PNC Financial Services Group Inc. Purchases 33,824 Shares of Copart, Inc. $CPRT

PNC Financial Services Group Inc. raised its position in Copart, Inc. (NASDAQ:CPRT) by 11.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 318,579 shares of the business services provider’s stock after acquiring an additional 33,824 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Copart were worth $10,577,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. State Street Corp increased its holdings in Copart by 1.3% during the 4th quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock valued at $1,470,295,000 after purchasing an additional 492,506 shares during the period. Capital World Investors raised its position in Copart by 25.1% during the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares during the last quarter. Geode Capital Management LLC raised its position 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. Bank of New York Mellon Corp lifted its holdings in Copart by 21.7% in the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock worth $860,618,000 after buying an additional 3,918,610 shares during the period. Finally, Norges Bank purchased a new stake in Copart in the 4th quarter worth approximately $569,569,000. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CPRT shares. Freedom Capital raised Copart to a “strong-buy” rating in a research note on Friday, June 26th. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Jefferies Financial Group set a $45.00 price target on shares of Copart in a report on Friday, May 22nd. Weiss Ratings cut shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Finally, Barclays set a $26.00 price objective on shares of Copart and gave the company an “underweight” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.50.

Copart Price Performance

Shares of CPRT opened at $27.94 on Friday. The company has a 50-day simple moving average of $30.17 and a two-hundred day simple moving average of $34.07. The firm has a market capitalization of $25.87 billion, a PE ratio of 17.35 and a beta of 1.02. Copart, Inc. has a one year low of $26.81 and a one year high of $50.11.

Copart (NASDAQ:CPRT) last posted its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share 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 firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the business earned $0.42 EPS. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. Analysts expect that Copart, Inc. will post 1.58 EPS for the current fiscal year.

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.