Fox Run Management L.L.C. Reduces Stake in CarMax, Inc (KMX)
Fox Run Management L.L.C. reduced its position in CarMax, Inc (NYSE:KMX) by 41.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,830 shares of the company’s stock after selling 2,715 shares during the period. Fox Run Management L.L.C.’s holdings in CarMax were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Royal London Asset Management Ltd. bought a new position in CarMax in the 2nd quarter worth $5,485,000. Bain Capital Public Equity Management LLC bought a new position in CarMax in the 2nd quarter worth $19,795,000. Carnegie Capital Asset Management LLC raised its holdings in CarMax by 19.5% in the 2nd quarter. Carnegie Capital Asset Management LLC now owns 79,120 shares of the company’s stock worth $5,764,000 after purchasing an additional 12,895 shares during the period. Verition Fund Management LLC bought a new position in CarMax in the 2nd quarter worth $3,083,000. Finally, Argent Trust Co raised its holdings in CarMax by 14.6% in the 2nd quarter. Argent Trust Co now owns 5,783 shares of the company’s stock worth $421,000 after purchasing an additional 737 shares during the period.
In other news, CEO William D. Nash sold 74,130 shares of CarMax stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $77.25, for a total value of $5,726,542.50. Following the sale, the chief executive officer now directly owns 150,631 shares of the company’s stock, valued at $11,636,244.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas J. Folliard sold 37,500 shares of CarMax stock in a transaction dated Wednesday, July 18th. The stock was sold at an average price of $77.37, for a total value of $2,901,375.00. Following the completion of the sale, the director now directly owns 211,879 shares in the company, valued at $16,393,078.23. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,603 shares of company stock worth $11,295,016. Insiders own 1.97% of the company’s stock.
CarMax (NYSE:KMX) last posted its quarterly earnings results on Wednesday, September 26th. The company reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.02. The business had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.65 billion. CarMax had a return on equity of 22.26% and a net margin of 4.12%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.98 earnings per share. As a group, analysts predict that CarMax, Inc will post 4.63 earnings per share for the current fiscal year.
A number of equities analysts recently commented on the company. Zacks Investment Research raised CarMax from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a report on Tuesday, July 10th. Robert W. Baird raised their target price on CarMax from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, June 25th. Buckingham Research cut CarMax from a “buy” rating to a “neutral” rating and raised their target price for the stock from $75.00 to $84.00 in a report on Monday, June 25th. They noted that the move was a valuation call. Guggenheim cut CarMax from a “buy” rating to a “neutral” rating and set a $72.00 target price on the stock. in a report on Monday, June 25th. They noted that the move was a valuation call. Finally, Wolfe Research initiated coverage on CarMax in a report on Tuesday, October 2nd. They set a “peer perform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $83.93.
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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