Principal Financial Group Inc. Has $1.53 Billion Stake in Copart, Inc. $CPRT

Key Points

• Principal Financial Group trimmed its Copart stake by 2.9% in Q4 and now holds 38,993,390 shares—about 4.03% of the company—worth roughly $1.53 billion, making CPRT its 23rd-largest position.
• Copart missed Q4 expectations with EPS of $0.36 and revenue of $1.12 billion (revenue down 3.6% YoY), and analyst sentiment is mixed with a consensus "Hold" and a $44.40 target following several downgrades.
• CEO Jeffrey Liaw sold 26,213 shares (a ~24.8% reduction in his stake); insiders own about 9.6% of Copart while institutional investors control roughly 85.78%.

Principal Financial Group Inc. decreased its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 2.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,993,390 shares of the business services provider's stock after selling 1,181,668 shares during the period. Copart comprises 0.8% of Principal Financial Group Inc.'s portfolio, making the stock its 23rd biggest position. Principal Financial Group Inc. owned about 4.03% of Copart worth $1,526,593,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Copart by 13.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 371,603 shares of the business services provider's stock worth $16,711,000 after acquiring an additional 45,346 shares during the period. Yacktman Asset Management LP acquired a new stake in Copart during the 3rd quarter worth about $3,382,000. Comgest Global Investors S.A.S. grew its holdings in Copart by 7.2% during the 3rd quarter. Comgest Global Investors S.A.S. now owns 3,181,919 shares of the business services provider's stock worth $143,091,000 after acquiring an additional 212,520 shares during the period. Nordea Investment Management AB grew its holdings in Copart by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 798,087 shares of the business services provider's stock worth $31,353,000 after acquiring an additional 31,658 shares during the period. Finally, Elevate Capital Advisors LLC acquired a new stake in Copart during the 3rd quarter worth about $1,472,000. Institutional investors and hedge funds own 85.78% of the company's stock.

Copart Price Performance

Shares of CPRT opened at $33.29 on Tuesday. The stock has a 50-day moving average of $34.31 and a 200-day moving average of $38.23. The company has a market cap of $32.07 billion, a PE ratio of 20.81 and a beta of 1.02. Copart, Inc. has a one year low of $32.20 and a one year high of $63.85.

Copart (NASDAQ:CPRT - Get Free Report) last issued its earnings results on Thursday, February 19th. The business services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03). The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. The business's quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 earnings per share. Analysts expect that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. JPMorgan Chase & Co. decreased their price target on Copart from $45.00 to $34.00 and set a "neutral" rating for the company in a report on Monday, February 23rd. Weiss Ratings cut Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday. Zacks Research upgraded Copart from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Robert W. Baird set a $48.00 price target on Copart and gave the stock an "outperform" rating in a report on Friday, February 20th. Finally, Barclays restated an "underweight" rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Copart presently has a consensus rating of "Hold" and a consensus target price of $44.40.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 26,213 shares of the firm's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer directly owned 79,532 shares in the company, valued at $2,638,871.76. This trade represents a 24.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 9.60% of the stock is currently owned by corporate insiders.

Copart Company 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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