LGT Fund Management Co Ltd. Sells 14,707 Shares of Copart, Inc. (NASDAQ:CPRT)

Key Points

• LGT Fund Management Co Ltd. reduced its stake in Copart, Inc. by 27.6%, selling 14,707 shares and leaving them with 38,593 shares valued at approximately $2.18 million.
• Several major investors, including Vanguard Group Inc. and JPMorgan Chase & Co., increased their holdings in Copart during the first quarter, reflecting strong institutional interest as 85.78% of the company's stock is owned by institutional investors.
• CEO Jeffrey Liaw sold 24,088 shares for over $1.1 million, which represents a significant 43.31% decrease in his ownership of the stock, but he still retains 31,527 shares valued at approximately $1.46 million.

LGT Fund Management Co Ltd. reduced its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 27.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,593 shares of the business services provider's stock after selling 14,707 shares during the period. LGT Fund Management Co Ltd.'s holdings in Copart were worth $2,184,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Western Pacific Wealth Management LP lifted its holdings in Copart by 6.5% in the 1st quarter. Western Pacific Wealth Management LP now owns 2,838 shares of the business services provider's stock worth $161,000 after buying an additional 173 shares in the last quarter. Blue Trust Inc. lifted its holdings in Copart by 13.1% during the 1st quarter. Blue Trust Inc. now owns 1,510 shares of the business services provider's stock valued at $85,000 after purchasing an additional 175 shares during the last quarter. Western Wealth Management LLC lifted its holdings in Copart by 4.0% during the 1st quarter. Western Wealth Management LLC now owns 4,985 shares of the business services provider's stock valued at $282,000 after purchasing an additional 192 shares during the last quarter. Nixon Peabody Trust Co. raised its stake in shares of Copart by 5.0% during the first quarter. Nixon Peabody Trust Co. now owns 4,108 shares of the business services provider's stock worth $232,000 after buying an additional 195 shares during the last quarter. Finally, FSM Wealth Advisors LLC boosted its position in shares of Copart by 4.9% during the first quarter. FSM Wealth Advisors LLC now owns 4,649 shares of the business services provider's stock worth $263,000 after purchasing an additional 218 shares in the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CPRT. Stephens began coverage on Copart in a research note on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 target price for the company. Robert W. Baird reduced their target price on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. dropped their price objective on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd.

Copart Price Performance

Shares of NASDAQ CPRT traded up $0.22 during mid-day trading on Friday, hitting $47.08. The company had a trading volume of 4,688,357 shares, compared to its average volume of 5,882,411. The business's 50-day simple moving average is $47.55 and its 200-day simple moving average is $53.88. Copart, Inc. has a 12 month low of $45.05 and a 12 month high of $64.38. The firm has a market cap of $45.52 billion, a P/E ratio of 30.97 and a beta of 1.04.

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

Insider Buying and Selling at Copart

In related news, CEO Jeffrey Liaw sold 24,088 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 31,527 shares of the company's stock, valued at approximately $1,463,798.61. This represents a 43.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.68% of the stock is owned by insiders.

Copart Company 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.