Tobam Grows Stock Holdings in Copart, Inc. $CPRT

Tobam raised its holdings in Copart, Inc. (NASDAQ:CPRT) by 1,556.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 22,192 shares of the business services provider’s stock after acquiring an additional 20,852 shares during the period. Tobam’s holdings in Copart were worth $869,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. State Street Corp boosted its holdings in shares of Copart by 1.3% during the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock worth $1,470,295,000 after purchasing an additional 492,506 shares during the last quarter. Capital World Investors increased its stake in Copart by 25.1% in the fourth 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 increased its stake in Copart by 0.6% in the fourth 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 position in Copart by 21.7% during the fourth 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 position in Copart during the fourth quarter worth about $569,569,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Activity

In other news, CEO Jeffrey Liaw sold 26,213 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer owned 79,532 shares of the company’s stock, valued at $2,638,871.76. This represents a 24.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. JPMorgan Chase & Co. lowered their price target on Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Jefferies Financial Group set a $45.00 price objective on shares of Copart in a report on Friday, May 22nd. Barclays reissued an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a research report on Monday, February 23rd. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Weiss Ratings lowered shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $44.50.

Copart Stock Performance

Shares of NASDAQ:CPRT opened at $30.23 on Friday. The stock has a 50-day simple moving average of $32.55 and a 200-day simple moving average of $35.90. The stock has a market capitalization of $27.99 billion, a P/E ratio of 18.78 and a beta of 1.00. Copart, Inc. has a 1 year low of $29.46 and a 1 year high of $50.11.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. Copart’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 earnings per share. Analysts predict that Copart, Inc. will post 1.58 earnings per share 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.