Quantum Capital Management LLC NJ Trims Holdings in Copart, Inc. $CPRT

Key Points

• Quantum Capital Management LLC NJ cut its Copart stake by 63.1% in the first quarter, selling 894,975 shares and leaving it with 523,715 shares valued at about $17.4 million.
• Institutional ownership remains very high, with 85.78% of Copart shares held by hedge funds and other institutional investors. Several large firms, including Norges Bank and Capital World Investors, also made sizable purchases or added to their positions.
• Copart recently beat quarterly expectations, reporting $0.43 EPS versus $0.41 expected and $1.24 billion in revenue versus $1.19 billion expected. Analysts currently view the stock as a Moderate Buy with a consensus target price of $43.50.

Quantum Capital Management LLC NJ trimmed its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 63.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 523,715 shares of the business services provider's stock after selling 894,975 shares during the quarter. Copart comprises about 2.2% of Quantum Capital Management LLC NJ's investment portfolio, making the stock its 15th biggest holding. Quantum Capital Management LLC NJ owned about 0.05% of Copart worth $17,387,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CPRT. Norges Bank bought a new stake in Copart during the fourth quarter worth about $569,569,000. Capital World Investors lifted its holdings in shares of Copart by 25.1% during the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares during the last quarter. Capital International Investors purchased a new position in shares of Copart during the fourth quarter valued at approximately $195,637,000. Deutsche Bank AG boosted its position in shares of Copart by 94.0% in the 4th quarter. Deutsche Bank AG now owns 9,955,661 shares of the business services provider's stock worth $389,764,000 after purchasing an additional 4,823,111 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of 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 worth $860,618,000 after purchasing an additional 3,918,610 shares in the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Copart Price Performance

NASDAQ:CPRT opened at $27.17 on Thursday. The company's 50 day moving average price is $30.37 and its 200-day moving average price is $34.19. Copart, Inc. has a 52 week low of $26.85 and a 52 week high of $50.11. The stock has a market cap of $25.15 billion, a price-to-earnings ratio of 16.88 and a beta of 1.02.

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

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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