JPMorgan Chase & Co. Has Lowered Expectations for CarMax (NYSE:KMX) Stock Price

CarMax (NYSE:KMX) had its price target reduced by JPMorgan Chase & Co. from $70.00 to $65.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 17.94% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Barclays upped their price target on shares of CarMax from $61.00 to $67.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 30th. Mizuho set a $50.00 price target on shares of CarMax in a report on Wednesday. UBS Group set a $65.00 price target on shares of CarMax in a research report on Thursday, October 15th. Bank of America raised shares of CarMax from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $50.00 to $65.00 in a report on Thursday, October 15th. Finally, Wall Street Zen cut shares of CarMax from a “buy” rating to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $58.00.

CarMax Trading Up 3.2%

Shares of CarMax stock traded up $1.73 on Wednesday, hitting $55.11. 2,452,811 shares of the company traded hands, compared to its average volume of 3,135,198. CarMax has a 52 week low of $30.26 and a 52 week high of $65.28. The company has a market cap of $7.82 billion, a PE ratio of 26.91, a PEG ratio of 1.56 and a beta of 1.22. The stock’s 50 day moving average price is $56.79 and its 200-day moving average price is $49.55. The company has a current ratio of 2.33, a quick ratio of 0.57 and a debt-to-equity ratio of 2.66.

CarMax (NYSE:KMX) last posted its earnings results on Tuesday, September 29th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.43. CarMax had a net margin of 1.06% and a return on equity of 7.76%. The business had revenue of $7.88 billion for the quarter, compared to the consensus estimate of $7.09 billion. During the same quarter last year, the firm posted $0.64 EPS. The company’s revenue for the quarter was up 19.5% on a year-over-year basis. Equities research analysts predict that CarMax will post 3.15 EPS for the current year.

Institutional Trading of CarMax

A number of hedge funds and other institutional investors have recently modified their holdings of KMX. Covestor Ltd increased its holdings in shares of CarMax by 471.1% during the 3rd quarter. Covestor Ltd now owns 514 shares of the company’s stock worth $28,000 after buying an additional 424 shares during the last quarter. Global Retirement Partners LLC acquired a new position in CarMax in the second quarter valued at approximately $29,000. Provenance Wealth Advisors LLC acquired a new position in CarMax in the third quarter valued at approximately $31,000. Basecamp Wealth Advisors LLC lifted its holdings in CarMax by 105.8% in the first quarter. Basecamp Wealth Advisors LLC now owns 636 shares of the company’s stock valued at $26,000 after acquiring an additional 327 shares during the last quarter. Finally, Anchor Investment Management LLC purchased a new position in CarMax in the second quarter worth approximately $37,000.

About CarMax

CarMax, Inc is a specialty retailer of used vehicles and operates one of the largest used-car sales networks in the United States. The company sells a broad selection of pre-owned cars, trucks and SUVs through its retail stores and online platform, offering customers tools for vehicle search, appraisal, financing and purchase.

CarMax also operates a vehicle appraisal and acquisition business, buying vehicles from consumers and other sources for resale through its retail or wholesale channels.