Cohen Capital Management Inc. Makes New $1.78 Million Investment in Copart, Inc. $CPRT

Key Points

• Cohen Capital Management purchased 65,233 Copart shares worth approximately $1.78 million during the third quarter. Institutional investors and hedge funds collectively own 85.78% of the company.
• Copart’s stock opened at $26.37, near its 12-month low of $26.17 and below its 50- and 200-day moving averages. The company reported quarterly revenue of $1.15 billion, up 2.4% year over year, but EPS of $0.35 missed analysts’ $0.38 estimate.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $37.80, although ratings range from Strong Buy to Sell. CEO Jeffrey Liaw also sold 27,745 shares for approximately $846,000.

Cohen Capital Management Inc. purchased a new position in Copart, Inc. (NASDAQ:CPRT - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 65,233 shares of the business services provider's stock, valued at approximately $1,780,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Reflection Asset Management acquired a new stake in Copart during the fourth quarter worth about $34,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of Copart during the 2nd quarter worth approximately $25,000. Byrne Asset Management LLC bought a new stake in shares of Copart in the 3rd quarter worth approximately $25,000. Cache Advisors LLC bought a new stake in shares of Copart in the 1st quarter worth approximately $31,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Copart by 110.9% in the 2nd 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. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Price Performance

Shares of CPRT opened at $26.37 on Wednesday. The firm's 50 day moving average is $30.21 and its 200-day moving average is $30.92. Copart, Inc. has a 12-month low of $26.17 and a 12-month high of $45.89. The stock has a market capitalization of $24.43 billion, a P/E ratio of 17.01, a P/E/G ratio of 1.30 and a beta of 1.06.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. Copart's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. As a group, equities research analysts forecast that Copart, Inc. will post 1.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CPRT shares. Deutsche Bank Aktiengesellschaft set a $40.00 price target on shares of Copart in a report on Thursday, September 3rd. HSBC cut shares of Copart from a "buy" rating to a "hold" rating and set a $36.00 price objective on the stock. in a report on Wednesday, September 16th. Barrington Research upgraded shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price objective on the stock in a research report on Friday, September 11th. JPMorgan Chase & Co. upgraded shares of Copart from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $32.00 to $40.00 in a research report on Thursday, September 3rd. Finally, Stephens reissued an "equal weight" rating and set a $35.00 target price on shares of Copart in a research note on Thursday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $37.80.

Insider Activity

In other news, CEO Jeffrey Liaw sold 27,745 shares of the business'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 sale, the chief executive officer directly owned 99,641 shares of the company's stock, valued at $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.60% of the stock is owned by insiders.

Copart Company Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company's facilities.

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