CARMAX INC KMX
COM · Common Stock · CUSIP 143130102 · ISIN US1431301027
US-based used car retailer
- SectorConsumer discretionary
- IndustryRetail-Auto Dealers & Gasoline Stations
- HeadquartersRichmond, VA
- Founded1993
- Websitecarmax.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($19.4m this quarter). Holder counts are more reliable. Shares outstanding: 158.1m as of 2023-04-11, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $64.36. Options: 24 managers hold calls ($260.6m notional), 39 hold puts ($807.2m).
Trends to Q1 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 640 |
| Q4 2022 | 658 |
| Q1 2023 | 673 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 326 | 299 |
| Q1 2023 | 348 | 281 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2022 | $196.5m | $235.1m | 1.20 |
| Q4 2022 | $294.4m | $411.8m | 1.40 |
| Q1 2023 | $260.6m | $807.2m | 3.10 |
Biggest buyers
| GOLDMAN SACHS GROUP INC | Added | +803.5k |
| Avalon Investment & Advisory | New | +731.7k |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | New | +726.0k |
| Dorsal Capital Management, LP | New | +700.0k |
| TWO SIGMA INVESTMENTS, LP | Added | +418.1k |
| Ninety One UK Ltd | New | +408.1k |
| CITADEL ADVISORS LLC | Added | +399.2k |
| Madison Asset Management, LLC | Added | +325.2k |
| Aureus Asset Management, LLC | New | +243.1k |
| TUDOR INVESTMENT CORP ET AL | Added | +216.6k |
Biggest sellers
| Capital Research Global Investors | Reduced | -2.4m |
| AKRE CAPITAL MANAGEMENT LLC | Reduced | -2.2m |
| JPMORGAN CHASE & CO | Reduced | -940.7k |
| DAVENPORT & Co LLC | Reduced | -681.4k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -297.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Sold out | -235.1k |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -179.9k |
| Schonfeld Strategic Advisors LLC | Sold out | -176.6k |
| DEUTSCHE BANK AG\ | Reduced | -173.4k |
| Ararat Capital Management LP | Sold out | -172.3k |
Biggest calls
| CITADEL ADVISORS LLC | Reduced | $76.9m1.2m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $52.3m813.3k shares |
| SIMPLEX TRADING, LLC | Added | $28.2m438.3k shares |
| Walleye Trading LLC | Added | $21.0m326.0k shares |
| JANE STREET GROUP, LLC | Reduced | $17.8m277.2k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $16.8m261.6k shares |
| IMC-Chicago, LLC | Reduced | $10.6m164.4k shares |
| D. E. Shaw & Co., Inc. | Added | $9.6m150.1k shares |
| Cubist Systematic Strategies, LLC | Added | $6.3m97.3k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $6.2m96.1k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $175.0m2.7m shares |
| Deer Park Road Corp | Added | $160.7m2.5m shares |
| NOMURA HOLDINGS INC | New | $61.1m950.0k shares |
| CITADEL ADVISORS LLC | Reduced | $54.3m845.2k shares |
| GOLDMAN SACHS GROUP INC | Reduced | $37.0m575.0k shares |
| JANE STREET GROUP, LLC | Reduced | $35.4m551.2k shares |
| SIMPLEX TRADING, LLC | Added | $34.1m529.8k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $33.4m519.4k shares |
| Freshford Capital Management, LLC | New | $28.9m450.0k shares |
| UBS Group AG | New | $25.5m396.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +4.9 pts · filed 2025-11-06 | 11.4% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.2% |
Fell to 5% or below in the last year: AQR CAPITAL MANAGEMENT LLC (4.7%, 2026-08-12), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q1 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2021 | 0 | — | 0 | — | — |
| Q3 2021 | 0 | — | 0 | — | — |
| Q4 2021 | 0 | — | 1 | $2.0m | — |
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 0 | — | 0 | — | — |
| Q3 2022 | 0 | — | 2 | $3.4m | — |
| Q4 2022 | 1 | $501.3k | 0 | — | — |
| Q1 2023 | 0 | — | 0 | — | — |
None reported in Q1 2023.
