Copart, Inc. $CPRT Stock Sold by AIA Group Ltd

Key Points

• AIA Group cut its Copart stake by 65.6% in the third quarter, selling 56,784 shares and retaining 29,732 shares valued at about $811,000.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $37.90; ratings include two Strong Buys, five Buys, four Holds, and two Sells.
• Copart’s latest quarterly EPS of $0.35 missed estimates of $0.38, while revenue of $1.15 billion topped expectations and rose 2.4% year over year.

AIA Group Ltd decreased its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 65.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,732 shares of the business services provider's stock after selling 56,784 shares during the quarter. AIA Group Ltd's holdings in Copart were worth $811,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Alpha Family Trust grew its position in shares of Copart by 3.4% in the 1st quarter. Alpha Family Trust now owns 11,010 shares of the business services provider's stock worth $366,000 after buying an additional 360 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Copart by 1.3% during the second quarter. Sequoia Financial Advisors LLC now owns 28,547 shares of the business services provider's stock worth $805,000 after acquiring an additional 369 shares in the last quarter. North Dakota State Investment Board boosted its stake in Copart by 1.4% during the third quarter. North Dakota State Investment Board now owns 26,664 shares of the business services provider's stock worth $727,000 after acquiring an additional 370 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in Copart by 62.5% in the third quarter. Salomon & Ludwin LLC now owns 1,076 shares of the business services provider's stock worth $29,000 after purchasing an additional 414 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Copart by 1.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 24,183 shares of the business services provider's stock worth $660,000 after purchasing an additional 447 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Stephens reaffirmed an "equal weight" rating and set a $35.00 target price on shares of Copart in a research note on Thursday, August 20th. Freedom Broker dropped their price target on Copart from $39.00 to $36.00 and set a "buy" rating on the stock in a research report on Monday, September 14th. Deutsche Bank Aktiengesellschaft set a $40.00 price target on Copart in a research note on Thursday, September 3rd. HSBC lowered Copart from a "buy" rating to a "hold" rating and reduced their price objective for the company from $46.00 to $36.00 in a research report on Wednesday, September 16th. Finally, Barclays set a $25.00 target price on Copart and gave the stock an "underweight" rating in a research note on Wednesday, August 26th. Two equities research 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $37.90.

Copart Stock Down 0.4%

Shares of CPRT opened at $32.48 on Friday. Copart, Inc. has a twelve month low of $25.72 and a twelve month high of $42.05. The company has a market capitalization of $30.09 billion, a P/E ratio of 20.95, a price-to-earnings-growth ratio of 1.60 and a beta of 1.01. The firm has a 50 day moving average of $29.47 and a 200 day moving average of $32.26.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. The business's revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. On average, sell-side analysts expect that Copart, Inc. will post 1.63 EPS for the current year.

Insider Activity

In other news, Director Diane Morefield sold 20,000 shares of the firm's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $27.66, for a total transaction of $553,200.00. Following the sale, the director owned 50,000 shares of the company's stock, valued at $1,383,000. This trade represents a 28.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 9.60% of the stock is currently owned by insiders.

About Copart

Copart, Inc is a provider of online vehicle auction and remarketing services. The company operates a digital marketplace that connects vehicle sellers with a broad network of buyers, including licensed dismantlers, rebuilders, used-car dealers, exporters and individual consumers.

Copart primarily sells vehicles that have been damaged, declared total losses by insurers, repossessed, donated or otherwise designated for resale. Its services also include vehicle storage, transportation, towing coordination, title processing, inspection and auction support.

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