Port Capital LLC Buys New Holdings in Copart, Inc. $CPRT

Key Points

• Port Capital LLC acquired 1.45 million Copart shares worth approximately $40.8 million during the second quarter, representing about 0.16% of the company and 1.7% of the fund’s portfolio.
• Institutional ownership remains high at 85.78%, with BlackRock initiating a roughly $1.9 billion stake and several major institutions increasing their holdings.
• Analyst sentiment is mixed: Copart has a consensus “Hold” rating and a $41.50 average price target, while the stock opened at $32.67 and has declined 2.0%.

Port Capital LLC purchased a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 1,446,844 shares of the business services provider's stock, valued at approximately $40,787,000. Copart accounts for 1.7% of Port Capital LLC's holdings, making the stock its 24th biggest position. Port Capital LLC owned about 0.16% of Copart at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CPRT. BlackRock Inc. bought a new stake in shares of Copart during the second quarter valued at approximately $1,908,980,000. State Street Corp raised its position in shares of Copart by 1.3% during the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider's stock worth $1,470,295,000 after purchasing an additional 492,506 shares during the period. Capital World Investors lifted its holdings in shares of Copart by 25.1% in the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock worth $1,085,588,000 after purchasing an additional 5,555,101 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Copart by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider's stock worth $906,836,000 after purchasing an additional 131,703 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Copart by 21.7% in the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider's stock valued at $860,618,000 after purchasing an additional 3,918,610 shares during the period. Institutional investors own 85.78% of the company's stock.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the sale, the chief executive officer directly owned 99,641 shares of the company's stock, valued at approximately $3,038,054.09. This trade represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 9.60% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Jefferies Financial Group set a $45.00 price objective on shares of Copart in a report on Friday, May 22nd. Weiss Ratings reissued a "sell (d+)" rating on shares of Copart in a research report on Wednesday, July 29th. Stephens reaffirmed an "equal weight" rating and issued a $35.00 price target on shares of Copart in a research report on Thursday, August 20th. Zacks Research downgraded Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Finally, Barclays set a $25.00 price objective on Copart and gave the stock an "underweight" rating in a report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $41.50.

Copart Stock Down 2.0%

Copart stock opened at $32.67 on Thursday. Copart, Inc. has a 52 week low of $26.81 and a 52 week high of $50.11. The company's 50 day moving average price is $29.67 and its two-hundred day moving average price is $32.52. The stock has a market cap of $30.25 billion, a P/E ratio of 20.29 and a beta of 1.01.

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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