PNC Financial Services Group Inc. Buys 33,824 Shares of Copart, Inc. $CPRT

PNC Financial Services Group Inc. increased its stake in Copart, Inc. (NASDAQ:CPRT) by 11.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 318,579 shares of the business services provider’s stock after acquiring an additional 33,824 shares during the period. PNC Financial Services Group Inc.’s holdings in Copart were worth $10,577,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Lodestone Wealth Management LLC bought a new stake in Copart during the fourth quarter worth about $25,000. Cache Advisors LLC bought a new position in shares of Copart during the 1st quarter valued at about $31,000. Reflection Asset Management bought a new position in shares of Copart during the 4th quarter valued at about $34,000. Triumph Capital Management raised its holdings in shares of Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock valued at $40,000 after buying an additional 823 shares in the last quarter. Finally, SJS Investment Consulting Inc. raised its holdings in shares of Copart by 129.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,350 shares of the business services provider’s stock valued at $45,000 after buying an additional 761 shares in the last quarter. Institutional investors own 85.78% of the company’s stock.

Copart Trading Up 2.7%

NASDAQ CPRT opened at $27.94 on Friday. Copart, Inc. has a 1-year low of $26.81 and a 1-year high of $50.11. The stock has a 50-day moving average of $30.17 and a 200-day moving average of $34.07. The firm has a market cap of $25.87 billion, a PE ratio of 17.35 and a beta of 1.02.

Copart (NASDAQ:CPRT) last issued 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. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Copart’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.42 EPS. As a group, equities research analysts forecast that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CPRT has been the subject of a number of recent research reports. Jefferies Financial Group set a $45.00 target price on Copart in a research report on Friday, May 22nd. Weiss Ratings cut shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a report on Friday, June 26th. Finally, Barclays set a $26.00 price objective on shares of Copart and gave the company an “underweight” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.50.

Copart Company 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.