Clio Asset Management LLC Makes New Investment in Copart, Inc. $CPRT

Clio Asset Management LLC purchased a new position in shares of Copart, Inc. (NASDAQ:CPRT) in the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 105,619 shares of the business services provider’s stock, valued at approximately $3,507,000. Copart comprises approximately 2.9% of Clio Asset Management LLC’s portfolio, making the stock its 15th largest position.

A number of other institutional investors have also made changes to their positions in the stock. State Street Corp boosted its position in Copart by 1.3% during the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock worth $1,470,295,000 after purchasing an additional 492,506 shares during the period. Capital World Investors raised its position in shares of Copart by 25.1% in the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares during the period. Geode Capital Management LLC lifted its stake in shares of Copart by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock worth $906,836,000 after buying an additional 131,703 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Copart by 21.7% in the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock worth $860,618,000 after buying an additional 3,918,610 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Copart during the 4th quarter worth $569,569,000. 85.78% of the stock is owned by institutional investors.

Copart Stock Down 1.2%

Shares of CPRT stock opened at $30.05 on Friday. Copart, Inc. has a 12 month low of $29.41 and a 12 month high of $50.11. The firm has a market cap of $27.82 billion, a PE ratio of 18.66 and a beta of 1.00. The stock has a 50 day moving average of $32.30 and a 200-day moving average of $35.62.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the company posted $0.42 earnings per share. Copart’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities analysts predict that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CPRT. Weiss Ratings lowered shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Jefferies Financial Group set a $45.00 price target on shares of Copart in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $44.50.

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.