Copart, Inc. $CPRT Shares Sold by Midwest Trust Co

Key Points

• Midwest Trust Co sharply reduced its Copart stake, selling 94% of its holdings in the first quarter and leaving it with 8,080 shares worth about $268,000.
• Institutional ownership remains high, with hedge funds and other institutional investors controlling 85.78% of Copart’s stock, even as several funds recently increased or initiated positions.
• Copart reported better-than-expected quarterly results, posting EPS of $0.43 versus the $0.41 estimate and revenue of $1.24 billion, while analysts currently rate the stock a Moderate Buy with a consensus price target of $44.50.

Midwest Trust Co trimmed its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 94.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,080 shares of the business services provider's stock after selling 126,019 shares during the period. Midwest Trust Co's holdings in Copart were worth $268,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Copart by 92.1% in the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock worth $816,000 after acquiring an additional 6,817 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Copart by 365.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider's stock valued at $63,000 after purchasing an additional 878 shares during the last quarter. Jump Financial LLC acquired a new position in shares of Copart in the 2nd quarter valued at $2,677,000. Sei Investments Co. grew its stake in shares of Copart by 110.0% during the 2nd quarter. Sei Investments Co. now owns 900,330 shares of the business services provider's stock valued at $44,179,000 after buying an additional 471,571 shares during the period. Finally, Treasurer of the State of North Carolina grew its stake in shares of Copart by 3.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider's stock valued at $20,270,000 after buying an additional 13,860 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Zacks Research raised Copart from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Jefferies Financial Group set a $45.00 price target on Copart in a research report on Friday, May 22nd. Weiss Ratings downgraded Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Finally, Freedom Capital upgraded Copart to a "strong-buy" rating in a report on Friday, June 26th. Three investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Copart has an average rating of "Moderate Buy" and a consensus price target of $44.50.

Copart Stock Down 0.9%

Copart stock opened at $27.28 on Thursday. Copart, Inc. has a 52-week low of $27.23 and a 52-week high of $50.11. The firm has a fifty day moving average of $30.96 and a 200-day moving average of $34.61. The firm has a market capitalization of $25.26 billion, a P/E ratio of 16.94 and a beta of 1.02.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the business posted $0.42 EPS. The business's quarterly revenue was up 2.1% on a year-over-year basis. On average, research analysts expect that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Copart Company Profile

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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