Copart (NASDAQ:CPRT) Announces Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• Copart reported quarterly EPS of $0.35, missing analysts’ consensus estimate of $0.38 by $0.03. The company posted a 33.48% net margin and 16.63% return on equity.
• Shares fell $1.28 to $30.75 during Thursday trading, while the stock’s consensus analyst rating remained “Moderate Buy” with an average price target of $38.83.
• Institutional investors own 85.78% of Copart’s shares, and several major funds recently increased their positions; meanwhile, CEO Jeffrey Liaw sold 27,745 shares valued at approximately $846,000.

Copart (NASDAQ:CPRT - Get Free Report) issued its quarterly earnings results on Thursday. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03), Zacks reports. Copart had a return on equity of 16.63% and a net margin of 33.48%.

Copart Price Performance

Shares of Copart stock traded down $1.28 during trading hours on Thursday, reaching $30.75. The company's stock had a trading volume of 14,738,255 shares, compared to its average volume of 10,144,791. The firm has a 50 day moving average price of $30.34 and a 200-day moving average price of $32.12. The stock has a market cap of $28.47 billion, a P/E ratio of 19.10, a P/E/G ratio of 1.56 and a beta of 1.03. Copart has a one year low of $26.81 and a one year high of $49.05.

Insider Activity at Copart

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

Institutional Investors Weigh In On Copart

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CPRT. AQR Capital Management LLC raised its position in shares of Copart by 298.2% in the 3rd quarter. AQR Capital Management LLC now owns 4,887,359 shares of the business services provider's stock worth $217,243,000 after acquiring an additional 3,660,031 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Copart by 516.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,163,304 shares of the business services provider's stock valued at $123,844,000 after purchasing an additional 2,649,892 shares in the last quarter. Marshall Wace LLP raised its holdings in Copart by 395.6% in the third quarter. Marshall Wace LLP now owns 2,499,370 shares of the business services provider's stock worth $112,397,000 after purchasing an additional 1,995,074 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Copart by 24,081.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,982,900 shares of the business services provider's stock valued at $77,631,000 after buying an additional 1,974,700 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its holdings in shares of Copart by 128.2% in the 4th quarter. Voloridge Investment Management LLC now owns 3,078,502 shares of the business services provider's stock valued at $120,523,000 after buying an additional 1,729,472 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on CPRT. Zacks Research upgraded Copart from a "strong sell" rating to a "hold" rating in a research report on Monday. JPMorgan Chase & Co. upgraded shares of Copart from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $32.00 to $40.00 in a research report on Thursday, September 3rd. Weiss Ratings reiterated a "sell (d+)" rating on shares of Copart in a research note on Wednesday, July 29th. Barclays set a $25.00 price target on Copart and gave the company an "underweight" rating in a research note on Wednesday, August 26th. Finally, Jefferies Financial Group set a $45.00 price target on Copart in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $38.83.

Copart Company Profile

Copart, Inc NASDAQ: CPRT provides online vehicle auction and remarketing services. The company operates a global marketplace where damaged, recovered, used and other vehicles are sold primarily through online auctions. Its offerings include salvage and clean-title vehicles, with inventory sourced from insurance companies, banks, dealerships, fleet operators, rental companies, government agencies and other organizations.

Copart supports the vehicle remarketing process through inspection, storage, transportation, title processing and auction services.

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