Morningstar Investment Management LLC Invests $1.80 Million in Copart, Inc. $CPRT

Key Points

• Morningstar Investment Management LLC opened a new position in Copart during the first quarter, buying 54,332 shares worth about $1.8 million.
• Copart shares were up 2.7% in Friday trading, though the stock remains well below its 52-week high and is trading under both its 50-day and 200-day moving averages.
• The company beat earnings expectations last quarter, reporting $0.43 EPS versus $0.41 expected and revenue of $1.24 billion, while analysts currently have a Moderate Buy consensus with an average price target of $43.50.

Morningstar Investment Management LLC purchased a new stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 54,332 shares of the business services provider's stock, valued at approximately $1,804,000.

A number of other large investors have also recently modified their holdings of CPRT. Brighton Jones LLC raised its stake in 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. boosted its holdings in Copart by 365.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider's stock worth $63,000 after buying an additional 878 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Copart during the 2nd quarter worth about $2,677,000. Sei Investments Co. increased 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 in the last quarter. Finally, Treasurer of the State of North Carolina raised its position in Copart by 3.5% during the second quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider's stock worth $20,270,000 after acquiring an additional 13,860 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Copart Trading Up 2.7%

Shares of CPRT stock opened at $27.94 on Friday. The company's fifty day simple moving average is $30.17 and its 200-day simple moving average is $34.07. Copart, Inc. has a 52 week low of $26.81 and a 52 week high of $50.11. The company has a market cap of $25.87 billion, a PE ratio of 17.35 and a beta of 1.02.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CPRT. Freedom Capital raised Copart to a "strong-buy" rating in a research note on Friday, June 26th. Barclays set a $26.00 price target on Copart and gave the company an "underweight" rating in a research report on Tuesday. Zacks Research raised Copart from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Weiss Ratings lowered Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Finally, Jefferies Financial Group set a $45.00 price objective on shares of Copart in a research note on Friday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Copart presently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

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.

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