PCM Encore LLC Takes Position in Copart, Inc. $CPRT

PCM Encore LLC purchased a new stake in shares of Copart, Inc. (NASDAQ:CPRT) in the 2nd quarter, Holdings Channel reports. The fund purchased 18,785 shares of the business services provider’s stock, valued at approximately $530,000.

Other hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its stake in Copart by 14.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider’s stock valued at $11,076,000 after acquiring an additional 41,060 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of Copart by 6.4% during the 2nd quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider’s stock valued at $16,307,000 after acquiring an additional 34,855 shares during the last quarter. Mill Capital Management LLC bought a new stake in shares of Copart in the second quarter worth approximately $12,711,000. Focus Partners Advisor Solutions LLC bought a new stake in shares of Copart in the second quarter worth approximately $1,298,000. Finally, ABN Amro Investment Solutions raised its holdings in shares of Copart by 82.5% during the fourth quarter. ABN Amro Investment Solutions now owns 199,794 shares of the business services provider’s stock valued at $7,822,000 after purchasing an additional 90,339 shares during the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the sale, the chief executive officer owned 99,641 shares in the company, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 9.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CPRT shares. Stephens restated an “equal weight” rating and set a $35.00 price objective on shares of Copart in a research report on Thursday. Weiss Ratings reissued a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Zacks Research lowered shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Finally, Barclays set a $26.00 price objective on shares of Copart and gave the stock an “underweight” rating in a research note on Tuesday, July 21st. Three analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.67.

Copart Price Performance

NASDAQ:CPRT opened at $34.33 on Friday. The firm has a market capitalization of $31.78 billion, a price-to-earnings ratio of 21.32 and a beta of 1.01. Copart, Inc. has a one year low of $26.81 and a one year high of $50.11. The business has a fifty day moving average price of $29.43 and a 200-day moving average price of $32.70.

Copart (NASDAQ:CPRT) last released its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.Copart’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 earnings per share. On average, equities research analysts expect that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

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.