Holders, Q1 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.03% of their portfolio | 18.0m $1.2bn | Added +186.0k |
| BlackRock Inc. 0.02% of their portfolio | 10.6m $683.5m | Added +184.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.47% of their portfolio | 10.3m $660.7m | Reduced -159.5k |
| Ruane, Cunniff & Goldfarb L.P. 6.44% of their portfolio | 6.1m $394.2m | Reduced -138.3k |
| STATE STREET CORP 0.02% of their portfolio | 6.0m $387.4m | Added +20.7k |
| PRIMECAP MANAGEMENT CO/CA/ 0.33% of their portfolio | 5.9m $381.6m | Reduced -35.2k |
| Capital Research Global Investors 0.10% of their portfolio | 5.6m $357.4m | Reduced -2.4m |
| Diamond Hill Capital Management, LLC (Investment Advisor) 1.61% of their portfolio | 5.4m $344.4m | Reduced -28.2k |
| WELLINGTON MANAGEMENT GROUP LLP 0.07% of their portfolio | 5.1m $328.3m | Reduced -179.9k |
| JANUS HENDERSON GROUP PLC 0.19% of their portfolio | 4.5m $291.9m | Reduced -2.1k |
| Invesco Ltd. 0.06% of their portfolio | 3.5m $223.2m | Added +21.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 3.3m $209.5m | Added +69.2k |
| FIDUCIARY MANAGEMENT INC /WI/ 2.09% of their portfolio | 3.2m $206.3m | Reduced -82.3k |
| AKRE CAPITAL MANAGEMENT LLC 1.75% of their portfolio | 3.1m $199.2m | Reduced -2.2m |
| TURTLE CREEK ASSET MANAGEMENT INC. 6.12% of their portfolio | 3.1m $197.7m | Added +155.7k |
| LONDON CO OF VIRGINIA 0.94% of their portfolio | 2.5m $163.3m | Reduced -6.7k |
| First Pacific Advisors, LP 2.36% of their portfolio | 2.4m $152.2m | Reduced -923 |
| COOKE & BIELER LP 1.47% of their portfolio | 2.3m $150.7m | Reduced -48.2k |
| Baird Financial Group, Inc. 0.33% of their portfolio | 2.1m $132.8m | Added +76.0k |
| DF DENT & CO INC 1.80% of their portfolio | 2.0m $127.5m | Reduced -6.1k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 1.8m $114.9m | Reduced -14.4k |
| NORGES BANK 0.02% of their portfolio | 1.7m $111.2m | Added +91.6k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.6m $103.9m | Added +39.2k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 1.6m $103.2m | Reduced -8.7k |
| BROWN ADVISORY INC 0.16% of their portfolio | 1.5m $95.8m | Reduced -25.1k |
| MORGAN STANLEY 0.01% of their portfolio | 1.5m $93.7m | Reduced -90.5k |
| TIMUCUAN ASSET MANAGEMENT INC/FL 3.84% of their portfolio | 1.4m $91.9m | Added +96.6k |
| Giverny Capital Inc. 5.53% of their portfolio | 1.4m $91.8m | Reduced -7.2k |
| Morningstar Investment Services LLC 1.16% of their portfolio | 1.4m $86.3m | Added +3.0k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.3m $85.5m | Added +803.5k |
| NorthCoast Asset Management LLC 1.32% of their portfolio | 1.2m $76.2m | Added +113.4k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.1m $71.8m | Reduced -29.3k |
| Kiltearn Partners LLP 5.12% of their portfolio | 1.1m $70.9m | Added +133.6k |
| Makaira Partners LLC 8.85% of their portfolio | 1.1m $67.8m | Added +103.3k |
| Madison Asset Management, LLC 0.99% of their portfolio | 1.0m $65.3m | Added +325.2k |
| Broad Run Investment Management, LLC 7.56% of their portfolio | 987.0k $63.4m | Reduced -6.7k |
| Welch & Forbes LLC 1.02% of their portfolio | 938.7k $60.3m | Reduced -19.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 925.2k $59.5m | Added +24.5k |
| ARIEL INVESTMENTS, LLC 0.55% of their portfolio | 897.3k $57.7m | Added +49.8k |
| Fenimore Asset Management Inc 1.50% of their portfolio | 894.6k $57.5m | Added +11.5k |
| Legal & General Group Plc 0.02% of their portfolio | 886.7k $57.0m | Reduced -28.6k |
| BLAIR WILLIAM & CO/IL 0.23% of their portfolio | 877.0k $56.4m | Reduced -120.5k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 840.4k $54.0m | Added +97.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio | 822.2k $52.9m | Added +67.2k |
| WEITZ INVESTMENT MANAGEMENT, INC. 2.95% of their portfolio | 796.0k $51.2m | Reduced -44.5k |
| TWO SIGMA INVESTMENTS, LP 0.15% of their portfolio | 769.2k $49.4m | Added +418.1k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 750.6k $48.2m | Added +18.4k |
| Avalon Investment & Advisory 1.29% of their portfolio | 731.7k $47.0m | New |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 0.89% of their portfolio | 726.0k $46.7m | New |
| SUMMITRY LLC 3.08% of their portfolio | 714.2k $45.9m | Added +15.5k |
