CarMax (NYSE:KMX) Given New $80.00 Price Target at Evercore ISI

CarMax (NYSE:KMX) had its price objective trimmed by Evercore ISI from $82.00 to $80.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

KMX has been the subject of several other research reports. JPMorgan Chase & Co. raised shares of CarMax from an “underweight” rating to a “neutral” rating and dropped their price target for the company from $65.00 to $58.00 in a research note on Wednesday, August 6th. Royal Bank Of Canada raised their price target on shares of CarMax from $80.00 to $81.00 and gave the company an “outperform” rating in a research note on Monday, June 23rd. Morgan Stanley started coverage on shares of CarMax in a research note on Tuesday, July 1st. They set an “overweight” rating and a $80.00 price target for the company. Wall Street Zen upgraded shares of CarMax from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $92.00 price objective on shares of CarMax in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, CarMax presently has a consensus rating of “Moderate Buy” and an average price target of $82.75.

CarMax Stock Performance

Shares of NYSE:KMX opened at $56.64 on Tuesday. The company’s 50 day moving average price is $63.70 and its two-hundred day moving average price is $70.38. CarMax has a 12-month low of $54.53 and a 12-month high of $91.25. The firm has a market cap of $8.50 billion, a PE ratio of 15.65, a PEG ratio of 0.91 and a beta of 1.36. The company has a quick ratio of 0.80, a current ratio of 2.39 and a debt-to-equity ratio of 2.86.

CarMax (NYSE:KMX) last issued its quarterly earnings results on Friday, June 20th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.20. The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.58 billion. CarMax had a net margin of 2.09% and a return on equity of 9.11%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.97 EPS. Equities research analysts predict that CarMax will post 3.23 earnings per share for the current year.

Insider Activity

In other CarMax news, EVP Jon G. Daniels sold 1,540 shares of CarMax stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $70.64, for a total transaction of $108,785.60. Following the transaction, the executive vice president owned 2,779 shares of the company’s stock, valued at $196,308.56. The trade was a 35.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On CarMax

Several institutional investors and hedge funds have recently modified their holdings of KMX. Mirae Asset Global Investments Co. Ltd. increased its position in CarMax by 13.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,678 shares of the company’s stock worth $1,571,000 after purchasing an additional 2,375 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in CarMax during the first quarter worth $1,753,000. Sequoia Financial Advisors LLC boosted its stake in CarMax by 5.5% during the first quarter. Sequoia Financial Advisors LLC now owns 3,367 shares of the company’s stock worth $262,000 after buying an additional 176 shares during the period. Asset Management One Co. Ltd. boosted its stake in CarMax by 3.5% during the first quarter. Asset Management One Co. Ltd. now owns 60,653 shares of the company’s stock worth $4,726,000 after buying an additional 2,078 shares during the period. Finally, GAMMA Investing LLC boosted its stake in CarMax by 12.6% during the first quarter. GAMMA Investing LLC now owns 6,620 shares of the company’s stock worth $516,000 after buying an additional 742 shares during the period.

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.