Concentric Capital Strategies LP Purchases New Holdings in Copart, Inc. $CPRT

Key Points

• Concentric Capital Strategies LP has acquired 24,727 shares of Copart, Inc. for approximately $1.4 million during the first quarter, reflecting increased institutional interest in the company.
• CEO Jeffrey Liaw sold 24,088 shares of Copart stock, representing a 43.31% decrease in his holdings after the sale.
• Analysts have recently set a consensus rating of "Hold" on Copart's stock, with price targets ranging from $50.00 to $55.00.

Concentric Capital Strategies LP purchased a new stake in Copart, Inc. (NASDAQ:CPRT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 24,727 shares of the business services provider's stock, valued at approximately $1,399,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Nuveen LLC acquired a new stake in shares of Copart in the first quarter valued at about $267,723,000. Fiera Capital Corp increased its position 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 valued at $225,942,000 after acquiring an additional 2,642,100 shares during the last quarter. Amundi increased its position 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 valued at $531,256,000 after acquiring an additional 2,299,192 shares during the last quarter. Vanguard Group Inc. increased its position 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 valued at $5,900,295,000 after acquiring an additional 2,134,890 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position 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 valued at $868,417,000 after acquiring an additional 2,106,656 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Copart Stock Down 2.8%

Shares of Copart stock traded down $1.40 on Friday, hitting $48.57. The stock had a trading volume of 17,581,629 shares, compared to its average volume of 5,525,177. Copart, Inc. has a twelve month low of $45.05 and a twelve month high of $64.38. The business's 50 day moving average is $47.47 and its two-hundred day moving average is $52.77. The stock has a market cap of $46.96 billion, a price-to-earnings ratio of 30.36 and a beta of 1.03.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.37 by $0.04. Copart had a return on equity of 18.65% and a net margin of 33.41%.The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the business earned $0.33 earnings per share. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities analysts predict that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was 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 in the company, valued at approximately $1,463,798.61. The trade was a 43.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 9.68% of the company's stock.

Copart 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.