Copart, Inc. $CPRT Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Copart, Inc. by 80.4%, holding only 44,221 shares worth $2.5 million after selling 181,147 shares in the first quarter.
• Insider trading was noted as CEO Jeffrey Liaw sold 24,088 shares, decreasing his ownership by 43.31% and leaving him with shares valued at approximately $1.46 million.
• Analyst ratings for Copart have been lowered, with Robert W. Baird and JPMorgan both setting new target prices at $55.00, reflecting a shift in investor outlook.

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 80.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,221 shares of the business services provider's stock after selling 181,147 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Copart were worth $2,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Cynosure Group LLC boosted its position in shares of Copart by 19.9% during the 1st quarter. Cynosure Group LLC now owns 6,763 shares of the business services provider's stock worth $383,000 after acquiring an additional 1,122 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of Copart during the 1st quarter worth about $194,000. Townsquare Capital LLC boosted its position in shares of Copart by 1.3% during the 1st quarter. Townsquare Capital LLC now owns 206,548 shares of the business services provider's stock worth $11,689,000 after acquiring an additional 2,600 shares in the last quarter. National Bank of Canada FI boosted its position in shares of Copart by 66.5% during the 1st quarter. National Bank of Canada FI now owns 819,392 shares of the business services provider's stock worth $46,369,000 after acquiring an additional 327,205 shares in the last quarter. Finally, Citigroup Inc. boosted its position in shares of Copart by 17.2% during the 1st quarter. Citigroup Inc. now owns 1,200,059 shares of the business services provider's stock worth $67,911,000 after acquiring an additional 176,082 shares in the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Stock Up 0.7%

CPRT stock traded up $0.3410 during trading on Tuesday, hitting $47.7010. The company had a trading volume of 1,221,322 shares, compared to its average volume of 5,654,875. The firm has a market cap of $46.12 billion, a PE ratio of 31.35 and a beta of 1.04. Copart, Inc. has a 1-year low of $45.05 and a 1-year high of $64.38. The firm has a 50-day moving average price of $47.49 and a 200-day moving average price of $53.75.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. The firm had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.23 billion. Copart had a return on equity of 18.20% and a net margin of 32.21%.The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. Sell-side analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 31,527 shares in the company, valued at $1,463,798.61. The trade was a 43.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 9.68% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CPRT has been the subject of several analyst reports. Stephens initiated coverage on Copart in a research report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Finally, Robert W. Baird reduced their target price on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, July 17th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $53.33.

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.