now directly owns 217,000 shares of the company’s stock, valued at $26,721,380. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Enrique N. Mayor-Mora sold 7,872 shares of the company’s stock in a transaction dated Wednesday, January 20th. The shares were sold at an average price of $117.08, for a total transaction of $921,653.76. Following the transaction, the chief financial officer now directly owns 14,386 shares of the company’s stock, valued at $1,684,312.88. The disclosure for this sale can be found here. Insiders sold 397,443 shares of company stock valued at $50,498,792 over the last three months. 2.09% of the stock is currently owned by insiders.

CarMax Profile

CarMax, Inc, through its subsidiaries, operates as a retailer of used vehicles in the United States. The company operates in two segments, CarMax Sales Operations and CarMax Auto Finance. It offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles; vehicles that do not meet its retail standards to licensed dealers through on-site wholesale auctions; and extended protection plans to customers at the time of sale.

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Institutional Ownership by Quarter for CarMax (NYSE:KMX)

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