Bank of America Corp DE Makes New $191.35 Million Investment in Copart, Inc. $CPRT

Bank of America Corp DE bought a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,787,777 shares of the business services provider's stock, valued at approximately $191,347,000. Bank of America Corp DE owned about 0.73% of Copart at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Copart during the 2nd quarter valued at $1,908,980,000. Capital World Investors lifted its stake in Copart by 25.1% in the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock worth $1,085,588,000 after acquiring an additional 5,555,101 shares during the period. Geode Capital Management LLC lifted its stake in Copart by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider's stock worth $906,836,000 after acquiring an additional 131,703 shares during the period. Bank of New York Mellon Corp grew its holdings in Copart by 21.7% during the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider's stock worth $860,618,000 after acquiring an additional 3,918,610 shares in the last quarter. Finally, Norges Bank bought a new position in Copart during the 4th quarter worth about $569,569,000. 85.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on CPRT. Barrington Research raised shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 target price on the stock in a research report on Friday, September 11th. Jefferies Financial Group set a $45.00 price objective on shares of Copart in a research note on Friday, May 22nd. Zacks Research raised shares of Copart from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Weiss Ratings reissued a "sell (d+)" rating on shares of Copart in a research note on Wednesday, July 29th. Finally, Barclays set a $25.00 target price on Copart and gave the stock an "underweight" rating in a report on Wednesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $37.22.

Copart Stock Down 3.8%

NASDAQ CPRT opened at $29.66 on Friday. Copart, Inc. has a 52 week low of $26.81 and a 52 week high of $47.00. The company has a 50 day moving average price of $30.51 and a 200 day moving average price of $31.88. The firm has a market cap of $27.46 billion, a PE ratio of 19.14, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). Copart had a return on equity of 15.93% and a net margin of 31.81%.The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The business's revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts anticipate that Copart, Inc. will post 1.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jeffrey Liaw sold 27,745 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the sale, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.60% of the company's stock.

Trending Headlines about Copart

Here are the key news stories impacting Copart this week:

• Positive Sentiment: Copart launched a tender offer through its subsidiary, Apple Merger Sub, to acquire all outstanding shares of ACV Auctions NYSE: ACVA for $10.50 per share in cash. The transaction values ACV at approximately $1.9 billion and could expand Copart’s presence in digital wholesale vehicle auctions while adding technology and marketplace capabilities. Copart Announces Commencement of Tender Offer to Acquire ACV
• Positive Sentiment: Analysts and market commentators have viewed the ACV transaction favorably, with bullish expectations that the deal can support longer-term growth despite Copart’s recent quarterly shortfall. Copart $1.9 Billion ACV Deal Draws Bullish Bets Despite a Weak Quarter
• Neutral Sentiment: Analysts maintain a consensus “Moderate Buy” rating, suggesting continued confidence in Copart’s long-term business, although the range of views remains important as investors assess the acquisition and operating trends. Copart Given Consensus Rating of Moderate Buy
• Negative Sentiment: Copart’s latest results showed adjusted EPS of $0.35, below the $0.38 analyst consensus, while revenue of $1.15 billion exceeded estimates only modestly and increased 2.4% year over year. EPS also declined from $0.41 in the prior-year quarter, reinforcing concerns about slower earnings growth and margin compression. How Copart’s Slower EPS and Margin Compression Changed Its Investment Story
• Negative Sentiment: Freedom Broker reduced its price target to $36, signaling more cautious near-term expectations even though the target remains above the current trading level. Freedom Broker Lowers Copart Price Target to $36

About Copart

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.