Allstate Corp Boosts Position in Copart, Inc. $CPRT

Key Points

• Allstate Corp increased its stake in Copart, Inc. by 21.6% in the first quarter, bringing its total holdings to 30,832 shares valued at approximately $1.75 million.
• Copart's recent quarterly earnings report showed an EPS of $0.42, in line with analysts' expectations, but revenue of $1.21 billion slightly missed estimates.
• Several institutional investors, including China Universal Asset Management and Handelsbanken Fonder, have also increased their stakes in Copart, contributing to institutional ownership reaching 85.78% of the company's stock.

Allstate Corp grew its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 21.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,832 shares of the business services provider's stock after purchasing an additional 5,475 shares during the quarter. Allstate Corp's holdings in Copart were worth $1,745,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CPRT. Sowell Financial Services LLC purchased a new position in shares of Copart in the 1st quarter valued at approximately $604,000. China Universal Asset Management Co. Ltd. grew its stake in Copart by 52.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 23,862 shares of the business services provider's stock worth $1,350,000 after purchasing an additional 8,181 shares during the period. Voleon Capital Management LP bought a new position in Copart in the fourth quarter worth $1,314,000. Handelsbanken Fonder AB lifted its position in Copart by 53.3% during the first quarter. Handelsbanken Fonder AB now owns 854,336 shares of the business services provider's stock valued at $48,347,000 after buying an additional 297,210 shares during the period. Finally, 111 Capital bought a new stake in shares of Copart during the 4th quarter valued at $967,000. Institutional investors own 85.78% of the company's stock.

Copart Stock Performance

Shares of NASDAQ CPRT opened at $48.96 on Friday. The firm's 50 day moving average price is $47.34 and its 200-day moving average price is $53.53. Copart, Inc. has a 52-week low of $45.05 and a 52-week high of $64.38. The company has a market cap of $47.34 billion, a PE ratio of 32.21 and a beta of 1.04.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.42. Copart had a return on equity of 18.20% and a net margin of 32.21%.The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the company posted $0.39 earnings per share. The company's quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Insider Activity

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total value of $1,118,405.84. Following the transaction, the chief executive officer directly owned 31,527 shares in the company, valued at approximately $1,463,798.61. This trade represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.68% of the company's stock.

Analysts Set New Price Targets

CPRT has been the subject of a number of recent research reports. Robert W. Baird lowered their price target on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th. Stephens started coverage on shares of Copart in a report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price target on Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Copart has a consensus rating of "Hold" and an average price target of $53.33.

About Copart

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.

Want to see what other hedge funds are holding CPRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Copart, Inc. (NASDAQ:CPRT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.