M&T Bank Corp Cuts Stock Holdings in Copart, Inc. (NASDAQ:CPRT)

M&T Bank Corp decreased its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 87,108 shares of the business services provider's stock after selling 8,490 shares during the quarter. M&T Bank Corp's holdings in Copart were worth $4,929,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Liberty One Investment Management LLC lifted its stake in Copart by 14.8% in the first quarter. Liberty One Investment Management LLC now owns 3,404 shares of the business services provider's stock worth $193,000 after acquiring an additional 440 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Copart by 52.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 23,862 shares of the business services provider's stock worth $1,350,000 after acquiring an additional 8,181 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Copart by 1.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,151,771 shares of the business services provider's stock worth $234,949,000 after acquiring an additional 73,157 shares during the last quarter. Drake & Associates LLC lifted its stake in Copart by 13.1% in the first quarter. Drake & Associates LLC now owns 8,360 shares of the business services provider's stock worth $473,000 after acquiring an additional 971 shares during the last quarter. Finally, Crew Capital Management Ltd. lifted its stake in Copart by 3.9% in the first quarter. Crew Capital Management Ltd. now owns 14,994 shares of the business services provider's stock worth $849,000 after acquiring an additional 569 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CPRT has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Stephens began coverage on shares of Copart in a research note on Tuesday. They issued an "equal weight" rating and a $50.00 price objective for the company. Finally, Argus lowered Copart from a "buy" rating to a "hold" rating in a report on Friday, March 14th.

Copart Trading Down 1.1%

Shares of Copart stock traded down $0.53 during trading on Friday, reaching $47.46. The company's stock had a trading volume of 5,070,408 shares, compared to its average volume of 4,919,425. The firm has a market cap of $45.89 billion, a PE ratio of 31.22 and a beta of 1.07. The company has a 50-day moving average price of $53.31 and a two-hundred day moving average price of $55.81. Copart, Inc. has a fifty-two week low of $47.33 and a fifty-two week high of $64.38.

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

Insiders Place Their Bets

In related news, Director Steven D. Cohan sold 94,997 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $60.01, for a total transaction of $5,700,769.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 9.68% of the stock is currently owned by corporate insiders.

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.