Manning & Napier Advisors LLC Sells 47,240 Shares of Copart, Inc. (NASDAQ:CPRT)

Manning & Napier Advisors LLC lowered its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,594,317 shares of the business services provider's stock after selling 47,240 shares during the quarter. Copart accounts for approximately 1.8% of Manning & Napier Advisors LLC's investment portfolio, making the stock its 15th biggest holding. Manning & Napier Advisors LLC owned 0.27% of Copart worth $146,812,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Copart in the 4th quarter worth approximately $682,089,000. Madison Investment Advisors LLC bought a new stake in shares of Copart in the 4th quarter worth approximately $253,686,000. Bank of New York Mellon Corp raised its holdings in shares of Copart by 23.3% in the 4th quarter. Bank of New York Mellon Corp now owns 19,440,046 shares of the business services provider's stock worth $1,115,664,000 after purchasing an additional 3,667,534 shares during the period. Edgewood Management LLC raised its holdings in shares of Copart by 14.1% in the 4th quarter. Edgewood Management LLC now owns 23,463,118 shares of the business services provider's stock worth $1,346,548,000 after purchasing an additional 2,907,405 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Copart by 14.4% in the 4th quarter. Wellington Management Group LLP now owns 14,157,306 shares of the business services provider's stock worth $812,488,000 after purchasing an additional 1,785,741 shares during the period. Institutional investors own 85.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Argus cut shares of Copart from a "buy" rating to a "hold" rating in a report on Friday, March 14th.

Insider Buying and Selling at Copart

In other news, Director Steven D. Cohan sold 5,003 shares of the company's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $60.01, for a total value of $300,230.03. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 9.68% of the company's stock.

Copart Stock Performance

CPRT stock traded down $0.25 during midday trading on Monday, reaching $47.72. 7,424,358 shares of the company's stock traded hands, compared to its average volume of 4,882,315. The company has a 50-day moving average price of $56.58 and a two-hundred day moving average price of $56.92. Copart, Inc. has a 52 week low of $47.34 and a 52 week high of $64.38. The firm has a market capitalization of $46.14 billion, a PE ratio of 31.39 and a beta of 1.10.

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