London Co. of Virginia Has $117.74 Million Stake in Copart, Inc. $CPRT

Key Points

• London Co. of Virginia reduced its Copart stake by 6.6% in the fourth quarter, but still held 3.0 million shares valued at about $117.7 million at quarter-end.
• Copart’s stock has seen mixed analyst sentiment, with recent downgrades and upgrades leaving the consensus rating at Hold and the average price target at $44.50.
• The company reported better-than-expected quarterly results, posting $0.43 EPS on $1.24 billion in revenue, while shares were trading around $30.74, near their 1-year low.

London Co. of Virginia trimmed its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,007,359 shares of the business services provider's stock after selling 213,924 shares during the period. London Co. of Virginia owned 0.31% of Copart worth $117,738,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CPRT. Brighton Jones LLC lifted its position in shares of Copart by 92.1% in the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock valued at $816,000 after buying an additional 6,817 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Copart by 365.8% in the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider's stock valued at $63,000 after buying an additional 878 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Copart in the second quarter valued at approximately $2,677,000. Sei Investments Co. lifted its position in shares of Copart by 110.0% in the second quarter. Sei Investments Co. now owns 900,330 shares of the business services provider's stock valued at $44,179,000 after buying an additional 471,571 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in shares of Copart by 3.5% in the second quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider's stock valued at $20,270,000 after buying an additional 13,860 shares during the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CPRT has been the subject of a number of recent analyst reports. Weiss Ratings cut Copart from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, May 1st. Robert W. Baird set a $48.00 target price on Copart and gave the stock an "outperform" rating in a research note on Friday, February 20th. JPMorgan Chase & Co. lowered their target price on Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a research note on Monday, February 23rd. Jefferies Financial Group set a $45.00 target price on Copart in a research note on Friday, May 22nd. Finally, Zacks Research upgraded Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $44.50.

Copart Trading Up 1.5%

Shares of NASDAQ CPRT opened at $30.74 on Wednesday. The firm has a market cap of $28.46 billion, a P/E ratio of 19.09 and a beta of 1.00. Copart, Inc. has a 1-year low of $29.97 and a 1-year high of $50.11. The business's 50 day moving average is $32.74 and its 200-day moving average is $36.06.

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

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the transaction, the chief executive officer directly owned 79,532 shares of the company's stock, valued at $2,638,871.76. The trade was a 24.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.60% of the stock is owned by corporate insiders.

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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