| Dorsal Capital Management, LP 1.74% of their portfolio | 700.0k $45.0m | New |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 684.3k $44.0m | Reduced -39.2k |
| CHECK CAPITAL MANAGEMENT INC/CA 3.76% of their portfolio | 638.1k $41.0m | Added +112.0k |
| Swiss National Bank 0.03% of their portfolio | 626.7k $40.3m | Reduced -20.5k |
| CITADEL ADVISORS LLC 0.04% of their portfolio | 618.5k $39.8m | Added +399.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.05% of their portfolio | 589.7k $37.9m | Reduced -297.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 577.9k $37.1m | Reduced -4.4k |
| SCHWERIN BOYLE CAPITAL MANAGEMENT INC 3.62% of their portfolio | 548.5k $35.3m | Added +148.7k |
| Epoch Investment Partners, Inc. 0.20% of their portfolio | 510.5k $32.8m | Added +11.9k |
| Nuveen Asset Management, LLC 0.01% of their portfolio | 478.7k $30.8m | Reduced -18.9k |
| Silver Heights Capital Management Inc 9.78% of their portfolio | 457.9k $29.4m | Added +1.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio | 446.0k $28.7m | Reduced -5.3k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 433.3k $27.9m | Reduced -940.7k |
| NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio | 423.4k $27.2m | Added +6.7k |
| Ninety One UK Ltd 0.08% of their portfolio | 408.1k $26.2m | New |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 400.8k $25.8m | Reduced -173.4k |
| AVENIR CORP 2.33% of their portfolio | 383.5k $24.7m | Reduced -19.6k |
| Immersion Capital LLP 5.95% of their portfolio | 358.7k $23.1m | Added +92.7k |
| Nexus Investment Management ULC 2.45% of their portfolio | 345.8k $22.2m | Added +2.9k |
| WEDGE CAPITAL MANAGEMENT L L P/NC 0.37% of their portfolio | 339.4k $21.8m | Reduced -64.7k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 312.9k $20.1m | Added +2.2k |
| BARR E S & CO 1.66% of their portfolio | 312.0k $20.1m | Reduced -3.7k |
| RAYMOND JAMES & ASSOCIATES 0.02% of their portfolio | 301.5k $19.4m | Reduced -779 |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 291.8k $18.8m | Added +131.9k |
| FMR LLC 0.00% of their portfolio | 276.5k $17.8m | Added +186.6k |
| OPPENHEIMER & CO INC 0.38% of their portfolio | 275.6k $17.7m | Reduced -4.5k |
| Oakview Capital Management, L.P. 7.24% of their portfolio | 268.6k $17.3m | Reduced -3.0k |
| TRUIST FINANCIAL CORP 0.03% of their portfolio | 264.4k $17.0m | Added +4.2k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 259.8k $16.7m | Reduced -3.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio | 254.8k $16.4m | Added +38.5k |
| GREAT LAKES ADVISORS, LLC 0.15% of their portfolio | 251.5k $16.2m | Reduced -18.4k |
| EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 2.34% of their portfolio | 250.7k $16.1m | Added +37.6k |
| CREDIT SUISSE AG/ 0.02% of their portfolio | 249.5k $16.0m | Added +4.9k |
| Courant Investment Management LLC 17.59% of their portfolio | 247.5k $15.9m | Unchanged |
| California Public Employees Retirement System 0.01% of their portfolio | 246.3k $15.8m | Reduced -50.4k |
| Aureus Asset Management, LLC 1.24% of their portfolio | 243.1k $15.6m | New |
| TUDOR INVESTMENT CORP ET AL 0.29% of their portfolio | 235.3k $15.1m | Added +216.6k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 234.5k $15.1m | Reduced -15.8k |
| Vancity Investment Management Ltd 2.09% of their portfolio | 232.1k $14.9m | Added +6.3k |
| FAIRVIEW CAPITAL INVESTMENT MANAGEMENT, LLC 0.95% of their portfolio | 227.3k $14.6m | Added +84.5k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 224.3k $14.4m | Added +13.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 219.7k $14.1m | Reduced -75.6k |
| STIFEL FINANCIAL CORP 0.02% of their portfolio | 218.3k $14.0m | Added +25.6k |
| Amundi 0.01% of their portfolio | 215.4k $13.4m | Added +89.1k |
| UBS Group AG 0.01% of their portfolio | 210.9k $13.6m | Added +137.3k |
| Squarepoint Ops LLC 0.09% of their portfolio | 206.7k $13.3m | Added +76.8k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 203.8k $13.1m | Added +1.0k |
| MML INVESTORS SERVICES, LLC 0.09% of their portfolio | 197.5k $12.7m | Reduced -6.9k |
| Raymond James Financial Services Advisors, Inc. 0.02% of their portfolio | 196.3k $12.6m | Added +1.6k |
| CLIFFORD SWAN INVESTMENT COUNSEL LLC 0.51% of their portfolio | 191.2k $12.3m | Added +13.4k |