Lombard Odier Asset Management Europe Ltd Sells 340,991 Shares of Copart, Inc. $CPRT

Key Points

• Lombard Odier Asset Management Europe Ltd cut its Copart stake by 69.3% in the fourth quarter, selling 340,991 shares and leaving it with 150,832 shares worth about $5.9 million.
• Copart’s latest quarterly results beat expectations, with EPS of $0.43 versus $0.41 estimated and revenue of $1.24 billion versus $1.19 billion expected. Revenue rose 2.1% year over year.
• Wall Street remains cautious overall: analysts’ consensus rating is Hold with an average price target of $44.50, while Copart stock recently traded around $30.74 near its 52-week low.

Lombard Odier Asset Management Europe Ltd trimmed its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 69.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 150,832 shares of the business services provider's stock after selling 340,991 shares during the period. Lombard Odier Asset Management Europe Ltd's holdings in Copart were worth $5,905,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Copart by 2.4% in the third quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider's stock worth $4,901,310,000 after purchasing an additional 2,581,784 shares during the last quarter. State Street Corp lifted its holdings in shares of Copart by 1.3% in 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 in the last quarter. Capital World Investors lifted its holdings in shares of Copart by 25.1% in the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 valued at $906,836,000 after purchasing an additional 131,703 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Copart by 21.7% in the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider's stock valued at $860,618,000 after purchasing an additional 3,918,610 shares in the last quarter. 85.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CPRT. Robert W. Baird set a $48.00 target price on Copart and gave the company an "outperform" rating in a report on Friday, February 20th. Jefferies Financial Group set a $45.00 target price on Copart in a report on Friday, May 22nd. JPMorgan Chase & Co. cut their price target on shares of Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a report on Monday, February 23rd. Weiss Ratings cut shares of Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Finally, Barclays restated an "underweight" rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $44.50.

Copart Stock Performance

Shares of CPRT stock opened at $30.74 on Wednesday. The firm has a market cap of $28.46 billion, a price-to-earnings ratio of 19.09 and a beta of 1.00. Copart, Inc. has a 52 week low of $29.97 and a 52 week high of $50.11. The firm's 50-day simple moving average is $32.74 and its two-hundred day simple moving average is $36.06.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The company's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 earnings per share. Analysts forecast that Copart, Inc. will post 1.58 earnings per share for the current year.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the sale, the chief executive officer owned 79,532 shares of the company's stock, valued at approximately $2,638,871.76. The trade was a 24.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 9.60% of the company's stock.

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.

Want to see what other hedge funds are holding CPRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Copart, Inc. (NASDAQ:CPRT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.