Copart, Inc. $CPRT Shares Acquired by Baskin Financial Services Inc.

Key Points

• Baskin Financial Services Inc. increased its shareholding in Copart, Inc. by 1.3% during the 2nd quarter, now owning approximately 765,938 shares valued at around $37.58 million.
• Copart's stock recently received mixed analyst ratings, with HSBC upgrading it to a "strong-buy" while Stephens decreased their price target from $50 to $46, indicating varying outlooks on the company's performance.
• Shares of Copart saw a 2.0% decline, opening at $44.04, and the company reported earnings per share of $0.41, exceeding analyst expectations of $0.37 for the most recent quarter.

Baskin Financial Services Inc. increased its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 765,938 shares of the business services provider's stock after purchasing an additional 9,575 shares during the period. Copart accounts for about 2.8% of Baskin Financial Services Inc.'s holdings, making the stock its 18th biggest holding. Baskin Financial Services Inc. owned approximately 0.08% of Copart worth $37,584,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cloud Capital Management LLC acquired a new stake in Copart during the first quarter worth about $26,000. Atticus Wealth Management LLC acquired a new stake in Copart during the second quarter worth about $31,000. Ameritas Advisory Services LLC acquired a new stake in Copart during the second quarter worth about $31,000. Accent Capital Management LLC acquired a new stake in Copart during the first quarter worth about $36,000. Finally, GFG Capital LLC acquired a new stake in Copart during the second quarter worth about $37,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Copart in a research report on Wednesday. Stephens cut their price objective on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research report on Friday, September 5th. Robert W. Baird dropped their price target on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th. Hsbc Global Res upgraded shares of Copart from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 4th. Finally, HSBC set a $62.00 price target on shares of Copart and gave the company a "buy" rating in a research report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Copart has an average rating of "Moderate Buy" and a consensus price target of $54.50.

Insider Buying and Selling

In other Copart news, Director Thomas N. Tryforos sold 228,840 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $47.54, for a total transaction of $10,879,053.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jeffrey Liaw sold 24,088 shares of Copart stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the completion of the transaction, the chief executive officer directly owned 31,527 shares in the company, 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 currently owned by company insiders.

Copart Stock Down 2.0%

Shares of Copart stock opened at $44.04 on Friday. Copart, Inc. has a 52-week low of $44.00 and a 52-week high of $64.38. The company has a 50 day moving average of $46.84 and a 200 day moving average of $51.37. The company has a market capitalization of $42.62 billion, a P/E ratio of 27.53 and a beta of 1.03.

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

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.

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