OLD National Bancorp IN Decreases Holdings in Copart, Inc. $CPRT

OLD National Bancorp IN cut its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 13.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 609,368 shares of the business services provider’s stock after selling 91,224 shares during the quarter. Copart makes up about 0.5% of OLD National Bancorp IN’s holdings, making the stock its 27th largest holding. OLD National Bancorp IN’s holdings in Copart were worth $29,902,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CPRT. Nuveen LLC bought a new position in Copart in the 1st quarter worth $267,723,000. Fiera Capital Corp raised its holdings in Copart by 195.6% in the 1st quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider’s stock worth $225,942,000 after purchasing an additional 2,642,100 shares during the period. PineStone Asset Management Inc. raised its holdings in Copart by 56.4% in the 2nd quarter. PineStone Asset Management Inc. now owns 6,407,471 shares of the business services provider’s stock worth $314,415,000 after purchasing an additional 2,310,067 shares during the period. Amundi raised its holdings in Copart by 32.5% in the 1st quarter. Amundi now owns 9,380,026 shares of the business services provider’s stock worth $531,256,000 after purchasing an additional 2,299,192 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Copart by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider’s stock worth $5,900,295,000 after purchasing an additional 2,134,890 shares during the period. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Copart in a report on Saturday, September 27th. HSBC set a $62.00 price target on Copart and gave the stock a “buy” rating in a research note on Thursday, September 4th. Robert W. Baird cut their price target on Copart from $64.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, July 17th. Stephens cut their price target on Copart from $50.00 to $46.00 and set an “equal weight” rating for the company in a research note on Friday, September 5th. Finally, Hsbc Global Res upgraded Copart from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 4th. 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.50.

Insider Activity

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the business’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the sale, the chief executive officer owned 31,527 shares in the company, valued at approximately $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas N. Tryforos sold 228,840 shares of the business’s stock in a transaction dated 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 insiders.

Copart Trading Up 1.2%

NASDAQ CPRT opened at $45.11 on Friday. The firm’s fifty day simple moving average is $46.97 and its two-hundred day simple moving average is $51.62. Copart, Inc. has a 12-month low of $44.23 and a 12-month high of $64.38. The firm has a market capitalization of $43.65 billion, a P/E ratio of 28.19 and a beta of 1.03.

Copart (NASDAQ:CPRT) last released its quarterly earnings results 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. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.14 billion. Copart had a net margin of 33.41% and a return on equity of 18.17%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 earnings per share. As a group, sell-side analysts predict that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

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