Pallas Capital Advisors LLC Decreases Stake in CarMax, Inc. $KMX

Pallas Capital Advisors LLC reduced its stake in shares of CarMax, Inc. (NYSE:KMX) by 29.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,858 shares of the company’s stock after selling 9,481 shares during the period. Pallas Capital Advisors LLC’s holdings in CarMax were worth $1,209,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in KMX. Deutsche Bank AG raised its stake in CarMax by 4.4% in the 2nd quarter. Deutsche Bank AG now owns 21,729 shares of the company’s stock worth $1,149,000 after acquiring an additional 912 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in CarMax during the 2nd quarter worth about $29,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in CarMax by 230.5% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 13,030 shares of the company’s stock valued at $689,000 after purchasing an additional 9,087 shares during the last quarter. Kinsale Capital Group Inc. grew its stake in CarMax by 18.8% during the 2nd quarter. Kinsale Capital Group Inc. now owns 174,637 shares of the company’s stock valued at $9,237,000 after purchasing an additional 27,644 shares during the last quarter. Finally, Bayforest Capital Ltd increased its holdings in shares of CarMax by 2,150.2% in the second quarter. Bayforest Capital Ltd now owns 6,143 shares of the company’s stock valued at $325,000 after purchasing an additional 5,870 shares during the period.

Insider Activity at CarMax

In related news, Director Peter J. Bensen acquired 2,500 shares of the stock in a transaction on Monday, June 22nd. The shares were acquired at an average price of $52.20 per share, for a total transaction of $130,500.00. Following the transaction, the director owned 24,796 shares in the company, valued at approximately $1,294,351.20. This trade represents a 11.21% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sona Chawla acquired 2,000 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were purchased at an average cost of $53.39 per share, for a total transaction of $106,780.00. Following the purchase, the director directly owned 21,702 shares in the company, valued at approximately $1,158,669.78. This trade represents a 10.15% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders purchased 13,900 shares of company stock worth $735,574. 1.01% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on KMX. Morgan Stanley raised their price objective on CarMax from $35.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 23rd. Mizuho increased their price target on shares of CarMax from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, June 18th. UBS Group set a $60.00 price target on shares of CarMax in a research report on Wednesday, July 29th. JPMorgan Chase & Co. upgraded shares of CarMax from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $38.00 to $60.00 in a research note on Wednesday, July 29th. Finally, Truist Financial upped their price objective on shares of CarMax from $47.00 to $50.00 and gave the company a “hold” rating in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $51.00.

CarMax Stock Performance

NYSE KMX opened at $57.28 on Wednesday. The stock has a 50-day simple moving average of $55.03 and a two-hundred day simple moving average of $46.67. The firm has a market capitalization of $8.13 billion, a P/E ratio of 37.44, a PEG ratio of 2.74 and a beta of 1.15. CarMax, Inc. has a fifty-two week low of $30.26 and a fifty-two week high of $62.56. The company has a debt-to-equity ratio of 2.87, a quick ratio of 0.82 and a current ratio of 2.70.

CarMax (NYSE:KMX) last issued its quarterly earnings data on Wednesday, June 17th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.35. CarMax had a return on equity of 6.64% and a net margin of 0.84%.The business had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.42 billion. During the same quarter in the previous year, the firm posted $1.38 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, equities analysts forecast that CarMax, Inc. will post 2.73 earnings per share for the current year.

CarMax Profile

CarMax (NYSE: KMX) is a leading retailer of used vehicles in the United States, offering customers a streamlined, no-haggle purchasing experience. The company’s inventory spans a broad range of makes and models, each of which undergoes a comprehensive inspection process before being offered for sale. Customers can shop in person at CarMax’s retail locations or browse the company’s online platform, which provides detailed vehicle histories, virtual tours and contactless purchasing options.

Originally launched in 1993 as a division of Circuit City, CarMax became an independent, publicly traded company in 1997.