Corient IA LLC Makes New $669,000 Investment in Copart, Inc. $CPRT

Key Points

• Corient IA LLC made a new investment in Copart, Inc. valued at approximately $669,000, acquiring 11,825 shares during the first quarter.
• Copart reported a quarterly revenue of $1.21 billion with a net margin of 32.21% and a return on equity of 18.20%, meeting earnings expectations.
• Wall Street analysts have adjusted target prices for Copart, with Robert W. Baird lowering their target from $64.00 to $55.00 while maintaining an "outperform" rating.

Corient IA LLC purchased a new stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 11,825 shares of the business services provider's stock, valued at approximately $669,000.

A number of other large investors have also bought and sold shares of CPRT. Nuveen LLC bought a new stake in Copart in the first quarter valued at approximately $267,723,000. Fiera Capital Corp lifted its position in Copart by 195.6% in the first quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock valued at $225,942,000 after purchasing an additional 2,642,100 shares during the last quarter. Vanguard Group Inc. lifted its position in Copart by 2.1% in the first quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock valued at $5,900,295,000 after purchasing an additional 2,134,890 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Copart by 15.9% in the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock valued at $868,417,000 after purchasing an additional 2,106,656 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in Copart by 63.9% in the first quarter. American Century Companies Inc. now owns 3,832,465 shares of the business services provider's stock valued at $216,879,000 after purchasing an additional 1,494,457 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Trading Up 2.4%

CPRT traded up $1.1280 during trading on Friday, reaching $48.8080. The stock had a trading volume of 2,642,537 shares, compared to its average volume of 5,674,314. The stock's 50 day moving average is $47.34 and its two-hundred day moving average is $53.59. The company has a market capitalization of $47.19 billion, a price-to-earnings ratio of 32.12 and a beta of 1.04. Copart, Inc. has a one year low of $45.05 and a one year high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.42 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.42. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.23 billion. Copart had a return on equity of 18.20% and a net margin of 32.21%.The firm's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 earnings per share. On average, equities research analysts predict that Copart, Inc. will post 1.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Transactions at Copart

In other Copart 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 owned 31,527 shares in the company, valued at approximately $1,463,798.61. This represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 9.68% of the company's stock.

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.