CarMax, Inc. (NYSE: KMX) is the largest used-vehicle retailer in the United States, operating a nationwide omni-channel platform that combines physical dealerships with online vehicle sales and in-house financing. Shares recently traded around $39 per share, giving CarMax a market value of roughly $5.5B.
After a sharp stock decline over the past year, CarMax is navigating a period of earnings pressure and elevated leverage. Looking at who owns the stock and how insiders have traded recently helps show how large investors and company leadership may be positioning at current price levels.
Who Are CarMax’s Top Shareholders?
CarMax’s shareholder base is led by major institutional investors. These firms tend to hold through market cycles, which can help stabilize long-term ownership even as active managers adjust exposure.
- The Vanguard Group: 16,855,158 shares (11.78%), ~$648.1M value. Cut 668,141 shares (-3.81%).
- BlackRock Institutional Trust Company: 7,821,489 shares (5.47%), ~$300.7M value. Added 239,673 shares (+3.16%).
- State Street Investment Management: 5,541,586 shares (3.87%), ~$213.1M value. Cut 127,145 shares (-2.24%).
- Janus Henderson Investors: 4,875,229 shares (3.41%), ~$187.5M value. Added 46,760 shares (+0.97%).
- Diamond Hill Capital Management: 4,833,319 shares (3.38%), ~$185.8M value. Cut 2,128,619 shares (-30.58%).
- PRIMECAP Management: 4,560,371 shares (3.19%), ~$175.3M value. Cut 177,540 shares (-3.75%).
- Dimensional Fund Advisors: 3,685,201 shares (2.58%), ~$141.7M value. Added 918,553 shares (+33.20%).
- Arrowstreet Capital: 3,522,923 shares (2.46%), ~$135.5M value. Added 1,494,205 shares (+73.65%).
Ownership trends show a split picture, with some long-term holders trimming exposure while quantitative and factor-driven funds are adding, and for investors, this suggests disagreement around whether CarMax’s current valuation fully reflects near-term earnings pressure and balance sheet risk.
Hedge Fund Highlights
One notable move last quarter came from Winton Group, founded by David Harding, which increased its CarMax position by roughly 199%, adding about 16,600 shares. The firm now holds approximately $1.1M value, which may suggest it sees improving risk-reward after the recent selloff.
Eventide Asset Management, led by Finny Kuruvilla, also meaningfully raised exposure, boosting its CarMax stake by about 106% to roughly $455k value. While still a small position, the increase appears deliberate and may reflect selective optimism around valuation.
BlackRock, founded by Larry Fink, continued to build its already large position, increasing CarMax holdings by roughly 46% to about 16.8M shares, worth approximately $702M value. Given BlackRock’s scale, this appears to be a measured portfolio adjustment rather than an aggressive directional bet.
Dimensional Fund Advisors, co-founded by David Booth, added steadily as well, raising its stake by about 33% and adding over 900,000 shares to reach a position valued near $165M value. For investors, hedge fund activity overall looks opportunistic rather than conviction-driven.
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CarMax’s Recent Insider Trades
Insider trades can provide context on how executives and directors may be managing personal exposure, though signals should be interpreted carefully.
- Mark F. O’Neil (Director): Bought ~$499k worth of stock, 10,816 shares at ~$46.21.
- Mitchell D. Steenrod (Director): Bought ~$91k worth of stock, 2,000 shares at ~$45.57.
- Jon G. Daniels (Officer): Sold ~$109k worth of stock, 1,540 shares at ~$70.64.
- John M. Stuckey III (Officer): Sold small amounts across multiple trades totaling under $15k.
- Multiple directors: Received 2,753 shares each at $0, which appears compensation-related.
Insider activity appears mixed, with a couple of notable director purchases alongside mostly small sales and equity awards, and for investors, this suggests leadership is neither aggressively accumulating nor meaningfully exiting at current price levels.
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What the Ownership & Insider Trade Data Tell Us
CarMax’s shareholder base remains anchored by large institutions, providing stability even as fundamentals remain under pressure. Hedge fund positioning shows disagreement around valuation, while insider activity appears cautious and measured.
For investors, the takeaway is that CarMax is being actively repositioned rather than abandoned, and future stock performance will likely depend more on earnings stabilization and balance sheet progress than on shifts in institutional ownership alone.
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