Copart, Inc. $CPRT Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its Copart stake by 61% in the first quarter, selling 1.93 million shares and retaining 1.23 million shares worth approximately $41 million. Institutional investors and hedge funds own 85.78% of Copart.
• Copart exceeded quarterly expectations, reporting $0.43 in earnings per share versus the $0.41 consensus estimate and $1.24 billion in revenue versus $1.19 billion expected. Revenue increased 2.1% year over year, while net margin reached 33.48%.
• Analyst sentiment remains mixed, with ratings ranging from strong buy to strong sell; the consensus rating is Hold with an average price target of $43.50. CEO Jeffrey Liaw also sold 27,745 shares, reducing his direct position by 21.78%.

The Manufacturers Life Insurance Company lowered its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 61.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,234,753 shares of the business services provider's stock after selling 1,928,551 shares during the quarter. The Manufacturers Life Insurance Company owned 0.13% of Copart worth $40,992,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Lodestone Wealth Management LLC purchased a new position in shares of Copart during the fourth quarter worth $25,000. Cache Advisors LLC purchased a new stake in shares of Copart in the 1st quarter valued at $31,000. Reflection Asset Management acquired a new position in Copart during the 4th quarter worth about $34,000. Triumph Capital Management lifted its stake in Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider's stock worth $40,000 after acquiring an additional 823 shares in the last quarter. Finally, SJS Investment Consulting Inc. boosted its holdings in Copart by 129.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,350 shares of the business services provider's stock valued at $45,000 after acquiring an additional 761 shares during the period. Institutional investors and hedge funds own 85.78% of the company's stock.

Copart Stock Down 4.1%

Shares of NASDAQ CPRT opened at $29.57 on Friday. The business has a 50-day moving average price of $29.91 and a 200 day moving average price of $33.79. The stock has a market cap of $27.38 billion, a PE ratio of 18.37 and a beta of 1.02. Copart, Inc. has a 52-week low of $26.81 and a 52-week high of $50.11.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings downgraded shares of Copart from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, May 1st. Jefferies Financial Group set a $45.00 target price on Copart in a report on Friday, May 22nd. Freedom Capital raised Copart to a "strong-buy" rating in a research note on Friday, June 26th. Barclays set a $26.00 price target on Copart and gave the stock an "underweight" rating in a report on Tuesday, July 21st. Finally, Zacks Research cut Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Copart has a consensus rating of "Hold" and an average price target of $43.50.

Insiders Place Their Bets

In other news, CEO Jeffrey Liaw sold 27,745 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the transaction, the chief executive officer directly owned 99,641 shares of the company's stock, valued at $3,038,054.09. This represents a 21.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.60% of the stock is owned by corporate insiders.

Copart 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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