Mirae Asset Global Investments Co. Ltd. Trims Holdings in Copart, Inc. $CPRT

Mirae Asset Global Investments Co. Ltd. trimmed its position in Copart, Inc. (NASDAQ:CPRT) by 5.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 326,257 shares of the business services provider’s stock after selling 17,943 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Copart were worth $16,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sowell Financial Services LLC bought a new position in Copart in the 1st quarter worth approximately $604,000. GC Wealth Management RIA LLC bought a new position in Copart in the 2nd quarter worth approximately $219,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Copart by 52.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 23,862 shares of the business services provider’s stock valued at $1,350,000 after acquiring an additional 8,181 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of Copart by 53.3% during the 1st quarter. Handelsbanken Fonder AB now owns 854,336 shares of the business services provider’s stock valued at $48,347,000 after acquiring an additional 297,210 shares during the last quarter. Finally, Private Trust Co. NA boosted its position in shares of Copart by 16.5% during the 1st quarter. Private Trust Co. NA now owns 4,142 shares of the business services provider’s stock valued at $234,000 after acquiring an additional 586 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Stock Performance

Shares of NASDAQ CPRT opened at $45.11 on Friday. Copart, Inc. has a fifty-two week low of $44.23 and a fifty-two week high of $64.38. The company has a market cap of $43.65 billion, a PE ratio of 28.19 and a beta of 1.03. The business has a 50-day simple moving average of $46.97 and a two-hundred day simple moving average of $51.62.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. Copart had a return on equity of 18.17% and a net margin of 33.41%.The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business posted $0.33 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, sell-side analysts predict that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Hsbc Global Res upgraded Copart from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 4th. HSBC set a $62.00 target price on Copart and gave the company a “buy” rating in a research report on Thursday, September 4th. Stephens decreased their price target on Copart from $50.00 to $46.00 and set an “equal weight” rating on the stock in a report on Friday, September 5th. Robert W. Baird decreased their price target on Copart from $64.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, July 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Copart in a report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Copart has a consensus rating of “Moderate Buy” and an average target price of $54.50.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total value of $1,118,405.84. Following the completion of the sale, the chief executive officer directly owned 31,527 shares in the company, valued at $1,463,798.61. The trade was a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas N. Tryforos sold 228,840 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $47.54, for a total value of $10,879,053.60. The disclosure for this sale can be found here. 9.68% of the stock is currently owned by company insiders.

Copart 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 on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.