Franklin Resources Inc. Sells 431,996 Shares of Copart, Inc. $CPRT

Franklin Resources Inc. trimmed its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 8.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,581,966 shares of the business services provider’s stock after selling 431,996 shares during the quarter. Franklin Resources Inc.’s holdings in Copart were worth $206,051,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CPRT. Mirae Asset Global Investments Co. Ltd. raised its position in Copart by 13.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 371,603 shares of the business services provider’s stock valued at $16,711,000 after purchasing an additional 45,346 shares during the period. California Public Employees Retirement System boosted its holdings in shares of Copart by 89.0% in the 2nd quarter. California Public Employees Retirement System now owns 2,548,275 shares of the business services provider’s stock worth $125,044,000 after purchasing an additional 1,200,035 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Copart by 3.2% in the 3rd quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider’s stock worth $1,806,674,000 after purchasing an additional 1,236,101 shares during the period. Yacktman Asset Management LP bought a new position in shares of Copart during the 3rd quarter valued at approximately $3,382,000. Finally, Comgest Global Investors S.A.S. increased its position in shares of Copart by 7.2% during the 3rd quarter. Comgest Global Investors S.A.S. now owns 3,181,919 shares of the business services provider’s stock valued at $143,091,000 after purchasing an additional 212,520 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Copart Stock Performance

Shares of CPRT stock opened at $33.97 on Friday. The stock has a 50 day moving average price of $38.79 and a 200 day moving average price of $41.58. Copart, Inc. has a 52-week low of $33.81 and a 52-week high of $63.85. The firm has a market capitalization of $32.72 billion, a P/E ratio of 21.23 and a beta of 1.09.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, February 19th. The business services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03). Copart had a net margin of 33.76% and a return on equity of 16.68%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the company earned $0.40 EPS. The business’s revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Copart, Inc. will post 1.57 EPS for the current year.

Analyst Ratings Changes

CPRT has been the subject of a number of analyst reports. Robert W. Baird set a $48.00 price target on Copart and gave the stock an “outperform” rating in a research report on Friday, February 20th. Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. Barclays reissued an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. JPMorgan Chase & Co. lowered their target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Finally, CJS Securities raised shares of Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $44.40.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 25,137 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $40.17, for a total value of $1,009,753.29. Following the transaction, the chief executive officer directly owned 55,970 shares in the company, valued at approximately $2,248,314.90. This represents a 30.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 9.60% of the company’s stock.

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.