57,841 Copart, Inc. $CPRT Shares Acquired by W.G. Shaheen & Associates DBA Whitney & Co

Key Points

• W.G. Shaheen & Associates increased its Copart stake 15.4%, buying 57,841 shares to hold 434,616 shares valued at about $11.9 million. Institutional investors own 85.78% of the company.
• Copart reported quarterly revenue of $1.15 billion, slightly above estimates and up 2.4% year over year, but earnings per share of $0.35 missed the $0.38 consensus.
• Analysts’ consensus rating is Moderate Buy, with a $37.90 average price target; shares recently traded at $31.95, down 1.6% on the day.

W.G. Shaheen & Associates DBA Whitney & Co increased its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 15.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 434,616 shares of the business services provider's stock after purchasing an additional 57,841 shares during the quarter. W.G. Shaheen & Associates DBA Whitney & Co's holdings in Copart were worth $11,856,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CPRT. BlackRock Inc. bought a new position in shares of Copart in the second quarter valued at approximately $1,908,980,000. Bank of New York Mellon Corp bought a new stake in shares of Copart during the 2nd quarter worth $488,663,000. Deutsche Bank AG bought a new stake in shares of Copart during the 2nd quarter worth $436,413,000. Bank of America Corp DE grew its stake in Copart by 28.7% in the 1st quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider's stock valued at $322,256,000 after buying an additional 2,165,708 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in Copart by 97.9% in the 2nd quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider's stock valued at $255,381,000 after buying an additional 4,482,226 shares during the last quarter. Institutional investors own 85.78% of the company's stock.

Copart Trading Down 1.6%

NASDAQ:CPRT traded down $0.53 during trading hours on Friday, hitting $31.95. 10,542,533 shares of the company traded hands, compared to its average volume of 11,946,629. The stock has a market capitalization of $29.60 billion, a price-to-earnings ratio of 20.61, a P/E/G ratio of 1.56 and a beta of 1.01. Copart, Inc. has a twelve month low of $25.72 and a twelve month high of $42.05. The firm has a 50-day moving average of $29.45 and a 200 day moving average of $32.22.

Copart (NASDAQ:CPRT - Get Free Report) last issued 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 company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. Copart's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share. Equities research analysts predict that Copart, Inc. will post 1.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Zacks Research raised shares of Copart from a "strong sell" rating to a "hold" rating in a research report on Monday, September 7th. HSBC downgraded Copart from a "buy" rating to a "hold" rating and lowered their price target for the company from $46.00 to $36.00 in a research report on Wednesday, September 16th. Barclays set a $25.00 price objective on Copart and gave the stock an "underweight" rating in a research note on Wednesday, August 26th. Barrington Research raised Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price objective for the company in a research report on Friday, September 11th. Finally, Freedom Broker decreased their target price on Copart from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, September 14th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Copart currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.90.

Insider Activity at Copart

In related news, Director Diane Morefield sold 20,000 shares of the stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $27.66, for a total value of $553,200.00. Following the completion of the sale, the director owned 50,000 shares in the company, valued at approximately $1,383,000. This trade represents a 28.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.60% of the company's stock.

About Copart

Copart, Inc operates an online vehicle auction and remarketing business. Its platform connects sellers with buyers of used and damaged vehicles, including cars, trucks, motorcycles and other equipment.

The company serves insurance companies, vehicle dealers, rental and fleet operators, financial institutions and other businesses, as well as individual buyers. Its services include online auctions, vehicle storage, title processing and support with vehicle transportation.

Founded in 1982 by Willis Johnson, Copart has expanded from its origins in the United States to serve customers in multiple countries, including markets in North America, Europe and the Middle East.

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