Kimelman & Baird LLC Invests $34.76 Million in Copart, Inc. $CPRT

Key Points

• Kimelman & Baird LLC acquired 1.23 million Copart shares worth approximately $34.76 million, representing about 1.9% of its portfolio and 0.13% of Copart’s outstanding stock.
• Institutional investors own 85.78% of Copart, with major holders including BlackRock, State Street, Capital World Investors, Geode Capital Management and Bank of New York Mellon increasing or establishing positions.
• Analyst sentiment is mixed, with Copart carrying a consensus “Hold” rating and a $41.50 target price. CEO Jeffrey Liaw sold 27,745 shares for roughly $846,000, while the stock recently opened at $32.99.

Kimelman & Baird LLC purchased a new stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,233,106 shares of the business services provider's stock, valued at approximately $34,761,000. Copart makes up about 1.9% of Kimelman & Baird LLC's investment portfolio, making the stock its 24th biggest position. Kimelman & Baird LLC owned 0.13% of Copart as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Copart during the second quarter worth $1,908,980,000. State Street Corp raised its position in Copart by 1.3% during the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider's stock valued at $1,470,295,000 after purchasing an additional 492,506 shares during the period. Capital World Investors raised its holdings in Copart by 25.1% during the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock valued at $1,085,588,000 after buying an additional 5,555,101 shares during the period. Geode Capital Management LLC lifted its position in Copart by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider's stock worth $906,836,000 after buying an additional 131,703 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Copart by 21.7% during the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider's stock worth $860,618,000 after buying an additional 3,918,610 shares during the period. Institutional investors own 85.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Freedom Capital raised shares of Copart to a "strong-buy" rating in a research note on Friday, June 26th. Zacks Research downgraded shares of Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Barclays set a $25.00 target price on Copart and gave the company an "underweight" rating in a research report on Wednesday. Stephens reissued an "equal weight" rating and set a $35.00 target price on shares of Copart in a research note on Thursday, August 20th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Three equities research 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 company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $41.50.

Insider Buying and Selling

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

Copart Price Performance

Shares of CPRT opened at $32.99 on Friday. The company's fifty day moving average price is $29.77 and its 200-day moving average price is $32.47. Copart, Inc. has a 1-year low of $26.81 and a 1-year high of $50.11. The firm has a market capitalization of $30.54 billion, a PE ratio of 20.49 and a beta of 1.01.

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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