Kimelman & Baird LLC Reduces Stake in Copart, Inc. $CPRT

Key Points

• Kimelman & Baird LLC reduced its stake in Copart, Inc. by 0.9%, holding 1.24 million shares which constitutes 5.9% of its total portfolio, making it the firm's largest position.
• Several institutional investors, including Brighton Jones LLC and Rockefeller Capital Management L.P., substantially increased their holdings in Copart during the fourth quarter.
• Despite changes in analyst ratings, Copart's recent earnings met expectations, reporting $0.42 EPS and $1.21 billion in revenue, marking a 7.5% year-over-year revenue increase.

Kimelman & Baird LLC decreased its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 0.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,236,732 shares of the business services provider's stock after selling 10,935 shares during the quarter. Copart accounts for about 5.9% of Kimelman & Baird LLC's portfolio, making the stock its largest position. Kimelman & Baird LLC owned approximately 0.13% of Copart worth $69,987,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new position in Copart in the first quarter valued at about $26,000. Sunbelt Securities Inc. acquired a new position in Copart in the fourth quarter valued at about $31,000. Accent Capital Management LLC bought a new stake in shares of Copart in the 1st quarter valued at $36,000. Financial Network Wealth Advisors LLC increased its position in shares of Copart by 152.6% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock valued at $44,000 after buying an additional 473 shares in the last quarter. Finally, SouthState Corp bought a new stake in shares of Copart in the 1st quarter valued at $45,000. Institutional investors and hedge funds own 85.78% of the company's stock.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total value of $1,118,405.84. Following the sale, the chief executive officer owned 31,527 shares in the company, valued at approximately $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 9.68% of the company's stock.

Wall Street Analysts Forecast Growth

CPRT has been the subject of a number of recent analyst reports. Robert W. Baird lowered their price objective on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th. Stephens initiated coverage on shares of Copart in a research report on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $53.33.

Copart Stock Performance

NASDAQ CPRT traded down $0.20 during trading on Wednesday, hitting $47.61. The stock had a trading volume of 8,969,662 shares, compared to its average volume of 5,616,588. The company has a market capitalization of $46.04 billion, a PE ratio of 31.32 and a beta of 1.04. The company's 50-day moving average price is $47.38 and its two-hundred day moving average price is $53.66. Copart, Inc. has a 12 month low of $45.05 and a 12 month high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last released its earnings results on Thursday, May 22nd. The business services provider reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The firm had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.23 billion. Copart had a return on equity of 18.20% and a net margin of 32.21%.The business's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. As a group, equities analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Copart Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.