Bank of New York Mellon Corp Reduces Holdings in Copart, Inc. $CPRT

Bank of New York Mellon Corp cut its holdings in Copart, Inc. (NASDAQ:CPRT) by 0.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 18,860,229 shares of the business services provider’s stock after selling 21,631 shares during the period. Bank of New York Mellon Corp owned about 1.95% of Copart worth $925,471,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Copart by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider’s stock valued at $5,900,295,000 after buying an additional 2,134,890 shares during the period. JPMorgan Chase & Co. boosted its stake in Copart by 15.9% during the 1st quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider’s stock valued at $868,417,000 after purchasing an additional 2,106,656 shares during the period. Invesco Ltd. boosted its stake in Copart by 7.5% during the 1st quarter. Invesco Ltd. now owns 9,490,237 shares of the business services provider’s stock valued at $537,052,000 after purchasing an additional 658,329 shares during the period. Amundi boosted its stake in Copart by 32.5% during the 1st quarter. Amundi now owns 9,380,026 shares of the business services provider’s stock valued at $531,256,000 after purchasing an additional 2,299,192 shares during the period. Finally, Northern Trust Corp boosted its stake in Copart by 0.7% during the 1st quarter. Northern Trust Corp now owns 8,927,156 shares of the business services provider’s stock valued at $505,188,000 after purchasing an additional 61,855 shares during the period. 85.78% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 24,283 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $44.79, for a total value of $1,087,635.57. Following the completion of the sale, the chief executive officer owned 31,332 shares in the company, valued at $1,403,360.28. This represents a 43.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas N. Tryforos sold 228,840 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.54, for a total transaction of $10,879,053.60. The disclosure for this sale is available in the SEC filing. 9.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CPRT has been the subject of a number of analyst reports. Stephens reduced their target price on shares of Copart from $50.00 to $46.00 and set an “equal weight” rating for the company in a research note on Friday, September 5th. HSBC set a $62.00 price target on shares of Copart and gave the stock a “buy” rating in a research note on Thursday, September 4th. Hsbc Global Res raised shares of Copart from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 4th. Robert W. Baird reduced their price target on shares of Copart from $64.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, July 17th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Copart in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.50.

Copart Stock Performance

Shares of NASDAQ:CPRT opened at $43.01 on Monday. The company has a market cap of $41.63 billion, a PE ratio of 26.88 and a beta of 1.03. Copart, Inc. has a 52 week low of $41.96 and a 52 week high of $64.38. The firm has a 50 day simple moving average of $45.93 and a 200 day simple moving average of $49.81.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.37 by $0.04. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.14 billion. Copart had a net margin of 33.41% and a return on equity of 18.17%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. On average, equities analysts predict that Copart, Inc. will post 1.57 earnings per share for the current year.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.