Prescott Group Capital Management L.L.C. boosted its stake in Copart, Inc. (NASDAQ:CPRT – Free Report) by 679.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,081 shares of the business services provider’s stock after acquiring an additional 50,632 shares during the period. Prescott Group Capital Management L.L.C.’s holdings in Copart were worth $2,274,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Copart by 2.4% in the third quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider’s stock valued at $4,901,310,000 after buying an additional 2,581,784 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Copart by 3.2% in the third quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider’s stock valued at $1,806,674,000 after buying an additional 1,236,101 shares during the last quarter. State Street Corp raised its holdings in shares of Copart by 1.8% in the third quarter. State Street Corp now owns 37,062,931 shares of the business services provider’s stock valued at $1,666,720,000 after buying an additional 656,428 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Copart by 7.6% in the third quarter. Invesco Ltd. now owns 10,931,871 shares of the business services provider’s stock valued at $491,606,000 after buying an additional 771,573 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Copart by 1.1% in the third quarter. Northern Trust Corp now owns 8,931,216 shares of the business services provider’s stock valued at $401,637,000 after buying an additional 97,411 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have recently commented on the stock. Barclays reaffirmed an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Weiss Ratings cut shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Robert W. Baird set a $48.00 target price on shares of Copart and gave the company an “outperform” rating in a report on Friday, February 20th. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $44.40.
Insider Transactions at Copart
In related news, CEO Jeffrey Liaw sold 26,213 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the completion of the transaction, the chief executive officer directly owned 79,532 shares of the company’s stock, valued at $2,638,871.76. This represents a 24.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 9.60% of the stock is owned by corporate insiders.
Copart Stock Down 0.2%
NASDAQ CPRT opened at $33.04 on Thursday. The stock has a market capitalization of $31.83 billion, a P/E ratio of 20.65 and a beta of 1.02. Copart, Inc. has a 52-week low of $32.20 and a 52-week high of $61.66. The firm has a 50-day moving average price of $33.35 and a 200 day moving average price of $37.29.
Copart (NASDAQ:CPRT – Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.03). The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Copart had a return on equity of 16.68% and a net margin of 33.76%.The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 earnings per share. On average, equities research analysts expect that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.
Copart Profile
Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.
Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.
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