Copart, Inc. $CPRT Stock Purchased by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Copart stake by 59.8% in the third quarter to 729,093 shares valued at approximately $19.9 million. Institutional investors and hedge funds collectively own 85.78% of the company.
• Analyst sentiment remains generally positive, with Copart holding a “Moderate Buy” consensus rating and an average price target of $37.80, despite several recent target-price reductions and HSBC’s downgrade to “Hold.”
• Copart’s latest quarterly results showed revenue of $1.15 billion, slightly above estimates, but earnings per share of $0.35 missed the $0.38 consensus. Shares opened at $27.87, near the lower end of their 52-week range.

TD Waterhouse Canada Inc. boosted its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 59.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 729,093 shares of the business services provider's stock after acquiring an additional 272,909 shares during the period. TD Waterhouse Canada Inc. owned about 0.08% of Copart worth $19,890,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CPRT. BlackRock Inc. purchased a new position in shares of Copart during the 2nd quarter worth $1,908,980,000. Bank of New York Mellon Corp acquired a new stake in shares of Copart during the second quarter worth $488,663,000. Deutsche Bank AG acquired a new stake in shares of Copart during the second quarter worth $436,413,000. Bank of America Corp DE boosted its holdings in shares of Copart by 28.7% during the first quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider's stock worth $322,256,000 after purchasing an additional 2,165,708 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Copart by 97.9% in the second quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider's stock valued at $255,381,000 after purchasing an additional 4,482,226 shares during the period. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Jeffrey Liaw sold 27,745 shares of the company's stock in a transaction on 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. This represents a 21.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 9.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Robert W. Baird dropped their target price on Copart from $42.00 to $38.00 and set an "outperform" rating for the company in a research note on Friday, September 11th. BNP Paribas Exane reiterated an "outperform" rating and set a $43.00 target price (up from $40.00) on shares of Copart in a research report on Monday, September 28th. Freedom Broker decreased their price target on Copart from $39.00 to $36.00 and set a "buy" rating on the stock in a research note on Monday, September 14th. Freedom Capital raised Copart to a "strong-buy" rating in a research note on Friday, June 26th. Finally, HSBC cut Copart from a "buy" rating to a "hold" rating and set a $36.00 price target for the company. in a report on Wednesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $37.80.

Copart Stock Performance

Shares of CPRT stock opened at $27.87 on Friday. Copart, Inc. has a one year low of $25.72 and a one year high of $45.89. The company has a 50 day moving average price of $30.09 and a 200 day moving average price of $30.82. The firm has a market capitalization of $25.82 billion, a price-to-earnings ratio of 17.98, a price-to-earnings-growth ratio of 1.36 and a beta of 1.06.

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

About Copart

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.

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