Bank of New York Mellon Corp Takes Position in Copart, Inc. $CPRT

Key Points

• Bank of New York Mellon acquired 17.3 million Copart shares worth approximately $488.7 million, representing about 1.87% of the company. Institutional investors collectively own 85.78% of Copart.
• Copart reported quarterly revenue of $1.24 billion and EPS of $0.43, exceeding analyst estimates of $1.19 billion and $0.41, respectively. Revenue increased 2.1% year over year, while net margin stood at 33.48%.
• CEO Jeffrey Liaw sold 27,745 shares, reducing his direct stake by 21.78%. Analysts have a consensus “Hold” rating, with an average price target of $41.67, despite ratings ranging from strong buy to strong sell.

Bank of New York Mellon Corp purchased a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 17,334,626 shares of the business services provider's stock, valued at approximately $488,663,000. Bank of New York Mellon Corp owned approximately 1.87% of Copart as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc lifted its position in shares of Copart by 110.9% during the second quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock worth $27,000 after purchasing an additional 498 shares during the last quarter. Cache Advisors LLC bought a new stake in Copart in the first quarter valued at about $31,000. Reflection Asset Management acquired a new stake in Copart during the fourth quarter valued at approximately $34,000. Elevation Wealth Partners LLC raised its stake in Copart by 882.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,218 shares of the business services provider's stock valued at $34,000 after buying an additional 1,094 shares in the last quarter. Finally, Triumph Capital Management lifted its holdings in Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider's stock worth $40,000 after buying an additional 823 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company's stock.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the sale, the chief executive officer directly owned 99,641 shares of the company's stock, valued at $3,038,054.09. This trade represents a 21.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 9.60% of the company's stock.

Copart Trading Down 1.5%

Shares of NASDAQ CPRT opened at $33.80 on Friday. Copart, Inc. has a 12-month low of $26.81 and a 12-month high of $50.11. The company has a market cap of $31.29 billion, a PE ratio of 20.99 and a beta of 1.01. The stock has a 50 day simple moving average of $29.49 and a 200-day simple moving average of $32.71.

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

Analysts Set New Price Targets

CPRT has been the topic of several research reports. Barclays set a $26.00 price target on Copart and gave the company an "underweight" rating in a research report on Tuesday, July 21st. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Stephens reiterated an "equal weight" rating and set a $35.00 target price on shares of Copart in a research note on Thursday. Freedom Capital upgraded shares of Copart to a "strong-buy" rating in a research report on Friday, June 26th. Finally, Zacks Research downgraded shares of Copart from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $41.67.

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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