Fifth Third Bancorp Grows Stock Position in Copart, Inc. $CPRT

Key Points

• Fifth Third Bancorp increased its Copart stake by 246.5% in the first quarter, buying 115,733 additional shares and lifting its holdings to 162,677 shares worth about $5.4 million.
• Copart shares were down 2.4% to $27.61, near their 52-week low of $27.23, after trading below both the 50-day and 200-day moving averages.
• The company recently beat earnings expectations, reporting $0.43 EPS versus $0.41 expected and $1.24 billion in revenue, while analysts currently rate the stock a Moderate Buy with a consensus price target of $44.50.

Fifth Third Bancorp raised its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 246.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 162,677 shares of the business services provider's stock after acquiring an additional 115,733 shares during the quarter. Fifth Third Bancorp's holdings in Copart were worth $5,401,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Lodestone Wealth Management LLC acquired a new stake in shares of Copart during the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC acquired a new stake in shares of Copart in the 3rd quarter valued at about $36,000. Aventura Private Wealth LLC bought a new position in shares of Copart during the fourth quarter worth about $33,000. Reflection Asset Management bought a new position in shares of Copart during the fourth quarter worth about $34,000. Finally, Board of the Pension Protection Fund acquired a new position in Copart in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 85.78% of the company's stock.

Copart Stock Down 2.4%

Shares of CPRT opened at $27.61 on Friday. The firm has a market capitalization of $25.56 billion, a PE ratio of 17.15 and a beta of 1.02. The firm has a 50-day moving average price of $30.72 and a 200 day moving average price of $34.48. Copart, Inc. has a 52-week low of $27.23 and a 52-week high of $50.11.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the business posted $0.42 EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities analysts expect that Copart, Inc. will post 1.58 EPS for the current year.

Analyst Ratings Changes

CPRT has been the subject of several research analyst reports. Freedom Capital raised Copart to a "strong-buy" rating in a report on Friday, June 26th. Zacks Research upgraded Copart from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Jefferies Financial Group set a $45.00 target price on Copart in a research report on Friday, May 22nd. Finally, Weiss Ratings lowered Copart from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $44.50.

Copart Profile

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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