Needham Investment Management LLC Cuts Stock Holdings in CarMax, Inc. (NYSE:KMX)

Needham Investment Management LLC cut its position in shares of CarMax, Inc. (NYSE:KMX) by 2.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 147,000 shares of the company’s stock after selling 4,000 shares during the period. Needham Investment Management LLC’s holdings in CarMax were worth $11,375,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. First Community Trust NA purchased a new stake in shares of CarMax during the 2nd quarter worth about $29,000. Quarry LP lifted its stake in shares of CarMax by 78.6% in the second quarter. Quarry LP now owns 418 shares of the company’s stock worth $31,000 after buying an additional 184 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of CarMax during the 3rd quarter worth approximately $32,000. True Wealth Design LLC grew its position in shares of CarMax by 4,844.4% in the third quarter. True Wealth Design LLC now owns 445 shares of the company’s stock valued at $34,000 after purchasing an additional 436 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of CarMax by 134.1% in the second quarter. Blue Trust Inc. now owns 501 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares during the last quarter.

CarMax Trading Up 0.4 %

Shares of KMX stock traded up $0.30 during mid-day trading on Tuesday, reaching $83.48. The company’s stock had a trading volume of 318,724 shares, compared to its average volume of 1,892,800. The company has a quick ratio of 0.68, a current ratio of 2.25 and a debt-to-equity ratio of 2.93. The firm has a market capitalization of $12.93 billion, a PE ratio of 31.53, a price-to-earnings-growth ratio of 1.71 and a beta of 1.71. The company’s 50 day simple moving average is $75.93 and its 200-day simple moving average is $76.21. CarMax, Inc. has a 12-month low of $64.72 and a 12-month high of $88.22.

CarMax (NYSE:KMX) last issued its earnings results on Thursday, September 26th. The company reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.01). The company had revenue of $7.01 billion during the quarter, compared to analysts’ expectations of $6.83 billion. CarMax had a return on equity of 6.83% and a net margin of 1.61%. CarMax’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company earned $0.75 EPS. On average, research analysts predict that CarMax, Inc. will post 2.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on KMX shares. Oppenheimer reiterated an “outperform” rating and issued a $105.00 target price on shares of CarMax in a report on Friday, October 4th. JPMorgan Chase & Co. upped their price objective on CarMax from $55.00 to $65.00 and gave the company an “underweight” rating in a report on Thursday, September 19th. Truist Financial increased their price objective on CarMax from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Needham & Company LLC restated a “buy” rating and issued a $90.00 target price on shares of CarMax in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $82.00 price target on shares of CarMax in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $80.09.

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.