Kimelman & Baird LLC Sells 27,719 Shares of Copart, Inc. $CPRT

Kimelman & Baird LLC lessened its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 2.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,205,387 shares of the business services provider’s stock after selling 27,719 shares during the quarter. Copart comprises about 2.3% of Kimelman & Baird LLC’s holdings, making the stock its 17th biggest holding. Kimelman & Baird LLC owned about 0.13% of Copart worth $32,883,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Copart in the second quarter valued at approximately $1,908,980,000. Bank of New York Mellon Corp acquired a new stake in Copart during the 2nd quarter worth approximately $488,663,000. Deutsche Bank AG acquired a new stake in Copart during the 2nd quarter worth approximately $436,413,000. Bank of America Corp DE lifted its holdings in Copart by 28.7% during the 1st quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider’s stock worth $322,256,000 after buying an additional 2,165,708 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in Copart by 97.9% in the 2nd quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider’s stock valued at $255,381,000 after buying an additional 4,482,226 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CPRT. Freedom Broker dropped their price target on shares of Copart from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, September 14th. Deutsche Bank Aktiengesellschaft set a $40.00 price objective on Copart in a research note on Thursday, September 3rd. Barclays set a $25.00 price objective on Copart and gave the company an “underweight” rating in a research note on Wednesday, August 26th. Stephens reiterated an “equal weight” rating and issued a $35.00 target price on shares of Copart in a report on Thursday, August 20th. Finally, HSBC cut Copart from a “buy” rating to a “hold” rating and lowered their target price for the stock from $46.00 to $36.00 in a research note on Wednesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.90.

Copart Stock Down 1.6%

Shares of NASDAQ:CPRT opened at $31.95 on Friday. The firm’s 50 day moving average price is $29.45 and its 200 day moving average price is $32.22. The stock has a market cap of $29.60 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 1.56 and a beta of 1.01. Copart, Inc. has a fifty-two week low of $25.72 and a fifty-two week high of $42.05.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). Copart had a return on equity of 15.93% and a net margin of 31.81%. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm earned $0.41 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. On average, equities analysts anticipate that Copart, Inc. will post 1.63 EPS for the current year.

Insider Buying and Selling at Copart

In other news, Director Diane Morefield sold 20,000 shares of the firm’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $27.66, for a total value of $553,200.00. Following the sale, the director directly owned 50,000 shares in the company, valued at approximately $1,383,000. This trade represents a 28.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.60% of the company’s stock.

Copart Profile

Copart, Inc operates an online vehicle auction and remarketing business. Its platform connects sellers with buyers of used and damaged vehicles, including cars, trucks, motorcycles and other equipment.

The company serves insurance companies, vehicle dealers, rental and fleet operators, financial institutions and other businesses, as well as individual buyers. Its services include online auctions, vehicle storage, title processing and support with vehicle transportation.

Founded in 1982 by Willis Johnson, Copart has expanded from its origins in the United States to serve customers in multiple countries, including markets in North America, Europe and the Middle East.