Weitz Investment Management Inc. Sells 15,000 Shares of CarMax, Inc. (NYSE:KMX)

Weitz Investment Management Inc. lessened its stake in CarMax, Inc. (NYSE:KMX) by 2.6% in the second quarter, HoldingsChannel reports. The fund owned 554,700 shares of the company’s stock after selling 15,000 shares during the period. CarMax makes up about 3.0% of Weitz Investment Management Inc.’s portfolio, making the stock its 13th biggest position. Weitz Investment Management Inc.’s holdings in CarMax were worth $71,640,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KMX. Ameritas Investment Company LLC bought a new position in CarMax during the 1st quarter valued at approximately $26,000. Arkadios Wealth Advisors raised its position in CarMax by 364.4% during the 2nd quarter. Arkadios Wealth Advisors now owns 209 shares of the company’s stock valued at $26,000 after purchasing an additional 164 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in CarMax during the 1st quarter valued at approximately $33,000. Private Ocean LLC raised its position in CarMax by 9,433.3% during the 2nd quarter. Private Ocean LLC now owns 286 shares of the company’s stock valued at $37,000 after purchasing an additional 283 shares during the last quarter. Finally, E Fund Management Co. Ltd. bought a new position in CarMax during the 1st quarter valued at approximately $38,000. 95.40% of the stock is owned by institutional investors.

In related news, EVP Eric M. Margolin sold 31,063 shares of the firm’s stock in a transaction on Tuesday, June 29th. The stock was sold at an average price of $130.51, for a total value of $4,054,032.13. Following the transaction, the executive vice president now directly owns 60,349 shares of the company’s stock, valued at approximately $7,876,147.99. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Charles Joseph Wilson sold 20,599 shares of the firm’s stock in a transaction on Tuesday, June 29th. The stock was sold at an average price of $129.86, for a total value of $2,674,986.14. Following the completion of the transaction, the senior vice president now directly owns 34,747 shares in the company, valued at $4,512,245.42. The disclosure for this sale can be found here. Insiders sold a total of 323,968 shares of company stock worth $43,163,413 over the last ninety days. 1.76% of the stock is currently owned by insiders.

A number of research firms have weighed in on KMX. Wedbush reiterated a “neutral” rating and set a $130.00 target price (down previously from $155.00) on shares of CarMax in a report on Tuesday, May 25th. Robert W. Baird upped their target price on CarMax from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Monday, June 28th. Stephens upped their target price on CarMax from $154.00 to $163.00 and gave the stock an “overweight” rating in a report on Monday, June 28th. Bank of America upped their target price on CarMax from $150.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, July 16th. Finally, JPMorgan Chase & Co. upped their target price on CarMax from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Monday, June 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $134.29.

KMX stock traded down $1.49 during midday trading on Wednesday, hitting $133.51. The company’s stock had a trading volume of 5,132 shares, compared to its average volume of 1,136,328. The company has a market cap of $21.75 billion, a PE ratio of 18.99, a P/E/G ratio of 1.04 and a beta of 1.61. CarMax, Inc. has a 12 month low of $84.70 and a 12 month high of $139.95. The company has a current ratio of 2.24, a quick ratio of 0.69 and a debt-to-equity ratio of 3.22. The firm’s 50-day moving average is $131.31 and its 200-day moving average is $127.56.

CarMax (NYSE:KMX) last released its quarterly earnings data on Thursday, June 24th. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $1.00. The business had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $6.22 billion. CarMax had a return on equity of 27.44% and a net margin of 5.03%. The firm’s quarterly revenue was up 138.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 EPS. Analysts expect that CarMax, Inc. will post 7.49 earnings per share for the current year.

CarMax Profile

CarMax, Inc is a holding company, which engages in the retail of used vehicles and wholesale of vehicle auction operator. It operates through the CarMax Sales Operations and CarMax Auto Finance (CAF) segments. The CarMax Sales Operations segment comprises of all aspects of its auto merchandising and service operations.

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Institutional Ownership by Quarter for CarMax (NYSE:KMX)

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