Weak Results Dragged CarMax (KMX) Stock in Q4
Madison Funds, managed by Madison Investment Management, released its “Madison Mid Cap Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased by 9.6% compared to a 9.2% increase in the Russell Midcap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Madison Funds highlighted stocks like CarMax, Inc. (NYSE:KMX) in its Q4 2022 investor letter. Based in Richmond, Virginia, CarMax, Inc. (NYSE:KMX) is a US-based used vehicle retailer. On January 13, 2023, CarMax, Inc. (NYSE:KMX) stock closed at $65.00 per share. One-month return of CarMax, Inc. (NYSE:KMX) was 5.79%, and its shares lost 42.68% of their value over the last 52 weeks. CarMax, Inc. (NYSE:KMX) has a market capitalization of $10.272 billion.
Madison Funds made the following comment about CarMax, Inc. (NYSE:KMX) in its fourth-quarter 2022 investor letter:
"The bottom five detractors for the quarter were Carlisle Companies, Brown & Brown, Brookfield, CarMax, Inc. (NYSE:KMX), and Armstrong World Industries. Finally, CarMax was down following weak results that reflected declining earnings, given a drop in used car market demand and accompanying operating deleverage."
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CarMax, Inc. (NYSE:KMX) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 25 hedge fund portfolios held CarMax, Inc. (NYSE:KMX) at the end of the third quarter, which was 28 in the previous quarter.
We discussed CarMax, Inc. (NYSE:KMX) in another article and shared Weitz Investment Managements' views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
