Provident Investment Management Lowers stake in CarMax Inc (KMX)

CarMax Inc (KMX) : Provident Investment Management reduced its stake in CarMax Inc by 3.98% during the most recent quarter end. The investment management company now holds a total of 398,053 shares of CarMax Inc which is valued at $23,552,796 after selling 16,505 shares in CarMax Inc , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.CarMax Inc makes up approximately 4.62% of Provident Investment Management’s portfolio.

Other Hedge Funds, Including , Tci Wealth Advisors boosted its stake in KMX in the latest quarter, The investment management firm added 57 additional shares and now holds a total of 426 shares of CarMax Inc which is valued at $25,206. CarMax Inc makes up approx 0.01% of Tci Wealth Advisors’s portfolio.Aberdeen Asset Management Plcuk reduced its stake in KMX by selling 939 shares or 1.9% in the most recent quarter. The Hedge Fund company now holds 48,585 shares of KMX which is valued at $2,730,477. CarMax Inc makes up approx 0.01% of Aberdeen Asset Management Plcuk’s portfolio.Public Employees Retirement Association Of Colorado reduced its stake in KMX by selling 4,136 shares or 8.95% in the most recent quarter. The Hedge Fund company now holds 42,086 shares of KMX which is valued at $2,451,930. CarMax Inc makes up approx 0.02% of Public Employees Retirement Association Of Colorado’s portfolio.Hedeker Wealth reduced its stake in KMX by selling 23,224 shares or 55.12% in the most recent quarter. The Hedge Fund company now holds 18,911 shares of KMX which is valued at $1,101,755. CarMax Inc makes up approx 0.93% of Hedeker Wealth’s portfolio.

CarMax Inc closed down -1.34 points or -2.23% at $58.82 with 19,90,309 shares getting traded on Wednesday. Post opening the session at $60.08, the shares hit an intraday low of $58.51 and an intraday high of $60.15 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, CarMax Inc reported $0.90 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Jun 21, 2016. Analyst had a consensus of $0.92. The company had revenue of $4126.40 million for the quarter, compared to analysts expectations of $4203.38 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS.

Many Wall Street Analysts have commented on CarMax Inc. Company shares were Reiterated by Wedbush on Aug 18, 2016 to “Neutral”, Firm has raised the Price Target to $ 55 from a previous price target of $44 .

CarMax Inc. (CarMax) is a holding company engaged in providing used vehicles and related products and services. The Company operates through two business 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. The CarMax Sales Operations segment sells used vehicles purchases used vehicles from customers and other sources sells related products and services and arranges financing options for customers. The Company’s CAF segment consists of its own finance operation that provides vehicle financing through CarMax stores. The CAF products and services include retail merchandising wholesale auctions extended protection plans (EPPs) reconditioning and service and customer credit.

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