JLB & Associates Inc. Invests $9.59 Million in Copart, Inc. $CPRT

Key Points

• JLB & Associates purchased 340,219 Copart shares worth approximately $9.59 million in the second quarter, making the stock about 1.3% of its portfolio. Institutional investors and hedge funds collectively own 85.78% of Copart.
• Copart exceeded quarterly expectations, reporting earnings of $0.43 per share versus the $0.41 consensus and revenue of $1.24 billion, up 2.1% year over year.
• Analyst sentiment remains mixed, with ratings ranging from strong buy to sell. Copart’s average rating is “Hold,” with an average price target of $43.50, while CEO Jeffrey Liaw sold shares worth approximately $846,000.

JLB & Associates Inc. purchased a new stake in Copart, Inc. (NASDAQ:CPRT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 340,219 shares of the business services provider's stock, valued at approximately $9,591,000. Copart accounts for about 1.3% of JLB & Associates Inc.'s portfolio, making the stock its 28th largest position.

Other hedge funds also recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. purchased a new stake in shares of Copart during the second quarter worth approximately $447,000. Meeder Asset Management Inc. acquired a new position in Copart in the 2nd quarter valued at $7,321,000. Citizens Financial Group Inc. RI purchased a new position in Copart during the 2nd quarter worth $555,000. K.J. Harrison & Partners Inc acquired a new stake in shares of Copart in the 2nd quarter worth $1,438,000. Finally, BlackRock Inc. purchased a new stake in shares of Copart in the second quarter valued at about $1,908,980,000. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Stock Performance

Shares of CPRT stock opened at $31.51 on Wednesday. The stock has a fifty day moving average price of $29.32 and a 200 day moving average price of $32.79. The stock has a market cap of $29.17 billion, a PE ratio of 19.57 and a beta of 1.01. Copart, Inc. has a 1 year low of $26.81 and a 1 year 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, beating analysts' consensus estimates of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter last year, the business posted $0.42 earnings per share. The business's revenue for the quarter was up 2.1% on a year-over-year basis. As a group, equities research analysts predict that Copart, Inc. will post 1.58 earnings per share for the current year.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the sale, the chief executive officer owned 99,641 shares of the company's stock, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Zacks Research cut shares of Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Freedom Capital raised Copart to a "strong-buy" rating in a report on Friday, June 26th. Jefferies Financial Group set a $45.00 price objective on Copart in a report on Friday, May 22nd. Weiss Ratings reissued a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Finally, 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. Three investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Copart presently has an average rating of "Hold" and an average price target of $43.50.

Copart Company 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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