Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Copart, Inc. (NASDAQ:CPRT – Free Report) by 5.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,938,126 shares of the business services provider’s stock after selling 111,626 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Copart were worth $52,872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also bought and sold shares of the business. Confluence Investment Management LLC lifted its stake in Copart by 44.2% in the third quarter. Confluence Investment Management LLC now owns 422,532 shares of the business services provider’s stock worth $11,527,000 after purchasing an additional 129,591 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Copart by 6.4% during the second quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider’s stock valued at $16,307,000 after acquiring an additional 34,855 shares in the last quarter. Cohen Capital Management Inc. bought a new stake in Copart in the 3rd quarter worth approximately $1,780,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Copart by 3,034.7% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 200,557 shares of the business services provider’s stock worth $5,471,000 after acquiring an additional 194,159 shares during the last quarter. Finally, Caisse de depot et placement du Quebec bought a new stake in Copart during the 2nd quarter worth approximately $81,534,000. 85.78% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Copart
In related news, Director Diane Morefield sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $27.66, for a total value of $553,200.00. Following the transaction, the director directly owned 50,000 shares of the company’s stock, valued at approximately $1,383,000. This trade represents a 28.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.60% of the company’s stock.
Copart Stock Up 5.0%
Shares of NASDAQ:CPRT opened at $32.62 on Thursday. The company has a 50-day moving average price of $29.47 and a 200 day moving average price of $32.31. The company has a market cap of $30.22 billion, a P/E ratio of 21.05, a PEG ratio of 1.52 and a beta of 1.01. Copart, Inc. has a 52 week low of $25.72 and a 52 week high of $42.95.
Copart (NASDAQ:CPRT – Get Free Report) last posted its earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). Copart had a return on equity of 15.93% and a net margin of 31.81%. The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company posted $0.41 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Analysts expect that Copart, Inc. will post 1.63 EPS for the current year.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the company. Stephens reiterated an “equal weight” rating and issued a $35.00 target price on shares of Copart in a research note on Thursday, August 20th. Barrington Research upgraded Copart from a “market perform” rating to an “outperform” rating and set a $40.00 price objective for the company in a research note on Friday, September 11th. Barclays set a $25.00 target price on shares of Copart and gave the stock an “underweight” rating in a research note on Wednesday, August 26th. Zacks Research upgraded Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, September 7th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a research note on Tuesday, October 27th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Copart currently has a consensus rating of “Moderate Buy” and an average target price of $37.90.
View Our Latest Stock Analysis on Copart
Copart Profile
Copart, Inc is a provider of online vehicle auction and remarketing services. The company operates a digital marketplace that connects vehicle sellers with a broad network of buyers, including licensed dismantlers, rebuilders, used-car dealers, exporters and individual consumers.
Copart primarily sells vehicles that have been damaged, declared total losses by insurers, repossessed, donated or otherwise designated for resale. Its services also include vehicle storage, transportation, towing coordination, title processing, inspection and auction support.
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