Korea Investment CORP Has $26.19 Million Stock Position in Copart, Inc. $CPRT

Key Points

• Korea Investment CORP cut its stake in Copart by 10.1% in Q3, selling 65,338 shares and now owning 582,341 shares valued at about $26.19 million.
• Copart missed quarterly expectations with $0.36 EPS (vs. $0.39 est.) and $1.12 billion revenue (down 3.6% YoY), and CEO Jeffrey Liaw sold 25,137 shares, lowering his ownership by roughly 31%.
• Analyst sentiment is mixed: MarketBeat shows a consensus rating of Hold with a $44.40 target, while recent reports range from Strong Buy to Strong Sell.

Korea Investment CORP cut its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 10.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 582,341 shares of the business services provider's stock after selling 65,338 shares during the quarter. Korea Investment CORP owned 0.06% of Copart worth $26,188,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Ameriflex Group Inc. acquired a new position in shares of Copart during the 3rd quarter valued at $76,000. First Trust Advisors LP grew its holdings in Copart by 18.5% in the third quarter. First Trust Advisors LP now owns 7,796,203 shares of the business services provider's stock worth $350,595,000 after purchasing an additional 1,216,799 shares during the period. Neuberger Berman Group LLC increased its stake in Copart by 85.6% in the third quarter. Neuberger Berman Group LLC now owns 152,617 shares of the business services provider's stock valued at $6,863,000 after purchasing an additional 70,374 shares in the last quarter. Aptus Capital Advisors LLC increased its stake in Copart by 11.7% in the third quarter. Aptus Capital Advisors LLC now owns 382,036 shares of the business services provider's stock valued at $17,180,000 after purchasing an additional 40,093 shares in the last quarter. Finally, Beddow Capital Management Inc. acquired a new position in shares of Copart during the third quarter valued at about $2,945,000. 85.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. CJS Securities raised shares of Copart to a "strong-buy" rating in a research report on Thursday, December 11th. Barclays reaffirmed an "underweight" rating and set a $32.00 price target (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Robert W. Baird set a $48.00 price target on Copart and gave the stock an "outperform" rating in a report on Friday, February 20th. JPMorgan Chase & Co. reduced their price objective on Copart from $45.00 to $34.00 and set a "neutral" rating for the company in a research note on Monday, February 23rd. Finally, Zacks Research downgraded Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $44.40.

Copart Price Performance

Shares of NASDAQ CPRT opened at $37.57 on Tuesday. The company has a 50-day moving average price of $39.03 and a 200-day moving average price of $41.76. The stock has a market capitalization of $36.19 billion, a P/E ratio of 23.48 and a beta of 1.09. Copart, Inc. has a 1 year low of $33.81 and a 1 year high of $63.85.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.03). The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.15 billion. Copart had a return on equity of 16.68% and a net margin of 33.76%.The company's revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. As a group, equities research analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 25,137 shares of the stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $40.17, for a total value of $1,009,753.29. Following the completion of the sale, the chief executive officer directly owned 55,970 shares of the company's stock, valued at $2,248,314.90. This represents a 30.99% 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 company insiders.

About Copart

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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