Incline Global Management LLC Sells 262,740 Shares of Copart, Inc. $CPRT

Key Points

• Incline Global Management sharply reduced its Copart position, selling 262,740 shares in the fourth quarter and cutting its stake by 90.2% to 28,488 shares worth about $1.115 million.
• Copart’s CEO also sold shares: Jeffrey Liaw sold 26,213 shares at $33.18 apiece, reducing his direct ownership by nearly 25%.
• Copart reported solid quarterly results, with earnings of $0.43 per share and revenue of $1.24 billion, both ahead of expectations, even as the stock traded near its 12-month low and analysts kept a consensus “Hold” rating.

Incline Global Management LLC lowered its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 90.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 28,488 shares of the business services provider's stock after selling 262,740 shares during the period. Copart makes up 0.4% of Incline Global Management LLC's investment portfolio, making the stock its 28th biggest holding. Incline Global Management LLC's holdings in Copart were worth $1,115,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in CPRT. Nordea Investment Management AB grew its stake in shares of Copart by 4.1% during the fourth quarter. Nordea Investment Management AB now owns 798,087 shares of the business services provider's stock valued at $31,353,000 after purchasing an additional 31,658 shares during the last quarter. Comgest Global Investors S.A.S. grew its stake in shares of Copart by 7.2% during the third quarter. Comgest Global Investors S.A.S. now owns 3,181,919 shares of the business services provider's stock valued at $143,091,000 after purchasing an additional 212,520 shares during the last quarter. Davidson Kahn Capital Management LLC grew its stake in shares of Copart by 56.3% during the fourth quarter. Davidson Kahn Capital Management LLC now owns 100,151 shares of the business services provider's stock valued at $3,921,000 after purchasing an additional 36,091 shares during the last quarter. ABN Amro Investment Solutions grew its stake in shares of Copart by 82.5% during the fourth quarter. ABN Amro Investment Solutions now owns 199,794 shares of the business services provider's stock valued at $7,822,000 after purchasing an additional 90,339 shares during the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Copart by 21.0% during the third quarter. Integrated Wealth Concepts LLC now owns 249,396 shares of the business services provider's stock valued at $11,215,000 after purchasing an additional 43,292 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the transaction, the chief executive officer directly owned 79,532 shares of the company's stock, valued at $2,638,871.76. This trade represents a 24.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.60% of the stock is currently owned by corporate insiders.

Copart Stock Down 4.0%

Shares of NASDAQ CPRT opened at $29.52 on Thursday. The company's fifty day moving average is $32.67 and its 200-day moving average is $36.00. The stock has a market cap of $27.33 billion, a price-to-earnings ratio of 18.34 and a beta of 1.00. Copart, Inc. has a twelve month low of $29.50 and a twelve month high of $50.11.

Copart (NASDAQ:CPRT - Get Free Report) last announced 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. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. On average, research analysts anticipate that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CPRT shares. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research note on Friday, May 22nd. JPMorgan Chase & Co. reduced their price objective on shares of Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a research note on Monday, February 23rd. Zacks Research raised shares of Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Barclays reaffirmed an "underweight" rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Finally, Weiss Ratings cut shares of Copart from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Copart has a consensus rating of "Hold" and a consensus target price 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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