Clarkston Capital Partners LLC Lowers Stake in Copart, Inc. $CPRT

Clarkston Capital Partners LLC cut its holdings in Copart, Inc. (NASDAQ:CPRT – Free Report) by 37.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 233,076 shares of the business services provider’s stock after selling 137,014 shares during the quarter. Clarkston Capital Partners LLC’s holdings in Copart were worth $7,738,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CPRT. Norges Bank purchased a new position in shares of Copart during the fourth quarter worth about $569,569,000. Capital World Investors raised its stake in Copart by 25.1% during the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after acquiring an additional 5,555,101 shares during the last quarter. Capital International Investors purchased a new stake in Copart during the 4th quarter valued at approximately $195,637,000. Deutsche Bank AG lifted its position in Copart by 94.0% during the 4th quarter. Deutsche Bank AG now owns 9,955,661 shares of the business services provider’s stock worth $389,764,000 after acquiring an additional 4,823,111 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Copart by 21.7% in the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock valued at $860,618,000 after purchasing an additional 3,918,610 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

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Copart Price Performance

CPRT opened at $27.20 on Friday. The business has a 50 day simple moving average of $30.26 and a 200-day simple moving average of $34.12. The stock has a market capitalization of $25.18 billion, a P/E ratio of 16.89 and a beta of 1.02. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11.

Copart (NASDAQ:CPRT – Get Free Report) last posted its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 earnings per share. Research analysts anticipate that Copart, Inc. will post 1.58 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CPRT. Barclays set a $26.00 target price on Copart and gave the company an “underweight” rating in a report on Tuesday. Freedom Capital raised Copart to a “strong-buy” rating in a report on Friday, June 26th. Weiss Ratings lowered shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group set a $45.00 price objective on shares of Copart in a research report on Friday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Copart presently has an average rating of “Moderate Buy” and a consensus price target of $43.50.

Read Our Latest Stock Analysis on CPRT

About Copart

(Free Report)

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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