Ruane Cunniff & Goldfarb L.P. Sells 1,971,953 Shares of CarMax, Inc. (NYSE:KMX)

Ruane Cunniff & Goldfarb L.P. lowered its position in shares of CarMax, Inc. (NYSE:KMX) by 51.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,825,488 shares of the company’s stock after selling 1,971,953 shares during the quarter. CarMax makes up about 2.2% of Ruane Cunniff & Goldfarb L.P.’s investment portfolio, making the stock its 16th largest position. Ruane Cunniff & Goldfarb L.P. owned approximately 1.18% of CarMax worth $141,256,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Swedbank AB bought a new stake in CarMax in the first quarter valued at about $1,406,000. CWM LLC increased its holdings in CarMax by 69.6% in the second quarter. CWM LLC now owns 17,776 shares of the company’s stock valued at $1,304,000 after purchasing an additional 7,294 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in CarMax by 3.2% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 351,361 shares of the company’s stock valued at $27,188,000 after purchasing an additional 10,898 shares during the last quarter. AMF Tjanstepension AB bought a new stake in CarMax in the second quarter valued at about $7,736,000. Finally, Eagle Rock Investment Company LLC bought a new stake in CarMax in the third quarter valued at about $747,000.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wedbush reiterated an “outperform” rating and issued a $95.00 price objective on shares of CarMax in a report on Wednesday, October 16th. Oppenheimer reiterated an “outperform” rating and issued a $105.00 price objective on shares of CarMax in a report on Friday, October 4th. Needham & Company LLC restated a “buy” rating and issued a $90.00 price target on shares of CarMax in a report on Wednesday, October 16th. JPMorgan Chase & Co. increased their price target on CarMax from $55.00 to $65.00 and gave the stock an “underweight” rating in a report on Thursday, September 19th. Finally, Evercore ISI increased their price target on CarMax from $76.00 to $79.00 and gave the stock an “in-line” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, CarMax presently has a consensus rating of “Hold” and an average target price of $79.73.

CarMax Price Performance

NYSE KMX opened at $84.56 on Thursday. CarMax, Inc. has a 12-month low of $62.90 and a 12-month high of $88.22. The firm’s 50 day moving average is $75.48 and its 200-day moving average is $76.01. The company has a market capitalization of $13.10 billion, a PE ratio of 31.79, a price-to-earnings-growth ratio of 1.73 and a beta of 1.68. The company has a quick ratio of 0.68, a current ratio of 2.25 and a debt-to-equity ratio of 2.93.

CarMax (NYSE:KMX) last issued its quarterly earnings results on Thursday, September 26th. The company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.01). The business had revenue of $7.01 billion during the quarter, compared to analyst estimates of $6.83 billion. CarMax had a net margin of 1.61% and a return on equity of 6.83%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Equities research analysts anticipate that CarMax, Inc. will post 2.99 earnings per share for the current fiscal year.

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.