Copart, Inc. $CPRT Stock Bought by Rockland Trust Co.

Key Points

• Rockland Trust increased its Copart stake by 11% in the third quarter, bringing its holdings to 794,114 shares valued at approximately $21.7 million. Institutional investors collectively own 85.78% of the company.
• Copart’s stock rose 1.4% to $27.59, but remains well below its 52-week high of $45.89. The company reported quarterly revenue of $1.15 billion, up 2.4% year over year, while EPS of $0.35 fell short of analysts’ $0.38 estimate.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $37.80. Meanwhile, CEO Jeffrey Liaw sold 27,745 shares, reducing his direct position by 21.78%.

Rockland Trust Co. increased its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 11.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 794,114 shares of the business services provider's stock after acquiring an additional 78,852 shares during the period. Rockland Trust Co. owned approximately 0.09% of Copart worth $21,663,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC boosted its stake in Copart by 14.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider's stock worth $11,076,000 after purchasing an additional 41,060 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Copart by 6.4% during the 2nd quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider's stock valued at $16,307,000 after purchasing an additional 34,855 shares in the last quarter. Confluence Investment Management LLC increased its stake in Copart by 44.2% during the 3rd quarter. Confluence Investment Management LLC now owns 422,532 shares of the business services provider's stock valued at $11,527,000 after purchasing an additional 129,591 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new position in Copart in the second quarter worth about $1,298,000. Finally, Mill Capital Management LLC bought a new position in shares of Copart in the second quarter worth approximately $12,711,000. Hedge funds and other institutional investors own 85.78% of the company's stock.

Copart Stock Up 1.4%

CPRT traded up $0.38 during mid-day trading on Monday, reaching $27.59. 2,670,268 shares of the company traded hands, compared to its average volume of 10,169,341. The stock has a market capitalization of $25.56 billion, a P/E ratio of 17.81, a P/E/G ratio of 1.32 and a beta of 1.06. The company's fifty day moving average price is $30.61 and its 200-day moving average price is $31.22. Copart, Inc. has a 52-week low of $26.74 and a 52-week high of $45.89.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly 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). Copart had a return on equity of 15.93% and a net margin of 31.81%.The firm had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same quarter last year, the business earned $0.41 earnings per share. The business's quarterly revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts forecast that Copart, Inc. will post 1.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CPRT shares. HSBC cut shares of Copart from a "buy" rating to a "hold" rating and set a $36.00 price target on the stock. in a report on Wednesday, September 16th. BNP Paribas Exane reaffirmed an "outperform" rating and issued a $43.00 price objective (up from $40.00) on shares of Copart in a research report on Monday, September 28th. Freedom Capital upgraded Copart to a "strong-buy" rating in a research note on Friday, June 26th. Barrington Research raised Copart from a "market perform" rating to an "outperform" rating and set a $40.00 target price for the company in a report on Friday, September 11th. Finally, Zacks Research upgraded Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Copart currently has a consensus rating of "Moderate Buy" and an average price target of $37.80.

Insider Transactions at Copart

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

Copart Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company's facilities.

Want to see what other hedge funds are holding CPRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Copart, Inc. (NASDAQ:CPRT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.