Gabelli Weighs in on Copart, Inc.’s FY2020 Earnings (CPRT)
Copart, Inc. (NASDAQ:CPRT) – Equities research analysts at Gabelli lifted their FY2020 earnings estimates for shares of Copart in a research report issued to clients and investors on Thursday, September 20th. Gabelli analyst M. Paige now anticipates that the business services provider will post earnings per share of $2.55 for the year, up from their prior forecast of $2.15. Gabelli has a “Buy” rating on the stock. Gabelli also issued estimates for Copart’s FY2021 earnings at $2.95 EPS and FY2022 earnings at $3.50 EPS.
Several other brokerages also recently commented on CPRT. Barrington Research reissued a “hold” rating on shares of Copart in a research note on Tuesday, September 18th. Zacks Investment Research raised shares of Copart from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, July 17th. JPMorgan Chase & Co. downgraded shares of Copart from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $48.00 to $47.00 in a research note on Friday. Finally, BidaskClub raised shares of Copart from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $53.50.
Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Wednesday, September 19th. The business services provider reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.06). The firm had revenue of $449.20 million for the quarter, compared to analyst estimates of $448.64 million. Copart had a return on equity of 29.92% and a net margin of 23.14%. The business’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.35 EPS.
In related news, insider William E. Franklin sold 90,000 shares of the stock in a transaction that occurred on Thursday, July 12th. The shares were sold at an average price of $58.94, for a total value of $5,304,600.00. Following the completion of the transaction, the insider now owns 107,462 shares of the company’s stock, valued at approximately $6,333,810.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 16.40% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Copart by 4.7% during the first quarter. BlackRock Inc. now owns 17,080,908 shares of the business services provider’s stock valued at $869,932,000 after acquiring an additional 760,714 shares during the last quarter. FMR LLC raised its stake in shares of Copart by 27.3% during the second quarter. FMR LLC now owns 6,625,549 shares of the business services provider’s stock valued at $374,741,000 after acquiring an additional 1,420,739 shares during the last quarter. Northern Trust Corp raised its stake in shares of Copart by 35.1% during the second quarter. Northern Trust Corp now owns 2,119,824 shares of the business services provider’s stock valued at $119,897,000 after acquiring an additional 551,294 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Copart by 1.2% during the second quarter. Bank of America Corp DE now owns 1,441,175 shares of the business services provider’s stock valued at $81,512,000 after acquiring an additional 16,905 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Copart by 6.8% during the second quarter. Janus Henderson Group PLC now owns 1,355,709 shares of the business services provider’s stock valued at $76,679,000 after acquiring an additional 86,514 shares during the last quarter. 83.10% of the stock is owned by hedge funds and other institutional investors.
Copart Company Profile
Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology to vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as for individual owners.
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