Cumberland Partners Ltd Makes New $1.56 Million Investment in Copart, Inc. (NASDAQ:CPRT)

Key Points

• Cumberland Partners Ltd made a new investment of $1.56 million in Copart, Inc., acquiring 27,500 shares of the business services provider.
• Copart’s CEO, Jeffrey Liaw, sold 24,088 shares of the company’s stock, representing a 43.31% decrease in his ownership.
• Analysts have lowered their price targets for Copart, with Robert W. Baird and JPMorgan Chase both setting new targets at $55.00 per share.

Cumberland Partners Ltd purchased a new stake in Copart, Inc. (NASDAQ:CPRT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 27,500 shares of the business services provider's stock, valued at approximately $1,556,000.

Several other hedge funds have also recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its position in shares of Copart by 10.7% during the first quarter. PNC Financial Services Group Inc. now owns 264,350 shares of the business services provider's stock worth $14,960,000 after buying an additional 25,651 shares in the last quarter. US Bancorp DE grew its position in shares of Copart by 0.9% during the first quarter. US Bancorp DE now owns 1,493,512 shares of the business services provider's stock worth $84,518,000 after buying an additional 13,643 shares in the last quarter. Nicolet Advisory Services LLC grew its position in shares of Copart by 11.6% during the first quarter. Nicolet Advisory Services LLC now owns 21,111 shares of the business services provider's stock worth $1,238,000 after buying an additional 2,187 shares in the last quarter. Natixis Advisors LLC grew its position in shares of Copart by 8.4% during the first quarter. Natixis Advisors LLC now owns 1,717,355 shares of the business services provider's stock worth $97,185,000 after buying an additional 132,758 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft boosted its holdings in Copart by 37.2% in the first quarter. Baader Bank Aktiengesellschaft now owns 44,820 shares of the business services provider's stock worth $2,536,000 after purchasing an additional 12,160 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 24,088 shares of the 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 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 filing with the SEC, which is accessible through this link. Corporate insiders own 9.68% of the company's stock.

Copart Price Performance

NASDAQ CPRT traded up $0.23 on Monday, hitting $45.74. 5,246,862 shares of the stock were exchanged, compared to its average volume of 7,270,963. Copart, Inc. has a 52-week low of $45.05 and a 52-week high of $64.38. The company has a market capitalization of $44.23 billion, a price-to-earnings ratio of 29.94 and a beta of 1.04. The company's 50-day moving average price is $48.47 and its two-hundred day moving average price is $54.57.

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 for the quarter, meeting analysts' consensus estimates of $0.42. The company had revenue of $1.21 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. Equities analysts predict that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Analysts Set New Price Targets

CPRT has been the subject of a number of research reports. Robert W. Baird decreased their price objective on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, July 17th. JPMorgan Chase & Co. decreased their price objective on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Finally, Stephens initiated coverage on shares of Copart in a report on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 price objective for the company.

About Copart

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.