Copart Inc. (CPRT) Releases Earnings Results, Beats Expectations By $0.02 EPS
Copart Inc. (NASDAQ:CPRT) posted its quarterly earnings data on Monday. The company reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.02. Copart had a return on equity of 31.42% and a net margin of 21.25%. The company had revenue of $345.99 million for the quarter, compared to the consensus estimate of $326.11 million. During the same quarter in the previous year, the business earned $0.42 EPS. The company’s quarterly revenue was up 19.8% compared to the same quarter last year.
Copart (NASDAQ:CPRT) opened at 56.24 on Tuesday. The stock’s 50 day moving average price is $53.62 and its 200-day moving average price is $50.51. The stock has a market cap of $6.42 billion, a P/E ratio of 25.45 and a beta of 0.95. Copart has a one year low of $32.26 and a one year high of $56.98.
In other Copart news, insider William E. Franklin sold 100,000 shares of the company’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $52.95, for a total transaction of $5,295,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director James E. Meeks sold 26,075 shares of the company’s stock in a transaction on Wednesday, October 12th. The stock was sold at an average price of $54.14, for a total value of $1,411,700.50. Following the transaction, the director now directly owns 26,075 shares in the company, valued at approximately $1,411,700.50. The disclosure for this sale can be found here. Corporate insiders own 17.00% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Salem Investment Counselors Inc. purchased a new position in Copart during the third quarter valued at about $110,000. Advisor Group Inc. purchased a new position in Copart during the second quarter valued at about $143,000. Cutler Group LP increased its position in Copart by 64.6% in the third quarter. Cutler Group LP now owns 3,291 shares of the company’s stock valued at $176,000 after buying an additional 1,291 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Copart by 12.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,569 shares of the company’s stock valued at $191,000 after buying an additional 392 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ purchased a new position in Copart during the second quarter valued at about $201,000. 78.50% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on the company. Zacks Investment Research raised Copart from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Monday, September 26th. Jefferies Group lifted their target price on Copart from $53.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, September 22nd. Stephens set a $61.00 target price on Copart and gave the stock a “buy” rating in a report on Thursday, September 22nd. Bank of America Corp. upgraded Copart from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $52.00 to $63.00 in a report on Friday, September 23rd. Finally, Barrington Research cut Copart from an “outperform” rating to a “market perform” rating in a report on Friday, September 23rd. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Copart presently has an average rating of “Hold” and an average target price of $55.57.
Copart, Inc (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain and India. The Company also provides vehicle remarketing services in Germany. The Company operates through two segments: United States and International.
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