Galvin Gaustad & Stein LLC Cuts Stock Holdings in Copart, Inc. $CPRT

Key Points

• Galvin Gaustad & Stein LLC reduced its stake in Copart, Inc. by 27.3%, selling 82,484 shares and ending the quarter with a total of 220,029 shares valued at approximately $10.8 million.
• In terms of analyst ratings, Copart has a consensus rating of "Moderate Buy" with a target price of $54.50, while several analysts have recently adjusted their price targets.
• CEO Jeffrey Liaw sold 24,088 shares at an average price of $46.43, leading to a 43.31% reduction in their ownership stake.

Galvin Gaustad & Stein LLC reduced its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 27.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,029 shares of the business services provider's stock after selling 82,484 shares during the period. Galvin Gaustad & Stein LLC's holdings in Copart were worth $10,797,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. GC Wealth Management RIA LLC purchased a new stake in shares of Copart in the second quarter valued at approximately $219,000. Sowell Financial Services LLC purchased a new stake in shares of Copart in the first quarter valued at approximately $604,000. China Universal Asset Management Co. Ltd. grew its position in shares of Copart by 52.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 23,862 shares of the business services provider's stock valued at $1,350,000 after purchasing an additional 8,181 shares in the last quarter. Private Trust Co. NA grew its position in shares of Copart by 16.5% in the first quarter. Private Trust Co. NA now owns 4,142 shares of the business services provider's stock valued at $234,000 after purchasing an additional 586 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of 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 in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CPRT has been the subject of a number of analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Copart in a research report on Wednesday. Robert W. Baird decreased their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, July 17th. HSBC set a $62.00 price objective on Copart and gave the company a "buy" rating in a report on Thursday, September 4th. Hsbc Global Res upgraded Copart from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 4th. Finally, Stephens decreased their price objective on Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.50.

Copart Stock Down 2.0%

NASDAQ:CPRT opened at $44.04 on Friday. The stock's fifty day moving average is $46.84 and its two-hundred day moving average is $51.37. Copart, Inc. has a 52 week low of $44.00 and a 52 week high of $64.38. The stock has a market capitalization of $42.62 billion, a price-to-earnings ratio of 27.53 and a beta of 1.03.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.04. Copart had a return on equity of 18.17% and a net margin of 33.41%.The company had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.14 billion. During the same period in the prior year, the firm earned $0.33 earnings per share. The firm's revenue was up 2.9% compared to the same quarter last year. On average, sell-side analysts expect that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Insider Buying and Selling at Copart

In other 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 sale, the chief executive officer directly owned 31,527 shares in the company, valued at approximately $1,463,798.61. This trade represents a 43.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas N. Tryforos sold 228,840 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $47.54, for a total value of $10,879,053.60. The disclosure for this sale can be found here. 9.68% of the stock is currently owned by company insiders.

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.

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