Northern Trust Corp Acquires 61,855 Shares of Copart, Inc. $CPRT

Key Points

• Northern Trust Corp increased its stake in Copart, Inc. by 0.7% in Q1, owning over 8.9 million shares valued at approximately $505 million.
• Copart reported a 7.5% year-over-year revenue growth, with earnings of $0.42 per share for the quarter, meeting analysts' expectations.
• Recent analyst ratings have downgraded Copart's price targets, with JPMorgan Chase reducing it from $60 to $55, indicating a cautious outlook on the stock.

Northern Trust Corp raised its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 0.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,927,156 shares of the business services provider's stock after buying an additional 61,855 shares during the period. Northern Trust Corp owned approximately 0.92% of Copart worth $505,188,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of CPRT. Cloud Capital Management LLC purchased a new stake in shares of Copart in the 1st quarter valued at approximately $26,000. Sunbelt Securities Inc. acquired a new stake in shares of Copart during the fourth quarter worth approximately $31,000. Accent Capital Management LLC acquired a new stake in shares of Copart during the first quarter worth approximately $36,000. Financial Network Wealth Advisors LLC boosted its holdings in shares of Copart by 152.6% during the first quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock worth $44,000 after purchasing an additional 473 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Copart during the fourth quarter worth approximately $45,000. Hedge funds and other institutional investors own 85.78% of the company's stock.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of Copart 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 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 9.68% of the company's stock.

Copart Stock Performance

Shares of Copart stock traded up $1.28 during trading on Friday, reaching $48.96. The company's stock had a trading volume of 6,224,584 shares, compared to its average volume of 5,532,967. The business's fifty day moving average price is $47.34 and its 200-day moving average price is $53.53. The firm has a market cap of $47.34 billion, a price-to-earnings ratio of 32.21 and a beta of 1.04. Copart, Inc. has a one year low of $45.05 and a one year high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.42 EPS for the quarter, hitting analysts' consensus estimates of $0.42. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates 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 period in the previous year, the company posted $0.39 earnings per share. Sell-side analysts anticipate that Copart, Inc. will post 1.57 EPS for the current year.

Wall Street Analyst Weigh In

CPRT has been the subject of several research reports. Stephens initiated coverage on shares of Copart in a report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Finally, Robert W. Baird lowered their price target on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. One investment 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 presently has a consensus rating of "Hold" and an average target price of $53.33.

Copart Company 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.