Madison Asset Management LLC Sells 182,775 Shares of Copart, Inc. $CPRT

Key Points

• Madison Asset Management trimmed its Copart stake by 4.5% in the first quarter, selling 182,775 shares and leaving it with 3,889,584 shares valued at about $129.1 million.
• Institutional ownership remains high, with hedge funds and other investors owning 85.78% of Copart’s stock, even as some funds bought small new positions and others increased holdings.
• Copart recently reported better-than-expected quarterly results, posting EPS of $0.43 versus $0.41 expected and revenue of $1.24 billion versus $1.19 billion expected, though the stock was trading near its 52-week low.

Madison Asset Management LLC lowered its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 4.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,889,584 shares of the business services provider's stock after selling 182,775 shares during the period. Copart accounts for about 1.6% of Madison Asset Management LLC's holdings, making the stock its 11th largest holding. Madison Asset Management LLC owned 0.40% of Copart worth $129,134,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CPRT. Lodestone Wealth Management LLC bought a new stake in Copart in the fourth quarter worth $25,000. Aventura Private Wealth LLC bought a new position in shares of Copart during the fourth quarter valued at $33,000. Reflection Asset Management bought a new position in shares of Copart during the fourth quarter valued at $34,000. Cache Advisors LLC purchased a new position in shares of Copart in the 1st quarter worth about $31,000. Finally, Triumph Capital Management raised its position in shares of Copart by 424.2% in the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider's stock worth $40,000 after purchasing an additional 823 shares during the last quarter. Institutional investors own 85.78% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on CPRT. Freedom Capital raised shares of Copart to a "strong-buy" rating in a research report on Friday, June 26th. Weiss Ratings cut shares of Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Zacks Research upgraded shares of Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group set a $45.00 price target on shares of Copart in a report on Friday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Copart has an average rating of "Moderate Buy" and an average target price of $44.50.

Copart Stock Down 0.4%

Shares of NASDAQ CPRT opened at $27.49 on Tuesday. The firm's 50-day moving average price is $30.61 and its 200-day moving average price is $34.36. Copart, Inc. has a 52-week low of $27.18 and a 52-week high of $50.11. The company has a market cap of $25.45 billion, a PE ratio of 17.07 and a beta of 1.02.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The firm's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. As a group, equities research analysts anticipate that Copart, Inc. will post 1.58 EPS for the current fiscal year.

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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