Cohen Capital Management Inc. Acquires New Stake in Copart, Inc. $CPRT

Cohen Capital Management Inc. bought a new stake in shares of Copart, Inc. (NASDAQ:CPRT) during the 3rd quarter, HoldingsChannel.com reports. The firm bought 65,233 shares of the business services provider’s stock, valued at approximately $1,780,000.

A number of other hedge funds also recently modified their holdings of the business. Allied Investment Advisors LLC acquired a new stake in shares of Copart in the third quarter worth $2,770,000. Signal Advisors Wealth LLC boosted its position in Copart by 4.2% during the 3rd quarter. Signal Advisors Wealth LLC now owns 285,028 shares of the business services provider’s stock worth $7,776,000 after acquiring an additional 11,470 shares during the period. Downshift Financial LLC grew its stake in Copart by 558.1% during the 3rd quarter. Downshift Financial LLC now owns 1,461 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 1,239 shares in the last quarter. Seilern Investment Management Ltd grew its stake in Copart by 12.9% during the 3rd quarter. Seilern Investment Management Ltd now owns 1,188,547 shares of the business services provider’s stock valued at $32,424,000 after acquiring an additional 135,850 shares in the last quarter. Finally, McCollum Christoferson Group LLC acquired a new position in shares of Copart in the 3rd quarter valued at about $412,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Price Performance

Shares of NASDAQ CPRT opened at $26.37 on Wednesday. Copart, Inc. has a one year low of $26.17 and a one year high of $45.89. The business’s 50-day moving average price is $30.21 and its two-hundred day moving average price is $30.92. The company has a market capitalization of $24.43 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 1.30 and a beta of 1.06.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Copart had a return on equity of 15.93% and a net margin of 31.81%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the business earned $0.41 earnings per share. On average, equities analysts anticipate that Copart, Inc. will post 1.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CPRT shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Copart in a research report on Wednesday, July 29th. JPMorgan Chase & Co. raised shares of Copart from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $40.00 in a research report on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft set a $40.00 price objective on shares of Copart in a research report on Thursday, September 3rd. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Robert W. Baird cut their target price on shares of Copart from $42.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, September 11th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Copart currently has an average rating of “Moderate Buy” and an average price target of $37.80.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the transaction, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 9.60% of the company’s stock.

Copart Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company’s facilities.