CarMax (NYSE:KMX) Price Target Cut to $60.00 by Analysts at Robert W. Baird

CarMax (NYSE:KMX) had its price objective trimmed by Robert W. Baird from $90.00 to $60.00 in a report released on Friday, Marketbeat Ratings reports. The firm currently has an outperform rating on the stock.

Several other equities analysts have also recently weighed in on KMX. Truist Financial raised their target price on shares of CarMax from $72.00 to $74.00 and gave the company a “hold” rating in a research note on Monday, June 23rd. Royal Bank Of Canada decreased their price objective on shares of CarMax from $81.00 to $59.00 and set an “outperform” rating for the company in a research report on Friday. Morgan Stanley started coverage on shares of CarMax in a research report on Tuesday, July 1st. They issued an “overweight” rating and a $80.00 price objective for the company. Mizuho reduced their target price on CarMax from $80.00 to $78.00 and set a “neutral” rating for the company in a research note on Thursday, July 3rd. Finally, JPMorgan Chase & Co. lifted their target price on CarMax from $58.00 to $65.00 and gave the stock a “neutral” rating in a research note on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.42.

CarMax Stock Down 1.6%

Shares of CarMax stock opened at $44.86 on Friday. The business has a 50-day moving average of $58.59 and a two-hundred day moving average of $64.81. CarMax has a 1 year low of $42.75 and a 1 year high of $91.25. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.46 and a quick ratio of 0.80. The company has a market capitalization of $6.73 billion, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 0.74 and a beta of 1.35.

CarMax (NYSE:KMX) last posted its quarterly earnings data on Thursday, September 25th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.39). The firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $7.07 billion. CarMax had a return on equity of 8.51% and a net margin of 1.98%.The firm’s quarterly revenue was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.85 earnings per share. As a group, equities analysts predict that CarMax will post 3.23 EPS for the current year.

Insider Activity at CarMax

In related news, EVP Jon G. Daniels sold 1,540 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $70.64, for a total value of $108,785.60. Following the completion of the transaction, the executive vice president owned 2,779 shares of the company’s stock, valued at $196,308.56. This represents a 35.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On CarMax

Large investors have recently modified their holdings of the business. Norges Bank bought a new position in CarMax during the 2nd quarter worth $208,144,000. AQR Capital Management LLC raised its position in shares of CarMax by 195.3% during the second quarter. AQR Capital Management LLC now owns 4,457,340 shares of the company’s stock worth $298,107,000 after acquiring an additional 2,947,996 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of CarMax by 1,410.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,028,718 shares of the company’s stock worth $136,350,000 after acquiring an additional 1,894,408 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of CarMax by 795.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,846,406 shares of the company’s stock worth $124,097,000 after acquiring an additional 1,640,219 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its position in shares of CarMax by 626.1% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 903,024 shares of the company’s stock worth $70,364,000 after acquiring an additional 778,652 shares during the last quarter.

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.