Copart Inc. (CPRT) Issues Earnings Results, Beats Estimates By $0.04 EPS
Copart Inc. (NASDAQ:CPRT) released its quarterly earnings results on Tuesday. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. Copart had a net margin of 19.93% and a return on equity of 28.32%. The company earned $332.70 million during the quarter, compared to the consensus estimate of $317.74 million. During the same period in the previous year, the business earned $0.41 earnings per share. The firm’s quarterly revenue was up 17.9% on a year-over-year basis.
Shares of Copart (NASDAQ:CPRT) traded up 1.32% on Tuesday, reaching $51.41. 833,893 shares of the company’s stock traded hands. Copart has a one year low of $32.26 and a one year high of $53.70. The company’s 50-day moving average price is $51.05 and its 200 day moving average price is $46.70. The firm has a market cap of $5.62 billion, a P/E ratio of 26.40 and a beta of 0.99.
In other Copart news, SVP Paul A. Styer sold 7,640 shares of the company’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $49.26, for a total value of $376,346.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Robert H. Vannuccini sold 12,577 shares of the company’s stock in a transaction dated Thursday, July 14th. The stock was sold at an average price of $49.96, for a total transaction of $628,346.92. Following the completion of the sale, the senior vice president now directly owns 9,703 shares of the company’s stock, valued at $484,761.88. The disclosure for this sale can be found here. 19.40% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the company. Raymond James & Associates increased its stake in shares of Copart by 2.1% in the second quarter. Raymond James & Associates now owns 109,998 shares of the company’s stock worth $5,391,000 after buying an additional 2,313 shares during the last quarter. Teachers Advisors Inc. increased its position in Copart by 11.7% in the second quarter. Teachers Advisors Inc. now owns 198,870 shares of the company’s stock worth $9,747,000 after buying an additional 20,816 shares in the last quarter. FMR LLC increased its position in Copart by 31.5% in the second quarter. FMR LLC now owns 873,009 shares of the company’s stock worth $42,787,000 after buying an additional 208,954 shares in the last quarter. Credit Suisse AG increased its position in Copart by 79.1% in the second quarter. Credit Suisse AG now owns 206,065 shares of the company’s stock worth $10,099,000 after buying an additional 90,998 shares in the last quarter. Finally, Martingale Asset Management L P bought a new position in Copart during the second quarter worth $3,496,000. 83.65% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on CPRT shares. Zacks Investment Research upgraded shares of Copart from a “hold” rating to a “strong-buy” rating and set a $58.00 price target for the company in a research report on Wednesday, August 3rd. Northcoast Research downgraded shares of Copart from a “buy” rating to a “neutral” rating in a research report on Thursday, August 25th. Jefferies Group reiterated a “hold” rating on shares of Copart in a research report on Thursday, August 4th. Susquehanna started coverage on shares of Copart in a research report on Thursday, August 25th. They issued a “neutral” rating and a $53.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on shares of Copart from $43.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, May 27th. Eight research analysts have rated the stock with a hold rating, Copart has a consensus rating of “Hold” and an average price target of $52.00.
Copart, Inc is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3).
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