Bank of New York Mellon Corp Has $679.84 Million Stake in Copart, Inc. $CPRT

Key Points

• Bank of New York Mellon Corp reduced its Copart stake by 6.8% in the first quarter, but still owned 20.48 million shares worth about $679.8 million at the end of the period.
• Copart shares rose 3.7% to $28.29, though the stock remains well below its 52-week high of $50.11 and sits under both its 50-day and 200-day moving averages.
• Copart beat quarterly earnings expectations, reporting $0.43 EPS versus the $0.41 estimate and revenue of $1.24 billion; analysts currently rate the stock a Moderate Buy with a consensus price target of $44.50.

Bank of New York Mellon Corp lowered its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 6.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,477,128 shares of the business services provider's stock after selling 1,505,461 shares during the period. Bank of New York Mellon Corp owned 2.13% of Copart worth $679,841,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Quadrant Capital Group LLC increased its holdings in Copart by 1.3% during the 3rd quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider's stock valued at $931,000 after purchasing an additional 264 shares in the last quarter. Sierra Legacy Group grew its holdings in shares of Copart by 1.9% during the fourth quarter. Sierra Legacy Group now owns 13,880 shares of the business services provider's stock worth $543,000 after purchasing an additional 265 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Copart by 23.8% in the second quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider's stock valued at $68,000 after buying an additional 266 shares in the last quarter. Brown Miller Wealth Management LLC raised its holdings in shares of Copart by 3.8% in the fourth quarter. Brown Miller Wealth Management LLC now owns 7,310 shares of the business services provider's stock valued at $286,000 after buying an additional 268 shares during the last quarter. Finally, Valeo Financial Advisors LLC lifted its position in Copart by 4.6% during the 4th quarter. Valeo Financial Advisors LLC now owns 6,395 shares of the business services provider's stock worth $250,000 after buying an additional 282 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors.

Copart Trading Up 3.7%

Copart stock opened at $28.29 on Friday. The firm has a market capitalization of $26.19 billion, a P/E ratio of 17.57 and a beta of 1.02. The business has a 50-day moving average of $30.85 and a 200-day moving average of $34.53. Copart, Inc. has a 1 year low of $27.23 and a 1 year high of $50.11.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CPRT shares. Weiss Ratings cut shares of Copart from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, May 1st. 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 research report on Monday, April 27th. Finally, Freedom Capital raised Copart to a "strong-buy" rating in a report on Friday, June 26th. Three equities research 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 company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $44.50.

Copart Profile

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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