CarMax, Inc. (NYSE:KMX – Get Rating) – Analysts at Wedbush lowered their Q2 2023 earnings estimates for CarMax in a research report issued to clients and investors on Thursday, September 22nd. Wedbush analyst S. Basham now expects that the company will earn $1.33 per share for the quarter, down from their previous forecast of $1.56. Wedbush has a "Neutral" rating and a $105.00 price objective on the stock. The consensus estimate for CarMax's current full-year earnings is $5.67 per share. Wedbush also issued estimates for CarMax's Q3 2023 earnings at $1.41 EPS, FY2023 earnings at $5.55 EPS and Q3 2024 earnings at $1.48 EPS.
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CarMax (NYSE:KMX – Get Rating) last released its quarterly earnings results on Friday, June 24th. The company reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.51 by $0.05. CarMax had a net margin of 2.88% and a return on equity of 18.40%. The company had revenue of $9.31 billion during the quarter, compared to analysts' expectations of $9.38 billion. During the same period in the prior year, the company earned $2.63 earnings per share.
A number of other research firms have also recently issued reports on KMX. Morgan Stanley decreased their price target on shares of CarMax from $140.00 to $124.00 and set an "overweight" rating for the company in a report on Thursday, July 14th. JPMorgan Chase & Co. decreased their price target on shares of CarMax from $100.00 to $95.00 and set a "neutral" rating for the company in a report on Friday, September 9th. Royal Bank of Canada upped their price target on shares of CarMax from $104.00 to $108.00 and gave the company an "outperform" rating in a report on Monday, June 27th. Finally, Bank of America cut shares of CarMax from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $146.00 to $100.00 in a research note on Friday, September 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $118.56.
CarMax Stock Down 0.4 %
KMX stock opened at $79.49 on Monday. The company has a debt-to-equity ratio of 3.29, a current ratio of 2.72 and a quick ratio of 0.63. CarMax has a 52-week low of $76.00 and a 52-week high of $155.98. The company has a 50-day moving average of $92.74 and a two-hundred day moving average of $94.19. The stock has a market capitalization of $12.65 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 2.21 and a beta of 1.40.
Institutional Trading of CarMax
Several hedge funds have recently modified their holdings of KMX. WD Rutherford LLC acquired a new stake in shares of CarMax during the first quarter worth approximately $26,000. Curi Wealth Management LLC increased its holdings in shares of CarMax by 595.2% during the second quarter. Curi Wealth Management LLC now owns 292 shares of the company's stock worth $26,000 after buying an additional 250 shares in the last quarter. MV Capital Management Inc. increased its holdings in shares of CarMax by 233.7% in the second quarter. MV Capital Management Inc. now owns 297 shares of the company's stock valued at $27,000 after purchasing an additional 208 shares in the last quarter. Whittier Trust Co. increased its holdings in shares of CarMax by 480.0% in the first quarter. Whittier Trust Co. now owns 290 shares of the company's stock valued at $28,000 after purchasing an additional 240 shares in the last quarter. Finally, Clear Street Markets LLC increased its holdings in shares of CarMax by 410.6% in the second quarter. Clear Street Markets LLC now owns 337 shares of the company's stock valued at $30,000 after purchasing an additional 271 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company's stock.
Insiders Place Their Bets
In other CarMax news, EVP Diane L. Cafritz sold 18,092 shares of the firm's stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $91.06, for a total transaction of $1,647,457.52. Following the completion of the transaction, the executive vice president now owns 4,988 shares in the company, valued at $454,207.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Diane L. Cafritz sold 15,555 shares of the firm's stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $94.75, for a total transaction of $1,473,836.25. Following the completion of the sale, the executive vice president now owns 4,988 shares of the company's stock, valued at $472,613. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Diane L. Cafritz sold 18,092 shares of the firm's stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $91.06, for a total transaction of $1,647,457.52. Following the sale, the executive vice president now directly owns 4,988 shares of the company's stock, valued at approximately $454,207.28. The disclosure for this sale can be found here. Insiders sold a total of 37,103 shares of company stock worth $3,445,847 over the last quarter. Company insiders own 1.65% of the company's stock.
About CarMax
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CarMax, Inc, together with its subsidiaries, operates as a retailer of used vehicles in the United States. The company operates through 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, as well as hybrid and electric vehicles; and extended protection plans to customers at the time of sale, as well as sells vehicles that are approximately 10 years old and has more than 100,000 miles through wholesale auctions.
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