Intech Investment Management LLC Cuts Holdings in Copart, Inc. $CPRT

Intech Investment Management LLC trimmed its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 79.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 88,487 shares of the business services provider’s stock after selling 342,786 shares during the quarter. Intech Investment Management LLC’s holdings in Copart were worth $3,464,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Copart by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider’s stock valued at $4,901,310,000 after purchasing an additional 2,581,784 shares during the last quarter. State Street Corp boosted its stake in Copart by 1.8% during the 3rd quarter. State Street Corp now owns 37,062,931 shares of the business services provider’s stock valued at $1,666,720,000 after purchasing an additional 656,428 shares during the last quarter. Geode Capital Management LLC boosted its stake in Copart by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock valued at $906,836,000 after purchasing an additional 131,703 shares during the last quarter. Invesco Ltd. boosted its stake in Copart by 7.6% during the 3rd quarter. Invesco Ltd. now owns 10,931,871 shares of the business services provider’s stock valued at $491,606,000 after purchasing an additional 771,573 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Copart by 1.1% during the 3rd quarter. Northern Trust Corp now owns 8,931,216 shares of the business services provider’s stock valued at $401,637,000 after purchasing an additional 97,411 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 related news, CEO Jeffrey Liaw sold 26,213 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total value of $869,747.34. Following the transaction, the chief executive officer directly owned 79,532 shares of the company’s stock, valued at approximately $2,638,871.76. This trade represents a 24.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.60% of the company’s stock.

Wall Street Analysts Forecast Growth

CPRT has been the topic of a number of research reports. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Zacks Research upgraded Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Barclays restated an “underweight” rating and issued a $32.00 price target (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Robert W. Baird set a $48.00 price target on Copart and gave the stock an “outperform” rating in a research note on Friday, February 20th. Finally, Weiss Ratings downgraded Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $44.50.

Copart Stock Performance

Shares of Copart stock opened at $32.32 on Tuesday. Copart, Inc. has a one year low of $31.95 and a one year high of $51.40. The stock’s fifty day moving average is $33.22 and its 200 day moving average is $36.82. The stock has a market cap of $31.13 billion, a P/E ratio of 20.07 and a beta of 1.02.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the firm earned $0.42 EPS. Copart’s revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts predict that Copart, Inc. will post 1.58 EPS for the current 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.