Mackenzie Financial Corp Sells 783,271 Shares of Copart, Inc. (NASDAQ:CPRT)

Key Points

• Mackenzie Financial Corp reduced its stake in Copart, Inc. by 22.3%, selling 783,271 shares in the first quarter, and now holds a total of 2,731,603 shares valued at approximately $154.6 million.
• Copart reported a quarterly net margin of 32.21% and earnings per share (EPS) of $0.42, which met analyst expectations, with a total revenue of $1.21 billion.
• Recent insider trading activities included CEO Jeffrey Liaw selling 24,088 shares, representing a 43.31% decrease in his holdings, now totaling 31,527 shares valued at around $1.46 million.

Mackenzie Financial Corp lessened its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 22.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,731,603 shares of the business services provider's stock after selling 783,271 shares during the quarter. Mackenzie Financial Corp owned about 0.28% of Copart worth $154,581,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cloud Capital Management LLC purchased a new position in shares of Copart in the 1st quarter worth about $26,000. Sunbelt Securities Inc. purchased a new position in shares of Copart in the fourth quarter worth $31,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Copart during the 4th quarter valued at about $45,000. Cornerstone Planning Group LLC boosted its holdings in shares of Copart by 51.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 829 shares of the business services provider's stock valued at $51,000 after acquiring an additional 281 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in Copart by 1,567.9% during the first quarter. Versant Capital Management Inc now owns 884 shares of the business services provider's stock valued at $50,000 after purchasing an additional 831 shares during the period. Institutional investors own 85.78% of the company's stock.

Insider Activity

In other news, CEO Jeffrey Liaw sold 24,088 shares of the firm's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the sale, the chief executive officer directly owned 31,527 shares in the company, valued at $1,463,798.61. This trade represents a 43.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.68% of the stock is currently owned by company insiders.

Copart Stock Up 0.9%

NASDAQ CPRT opened at $46.69 on Monday. Copart, Inc. has a 52 week low of $45.52 and a 52 week high of $64.38. The company has a market capitalization of $45.15 billion, a P/E ratio of 30.72 and a beta of 1.07. The stock's 50-day moving average price is $49.89 and its 200-day moving average price is $54.93.

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

Wall Street Analysts Forecast Growth

CPRT has been the topic of several research analyst reports. Stephens started coverage on Copart in a report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price target on the stock. Robert W. Baird decreased their price target on shares of Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd.

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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