Canoe Financial LP Grows Stake in Copart, Inc. $CPRT

Key Points

• Canoe Financial LP increased its stake in Copart, Inc. by 16.0%, owning 251,027 shares valued at approximately $12.3 million after acquiring an additional 34,700 shares in the second quarter.
• Several institutional investors have significantly modified their holdings in Copart, with Nuveen LLC purchasing a new stake worth $267.7 million, and Fiera Capital Corp increasing its stake by 195.6%.
• Copart reported earnings of $0.41 per share for the last quarter, surpassing analyst estimates, with a revenue of $1.13 billion, an increase of 2.9% year-over-year.

Canoe Financial LP raised its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 16.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 251,027 shares of the business services provider's stock after acquiring an additional 34,700 shares during the period. Canoe Financial LP's holdings in Copart were worth $12,318,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CPRT. Nuveen LLC purchased a new stake in shares of Copart in the first quarter worth $267,723,000. Fiera Capital Corp grew its stake in shares of Copart by 195.6% in the first quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock worth $225,942,000 after acquiring an additional 2,642,100 shares during the last quarter. Amundi grew its stake in shares of Copart by 32.5% in the first quarter. Amundi now owns 9,380,026 shares of the business services provider's stock worth $531,256,000 after acquiring an additional 2,299,192 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Copart by 2.1% in the first quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock worth $5,900,295,000 after acquiring an additional 2,134,890 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Copart by 15.9% in the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock worth $868,417,000 after acquiring an additional 2,106,656 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CPRT shares. HSBC set a $62.00 target price on Copart and gave the stock a "buy" rating in a research note on Thursday, September 4th. Robert W. Baird decreased their price target on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. JPMorgan Chase & Co. decreased their price target on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Stephens reduced their price objective on Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research report on Friday, September 5th. Finally, Hsbc Global Res upgraded Copart from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.50.

Insider Activity at Copart

In other news, Director Thomas N. Tryforos sold 228,840 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.54, for a total value of $10,879,053.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey Liaw sold 24,088 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total value of $1,118,405.84. Following the completion of the sale, the chief executive officer directly owned 31,527 shares of the company's stock, valued at $1,463,798.61. The trade was a 43.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.68% of the stock is owned by company insiders.

Copart Trading Down 2.5%

Shares of Copart stock opened at $45.46 on Friday. The stock has a 50 day moving average of $47.26 and a 200 day moving average of $52.26. Copart, Inc. has a 12 month low of $45.05 and a 12 month high of $64.38. The firm has a market cap of $43.96 billion, a PE ratio of 28.41 and a beta of 1.03.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.The firm's revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.33 earnings per share. As a group, equities research analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Copart Company Profile

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.

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