Handelsbanken Fonder AB Raises Stock Position in Copart, Inc. $CPRT

Key Points

• Handelsbanken Fonder increased its Copart stake by 6.4% in the second quarter, adding 34,855 shares to own 578,452 shares worth approximately $16.3 million. Institutional investors collectively hold 85.78% of the company.
• Copart reported quarterly EPS of $0.43, ahead of the $0.41 analyst estimate, while revenue reached $1.24 billion and grew 2.1% year over year. Analysts expect full-year EPS of $1.58.
• CPRT shares opened at $28.99, down 1.4%, and remain well below their 12-month high of $50.11. Analyst views are mixed, producing a consensus “Hold” rating and an average price target of $43.50; CEO Jeffrey Liaw also sold 27,745 shares.

Handelsbanken Fonder AB grew its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 6.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 578,452 shares of the business services provider's stock after buying an additional 34,855 shares during the quarter. Handelsbanken Fonder AB owned 0.06% of Copart worth $16,307,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Legacy Wealth Asset Management LLC purchased a new stake in Copart during the second quarter valued at approximately $224,000. Sunburst Financial Group LLC boosted its holdings in shares of Copart by 11.4% in the 2nd quarter. Sunburst Financial Group LLC now owns 9,703 shares of the business services provider's stock worth $274,000 after purchasing an additional 993 shares during the period. Seilern Investment Management Ltd increased its position in shares of Copart by 1,428.9% during the 2nd quarter. Seilern Investment Management Ltd now owns 1,052,697 shares of the business services provider's stock valued at $29,676,000 after purchasing an additional 983,843 shares during the last quarter. Rockland Trust Co. increased its position in shares of Copart by 17.5% during the 2nd quarter. Rockland Trust Co. now owns 715,262 shares of the business services provider's stock valued at $20,163,000 after purchasing an additional 106,752 shares during the last quarter. Finally, Reinhart Partners LLC. purchased a new stake in Copart during the 2nd quarter valued at $2,133,000. Institutional investors own 85.78% of the company's stock.

Copart Stock Down 1.4%

CPRT stock opened at $28.99 on Thursday. The business's fifty day simple moving average is $29.31 and its two-hundred day simple moving average is $33.07. Copart, Inc. has a twelve month low of $26.81 and a twelve month high of $50.11. The firm has a market cap of $26.84 billion, a price-to-earnings ratio of 18.01 and a beta of 1.01.

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

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the sale, the chief executive officer owned 99,641 shares in the company, valued at $3,038,054.09. This trade represents a 21.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 9.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CPRT. Freedom Capital upgraded Copart to a "strong-buy" rating in a research report on Friday, June 26th. Weiss Ratings reissued a "sell (d+)" rating on shares of Copart in a research note on Wednesday, July 29th. Zacks Research lowered shares of Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Barclays set a $26.00 price target on shares of Copart and gave the stock an "underweight" rating in a research note on Tuesday, July 21st. Finally, Jefferies Financial Group set a $45.00 price target on shares of Copart in a report on Friday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $43.50.

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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