Park State Asset Management Takes Position in Copart, Inc. $CPRT

Park State Asset Management purchased a new stake in Copart, Inc. (NASDAQ:CPRT) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 120,925 shares of the business services provider’s stock, valued at approximately $3,409,000. Copart comprises about 3.3% of Park State Asset Management’s portfolio, making the stock its 12th largest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CPRT. Janney Montgomery Scott LLC boosted its position in shares of Copart by 14.0% in the first quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider’s stock worth $11,076,000 after acquiring an additional 41,060 shares during the last quarter. Handelsbanken Fonder AB increased its position in Copart by 6.4% during the second quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider’s stock worth $16,307,000 after purchasing an additional 34,855 shares during the last quarter. Mill Capital Management LLC acquired a new position in Copart during the second quarter worth approximately $12,711,000. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Copart during the 2nd quarter worth $1,298,000. Finally, ABN Amro Investment Solutions raised its holdings in shares of Copart by 82.5% in the 4th quarter. ABN Amro Investment Solutions now owns 199,794 shares of the business services provider’s stock worth $7,822,000 after purchasing an additional 90,339 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Stock Performance

Shares of NASDAQ CPRT opened at $31.51 on Wednesday. Copart, Inc. has a 1 year low of $26.81 and a 1 year high of $50.11. The stock’s 50-day simple moving average is $29.32 and its 200-day simple moving average is $32.79. The firm has a market cap of $29.17 billion, a price-to-earnings ratio of 19.57 and a beta of 1.01.

Copart (NASDAQ:CPRT) last released its earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.The business’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 EPS. As a group, research analysts predict that Copart, Inc. will post 1.58 EPS for the current year.

Insider Transactions at Copart

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Freedom Capital raised Copart to a “strong-buy” rating in a research note on Friday, June 26th. Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Barclays set a $26.00 price target on shares of Copart and gave the company an “underweight” rating in a report on Tuesday, July 21st. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research report on Friday, May 22nd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a research note on Wednesday, July 29th. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $43.50.

About Copart

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.