Bank of New York Mellon Corp Grows Stock Holdings in Copart, Inc. $CPRT

Key Points

• Bank of New York Mellon increased its Copart stake by 21.7% in the fourth quarter, adding 3.9 million shares and lifting its holdings to 21.98 million shares valued at about $860.6 million.
• Copart reported better-than-expected quarterly results, with EPS of $0.43 versus $0.41 expected and revenue of $1.24 billion versus $1.19 billion estimated, while revenue rose 2.1% year over year.
• The stock was down 1.7% to $30.35, and analysts currently have a consensus Hold rating with an average price target of $44.50.

Bank of New York Mellon Corp raised its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 21.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,982,589 shares of the business services provider's stock after purchasing an additional 3,918,610 shares during the quarter. Bank of New York Mellon Corp owned 2.27% of Copart worth $860,618,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Copart by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider's stock valued at $4,901,310,000 after acquiring an additional 2,581,784 shares during the last quarter. State Street Corp increased its position in shares of Copart by 1.8% during the 3rd quarter. State Street Corp now owns 37,062,931 shares of the business services provider's stock valued at $1,666,720,000 after purchasing an additional 656,428 shares during the last quarter. Geode Capital Management LLC raised its holdings in Copart by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider's stock valued at $906,836,000 after buying an additional 131,703 shares during the period. Norges Bank purchased a new stake in Copart during the 4th quarter valued at $569,569,000. Finally, Invesco Ltd. lifted its position in Copart by 7.6% in the third quarter. Invesco Ltd. now owns 10,931,871 shares of the business services provider's stock worth $491,606,000 after buying an additional 771,573 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Stock Down 1.7%

CPRT stock opened at $30.35 on Thursday. Copart, Inc. has a twelve month low of $29.97 and a twelve month high of $51.01. The firm has a market cap of $28.10 billion, a price-to-earnings ratio of 18.85 and a beta of 1.00. The business's fifty day simple moving average is $33.12 and its two-hundred day simple moving average is $36.67.

Copart (NASDAQ:CPRT - Get Free Report) last issued its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.02. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The business's revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 earnings per share. Research analysts expect that Copart, Inc. will post 1.58 EPS for the current year.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of the business's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer directly owned 79,532 shares of the company's stock, valued at $2,638,871.76. The trade was a 24.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on CPRT. Weiss Ratings lowered shares of Copart from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, May 1st. Barclays restated an "underweight" rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research note on Friday, May 22nd. Zacks Research upgraded shares of Copart from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Finally, Robert W. Baird set a $48.00 price objective on shares of Copart and gave the stock an "outperform" rating in a research report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $44.50.

About Copart

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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