Copart, Inc. $CPRT Holdings Reduced by Provident Investment Management Inc.

Key Points

• Provident Investment Management cut its Copart stake by 41.6% in the fourth quarter, though the stock still represented about 2.6% of its portfolio.
• Copart reported fiscal Q2 earnings and revenue below expectations, with EPS of $0.36 versus $0.39 expected and revenue of $1.12 billion versus $1.15 billion expected; revenue also fell 3.6% year over year.
• Insider and analyst sentiment appears mixed: CEO Jeffrey Liaw sold shares in April, and recent analyst actions included downgrades and a reduced price target, leaving the stock with an average Hold rating and $44.40 target.

Provident Investment Management Inc. lowered its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 41.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 721,617 shares of the business services provider's stock after selling 514,805 shares during the quarter. Copart comprises approximately 2.6% of Provident Investment Management Inc.'s investment portfolio, making the stock its 18th biggest holding. Provident Investment Management Inc. owned 0.07% of Copart worth $28,251,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in Copart by 298.2% in the 3rd quarter. AQR Capital Management LLC now owns 4,887,359 shares of the business services provider's stock worth $217,243,000 after buying an additional 3,660,031 shares in the last quarter. Van ECK Associates Corp raised its stake in Copart by 2,266.7% during the 3rd quarter. Van ECK Associates Corp now owns 3,689,003 shares of the business services provider's stock valued at $165,895,000 after acquiring an additional 3,533,133 shares in the last quarter. Akre Capital Management LLC boosted its position in Copart by 253.1% during the 3rd quarter. Akre Capital Management LLC now owns 4,236,760 shares of the business services provider's stock worth $190,527,000 after acquiring an additional 3,036,760 shares during the period. Vanguard Group Inc. boosted its position in Copart by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider's stock worth $4,901,310,000 after acquiring an additional 2,581,784 shares during the period. Finally, Marshall Wace LLP grew its stake in shares of Copart by 395.6% in the third quarter. Marshall Wace LLP now owns 2,499,370 shares of the business services provider's stock worth $112,397,000 after purchasing an additional 1,995,074 shares in the last quarter. Institutional investors own 85.78% of the company's stock.

Copart Stock Performance

Shares of CPRT stock opened at $33.27 on Tuesday. Copart, Inc. has a 1 year low of $32.20 and a 1 year high of $63.85. The business's fifty day moving average is $34.06 and its 200-day moving average is $37.83. The stock has a market cap of $32.05 billion, a PE ratio of 20.79 and a beta of 1.02.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.03). The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. The company's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 EPS. Equities research analysts predict that Copart, Inc. will post 1.58 earnings per share for the current year.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of the company's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer directly owned 79,532 shares of the company's stock, valued at approximately $2,638,871.76. This represents a 24.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.60% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Barclays reissued an "underweight" rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Weiss Ratings downgraded shares of Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Zacks Research raised shares of Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. JPMorgan Chase & Co. dropped their price target on shares of Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a research report on Monday, February 23rd. Finally, Robert W. Baird set a $48.00 price target on shares of Copart and gave the stock an "outperform" rating in a research note on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $44.40.

About Copart

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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