Copart, Inc. $CPRT Stock Acquired by Kinsale Capital Group Inc.

Key Points

• Kinsale Capital Group increased its Copart stake by 30.3% in the third quarter, adding 93,556 shares to bring its holding to 402,332 shares, valued at about $10.98 million.
• Copart reported quarterly EPS of $0.35, below the $0.38 consensus, while revenue of $1.15 billion topped estimates and rose 2.4% year over year.
• Analyst views were mixed, but Copart had a consensus “Moderate Buy” rating and an average price target of $37.90.

Kinsale Capital Group Inc. increased its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 30.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 402,332 shares of the business services provider's stock after buying an additional 93,556 shares during the period. Kinsale Capital Group Inc.'s holdings in Copart were worth $10,976,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC raised its holdings in shares of Copart by 7.5% during the 3rd quarter. Kestra Investment Management LLC now owns 9,291 shares of the business services provider's stock valued at $253,000 after purchasing an additional 645 shares in the last quarter. Fulcrum Asset Management LLP boosted its holdings in Copart by 8,711.0% in the third quarter. Fulcrum Asset Management LLP now owns 55,333 shares of the business services provider's stock worth $1,502,000 after purchasing an additional 54,705 shares in the last quarter. Candriam S.C.A. boosted its holdings in Copart by 123.5% in the third quarter. Candriam S.C.A. now owns 74,833 shares of the business services provider's stock worth $2,049,000 after purchasing an additional 41,356 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in Copart by 42.2% in the third quarter. Pictet Asset Management Holding SA now owns 762,518 shares of the business services provider's stock worth $20,801,000 after purchasing an additional 226,318 shares in the last quarter. Finally, Parallel Advisors LLC boosted its holdings in Copart by 24.1% in the third quarter. Parallel Advisors LLC now owns 15,870 shares of the business services provider's stock worth $433,000 after purchasing an additional 3,084 shares in the last quarter. Institutional investors own 85.78% of the company's stock.

Insider Transactions at Copart

In other news, Director Diane Morefield sold 20,000 shares of the firm's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $27.66, for a total value of $553,200.00. Following the sale, the director directly owned 50,000 shares of the company's stock, valued at approximately $1,383,000. This trade represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.30% of the stock is owned by company insiders.

Copart Trading Up 1.6%

Shares of Copart stock opened at $32.45 on Tuesday. The firm has a fifty day simple moving average of $29.44 and a 200-day simple moving average of $32.18. The stock has a market capitalization of $30.06 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 1.60 and a beta of 1.01. Copart, Inc. has a 1-year low of $25.72 and a 1-year high of $42.05.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 earnings per share. As a group, research analysts predict that Copart, Inc. will post 1.63 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on CPRT. Robert W. Baird lowered their target price on shares of Copart from $42.00 to $38.00 and set an "outperform" rating on the stock in a research report on Friday, September 11th. JPMorgan Chase & Co. raised Copart from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $32.00 to $40.00 in a research report on Thursday, September 3rd. Zacks Research upgraded Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. HSBC lowered Copart from a "buy" rating to a "hold" rating and lowered their price objective for the company from $46.00 to $36.00 in a report on Wednesday, September 16th. Finally, Stephens reissued an "equal weight" rating and issued a $35.00 price objective on shares of Copart in a research note on Thursday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.90.

Copart Company Profile

Copart, Inc operates an online vehicle auction and remarketing business. Its platform connects sellers with buyers of used and damaged vehicles, including cars, trucks, motorcycles and other equipment.

The company serves insurance companies, vehicle dealers, rental and fleet operators, financial institutions and other businesses, as well as individual buyers. Its services include online auctions, vehicle storage, title processing and support with vehicle transportation.

Founded in 1982 by Willis Johnson, Copart has expanded from its origins in the United States to serve customers in multiple countries, including markets in North America, Europe and the Middle East.

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