Bank of America Corp DE Sells 987,821 Shares of Copart, Inc. (NASDAQ:CPRT)

Bank of America Corp DE cut its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 15.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,515,667 shares of the business services provider's stock after selling 987,821 shares during the quarter. Bank of America Corp DE owned about 0.57% of Copart worth $316,544,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CPRT. Vanguard Group Inc. lifted its holdings in shares of Copart by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 102,129,032 shares of the business services provider's stock valued at $5,861,185,000 after buying an additional 976,909 shares during the period. Principal Financial Group Inc. increased its holdings in Copart by 2.5% during the third quarter. Principal Financial Group Inc. now owns 38,876,517 shares of the business services provider's stock valued at $2,037,130,000 after buying an additional 941,858 shares during the last quarter. Edgewood Management LLC grew its position in shares of Copart by 14.1% during the 4th quarter. Edgewood Management LLC now owns 23,463,118 shares of the business services provider's stock valued at $1,346,548,000 after acquiring an additional 2,907,405 shares during the period. Capital World Investors increased its stake in shares of Copart by 0.8% in the 4th quarter. Capital World Investors now owns 21,353,932 shares of the business services provider's stock worth $1,225,502,000 after purchasing an additional 169,354 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Copart by 23.3% in the 4th quarter. Bank of New York Mellon Corp now owns 19,440,046 shares of the business services provider's stock worth $1,115,664,000 after purchasing an additional 3,667,534 shares during the period. Institutional investors own 85.78% of the company's stock.

Copart Price Performance

Shares of CPRT stock traded down $0.26 during trading hours on Friday, hitting $61.52. The stock had a trading volume of 2,553,665 shares, compared to its average volume of 4,415,845. The stock has a market capitalization of $59.43 billion, a price-to-earnings ratio of 41.29 and a beta of 1.20. Copart, Inc. has a one year low of $48.05 and a one year high of $64.38. The stock's 50-day moving average price is $57.26 and its two-hundred day moving average price is $57.63.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The business services provider reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.02. Copart had a return on equity of 19.31% and a net margin of 32.27%. The company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.13 billion. As a group, equities research analysts predict that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Argus cut Copart from a "buy" rating to a "hold" rating in a research report on Friday, March 14th.

Insider Transactions at Copart

In related news, Director James E. Meeks sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $54.00, for a total transaction of $5,400,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven D. Cohan sold 94,997 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $60.01, for a total value of $5,700,769.97. The disclosure for this sale can be found here. In the last quarter, insiders sold 200,000 shares of company stock worth $11,401,000. 9.68% of the stock is currently owned by insiders.

Copart Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.