Bank of Nova Scotia Has $22.81 Million Stake in Copart, Inc. (NASDAQ:CPRT)

Bank of Nova Scotia lowered its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 47.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 403,064 shares of the business services provider's stock after selling 368,114 shares during the quarter. Bank of Nova Scotia's holdings in Copart were worth $22,809,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CPRT. Edgewood Management LLC increased its holdings in Copart by 14.1% during the 4th quarter. Edgewood Management LLC now owns 23,463,118 shares of the business services provider's stock worth $1,346,548,000 after purchasing an additional 2,907,405 shares in the last quarter. Fiera Capital Corp boosted its position in shares of Copart by 195.6% during the first quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock worth $225,942,000 after buying an additional 2,642,100 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Copart by 3.3% during the first quarter. Principal Financial Group Inc. now owns 39,409,377 shares of the business services provider's stock worth $2,230,177,000 after buying an additional 1,249,687 shares in the last quarter. GAMMA Investing LLC raised its position in Copart by 6,774.3% in the 1st quarter. GAMMA Investing LLC now owns 1,151,720 shares of the business services provider's stock valued at $65,176,000 after buying an additional 1,134,966 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Copart by 12.3% in the 4th quarter. Northern Trust Corp now owns 8,865,301 shares of the business services provider's stock valued at $508,780,000 after acquiring an additional 971,940 shares in the last quarter. Institutional investors own 85.78% of the company's stock.

Copart Stock Performance

Shares of NASDAQ CPRT opened at $45.51 on Monday. The stock has a 50 day moving average price of $48.47 and a 200 day moving average price of $54.57. The stock has a market capitalization of $44.01 billion, a PE ratio of 29.94 and a beta of 1.04. Copart, Inc. has a 52 week low of $45.05 and a 52 week high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share for the quarter, hitting the consensus estimate 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 analyst estimates of $1.23 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. The business's quarterly revenue was up 7.5% on a year-over-year basis. As a group, research analysts forecast that Copart, Inc. will post 1.57 EPS for the current year.

Analysts Set New Price Targets

CPRT has been the subject of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Robert W. Baird reduced their target price on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, July 17th. Finally, Stephens began coverage on shares of Copart in a research report on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 target price for the company.

Insiders Place Their Bets

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

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.

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.