Immersion Capital LLP Invests $48,375,000 in CarMax Inc (KMX)
Immersion Capital LLP acquired a new stake in CarMax Inc (NYSE:KMX) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 751,284 shares of the company’s stock, valued at approximately $48,375,000. CarMax comprises 17.9% of Immersion Capital LLP’s portfolio, making the stock its 4th largest position. Immersion Capital LLP owned 0.40% of CarMax as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Conning Inc. raised its stake in shares of CarMax by 0.6% in the third quarter. Conning Inc. now owns 4,829 shares of the company’s stock valued at $258,000 after buying an additional 30 shares during the period. Capital One National Association raised its stake in shares of CarMax by 0.7% in the third quarter. Capital One National Association now owns 12,596 shares of the company’s stock valued at $672,000 after buying an additional 86 shares during the period. Eqis Capital Management Inc. raised its stake in shares of CarMax by 1.2% in the third quarter. Eqis Capital Management Inc. now owns 7,475 shares of the company’s stock valued at $399,000 after buying an additional 92 shares during the period. Gagnon Securities LLC raised its stake in shares of CarMax by 0.4% in the second quarter. Gagnon Securities LLC now owns 24,875 shares of the company’s stock valued at $1,220,000 after buying an additional 98 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of CarMax by 6.8% in the third quarter. Tower Research Capital LLC TRC now owns 2,077 shares of the company’s stock valued at $111,000 after buying an additional 133 shares during the period.
Shares of CarMax Inc (NYSE:KMX) traded down 0.47% during trading on Thursday, hitting $68.28. 1,606,836 shares of the stock were exchanged. The firm has a 50 day moving average price of $66.53 and a 200 day moving average price of $58.98. CarMax Inc has a 52 week low of $42.09 and a 52 week high of $69.11. The firm has a market capitalization of $12.78 billion, a P/E ratio of 21.63 and a beta of 1.34.
CarMax (NYSE:KMX) last issued its quarterly earnings data on Tuesday, December 20th. The company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.02. The company had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.75 billion. CarMax had a net margin of 3.96% and a return on equity of 21.02%. The company’s revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 earnings per share. Analysts forecast that CarMax Inc will post $3.29 EPS for the current fiscal year.
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Several analysts have recently weighed in on KMX shares. Wedbush reiterated a “neutral” rating and set a $55.00 target price on shares of CarMax in a research report on Friday, October 21st. Deutsche Bank AG upgraded shares of CarMax from a “hold” rating to a “buy” rating and lifted their target price for the company from $66.00 to $68.00 in a research report on Monday, October 24th. Vetr upgraded shares of CarMax from a “sell” rating to a “strong-buy” rating and set a $69.00 target price on the stock in a research report on Tuesday, December 6th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $72.00 target price (up from $66.00) on shares of CarMax in a research report on Tuesday, December 13th. Finally, Credit Suisse Group set a $75.00 target price on shares of CarMax and gave the company a “buy” rating in a research report on Sunday, December 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $63.28.
In other news, CFO Thomas W. Reedy, Jr. sold 27,000 shares of the stock in a transaction dated Friday, December 23rd. The shares were sold at an average price of $64.02, for a total value of $1,728,540.00. Following the transaction, the chief financial officer now directly owns 84,183 shares of the company’s stock, valued at $5,389,395.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas W. Reedy, Jr. sold 3,000 shares of the stock in a transaction dated Thursday, December 22nd. The shares were sold at an average price of $65.77, for a total transaction of $197,310.00. Following the completion of the transaction, the chief financial officer now directly owns 60,183 shares in the company, valued at $3,958,235.91. The disclosure for this sale can be found here. Insiders sold 200,296 shares of company stock worth $13,311,853 over the last three months. Insiders own 1.70% of the company’s stock.
CarMax, Inc (CarMax) is a holding company. The Company is a retailer of used vehicles. The Company operates through two segments: CarMax Sales Operations and CarMax Auto Finance (CAF). The Company’s CarMax Sales Operations segment consists of all aspects of its auto merchandising and service operations, excluding financing provided by CAF.
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