Lecap Asset Management Ltd. Makes New $2.64 Million Investment in Copart, Inc. $CPRT

Key Points

• Lecap Asset Management Ltd. has invested approximately $2.64 million in Copart, Inc., acquiring 53,787 shares, making it the 14th largest position in their portfolio.
• Institutional investors own 85.78% of Copart's stock, with Vanguard Group Inc. and Principal Financial Group Inc. among the significant stakeholders.
• Copart's recent earnings report indicated an EPS of $0.41, exceeding estimates, alongside a 2.9% year-over-year revenue growth to $1.13 billion.

Lecap Asset Management Ltd. bought a new stake in Copart, Inc. (NASDAQ:CPRT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 53,787 shares of the business services provider's stock, valued at approximately $2,639,000. Copart makes up approximately 0.9% of Lecap Asset Management Ltd.'s investment portfolio, making the stock its 14th biggest position.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Copart by 2.1% in the first quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock valued at $5,900,295,000 after buying an additional 2,134,890 shares during the period. Principal Financial Group Inc. grew its position in shares of Copart by 3.3% in the first quarter. Principal Financial Group Inc. now owns 39,409,377 shares of the business services provider's stock valued at $2,230,177,000 after purchasing an additional 1,249,687 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Copart by 15.9% in the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock valued at $868,417,000 after purchasing an additional 2,106,656 shares in the last quarter. Invesco Ltd. grew its position in Copart by 7.5% during the first quarter. Invesco Ltd. now owns 9,490,237 shares of the business services provider's stock worth $537,052,000 after buying an additional 658,329 shares in the last quarter. Finally, Amundi grew its position in Copart by 32.5% during the first quarter. Amundi now owns 9,380,026 shares of the business services provider's stock worth $531,256,000 after buying an additional 2,299,192 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on CPRT shares. Stephens reduced their target price on Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research report on Friday, September 5th. HSBC set a $62.00 price target on Copart and gave the stock a "buy" rating in a research note on Thursday, September 4th. 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. Finally, Hsbc Global Res raised Copart from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $54.50.

Copart Stock Performance

Shares of NASDAQ CPRT opened at $45.09 on Thursday. The firm has a market capitalization of $43.63 billion, a price-to-earnings ratio of 28.18 and a beta of 1.04. The stock has a 50 day moving average price of $47.03 and a 200 day moving average price of $51.75. Copart, Inc. has a 52-week low of $44.23 and a 52-week high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.Copart's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.33 earnings per share. Analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Buying and Selling at Copart

In other Copart news, Director Thomas N. Tryforos sold 228,840 shares of Copart stock in a transaction on Monday, September 15th. The shares were sold at an average price of $47.54, for a total value of $10,879,053.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jeffrey Liaw sold 24,088 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the transaction, the chief executive officer directly owned 31,527 shares of the company's stock, valued at $1,463,798.61. This trade represents a 43.31% decrease in their position. The disclosure for this sale can be found here. 9.68% of the stock is owned by company insiders.

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.

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