Knights of Columbus Asset Advisors LLC Trims Stake in Copart, Inc. (NASDAQ:CPRT)

Key Points

• Knights of Columbus Asset Advisors LLC has significantly reduced its stake in Copart, Inc. by 77.8%, now holding only 12,433 shares valued at approximately $704,000.
• CEO Jeffrey Liaw sold 24,088 shares of Copart stock for over $1.1 million, decreasing his ownership by 43.31% and leaving him with 31,527 shares.
• Equities analysts have lowered target prices for Copart, with estimates ranging from $50.00 to $55.00, reflecting concerns about future performance.

Knights of Columbus Asset Advisors LLC lessened its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 77.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,433 shares of the business services provider's stock after selling 43,677 shares during the quarter. Knights of Columbus Asset Advisors LLC's holdings in Copart were worth $704,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CPRT. Cloud Capital Management LLC bought a new position in shares of Copart in the first quarter worth about $26,000. Sunbelt Securities Inc. bought a new position in shares of Copart in the fourth quarter worth about $31,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Copart in the fourth quarter worth about $45,000. Cornerstone Planning Group LLC boosted its stake in shares of Copart by 51.3% in the first quarter. Cornerstone Planning Group LLC now owns 829 shares of the business services provider's stock worth $51,000 after acquiring an additional 281 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of Copart by 1,567.9% in the first quarter. Versant Capital Management Inc now owns 884 shares of the business services provider's stock worth $50,000 after acquiring an additional 831 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Copart Stock Performance

CPRT stock traded up $0.42 during midday trading on Friday, reaching $46.69. 4,690,050 shares of the company traded hands, compared to its average volume of 6,950,240. Copart, Inc. has a 52-week low of $45.52 and a 52-week high of $64.38. The business has a 50 day moving average of $49.89 and a 200-day moving average of $54.93. The firm has a market capitalization of $45.15 billion, a price-to-earnings ratio of 30.72 and a beta of 1.07.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.42 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.42. Copart had a return on equity of 18.20% and a net margin of 32.21%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the business posted $0.39 earnings per share. The company's quarterly revenue was up 7.5% compared to the same quarter last year. Research analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of the stock in a transaction that occurred 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 represents a 43.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 9.68% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on CPRT. Robert W. Baird dropped their price target on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. JPMorgan Chase & Co. dropped their price target on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Finally, Stephens began coverage on Copart in a research note on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price target for the company.

About Copart

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.