State of New Jersey Common Pension Fund D Boosts Position in Copart, Inc. $CPRT

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in Copart, Inc. by 3.6%, owning 300,607 shares valued at approximately $14.75 million as of the latest SEC filing.
• Several institutional investors have also boosted their positions in Copart, with hedge funds and other institutions now holding 85.78% of the company's stock.
• Analysts have mixed ratings for Copart, with HSBC upgrading it to a "strong-buy" while other firms, including Stephens, have lowered their price targets, indicating a range of market sentiment about the stock's performance.

State of New Jersey Common Pension Fund D lifted its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 300,607 shares of the business services provider's stock after acquiring an additional 10,310 shares during the period. State of New Jersey Common Pension Fund D's holdings in Copart were worth $14,751,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Western Wealth Management LLC raised its holdings in shares of Copart by 4.0% during the 1st quarter. Western Wealth Management LLC now owns 4,985 shares of the business services provider's stock worth $282,000 after acquiring an additional 192 shares during the period. FSM Wealth Advisors LLC raised its holdings in Copart by 4.9% in the 1st quarter. FSM Wealth Advisors LLC now owns 4,649 shares of the business services provider's stock valued at $263,000 after buying an additional 218 shares during the period. Stephens Inc. AR raised its holdings in Copart by 0.7% in the 2nd quarter. Stephens Inc. AR now owns 30,312 shares of the business services provider's stock valued at $1,487,000 after buying an additional 218 shares during the period. Transcend Capital Advisors LLC raised its holdings in Copart by 1.6% in the 1st quarter. Transcend Capital Advisors LLC now owns 13,941 shares of the business services provider's stock valued at $789,000 after buying an additional 220 shares during the period. Finally, Gamco Investors INC. ET AL raised its holdings in Copart by 1.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 12,590 shares of the business services provider's stock valued at $712,000 after buying an additional 220 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Insider Transactions at Copart

In other news, Director Thomas N. Tryforos sold 228,840 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $47.54, for a total transaction of $10,879,053.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey Liaw sold 24,283 shares of the business's stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $44.79, for a total value of $1,087,635.57. Following the transaction, the chief executive officer directly owned 31,332 shares of the company's stock, valued at approximately $1,403,360.28. This represents a 43.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.68% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CPRT. Weiss Ratings restated a "hold (c)" rating on shares of Copart in a report on Friday. Hsbc Global Res upgraded shares of Copart from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 4th. Stephens reduced their price objective on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a report on Friday, September 5th. HSBC set a $62.00 price objective on shares of Copart and gave the company a "buy" rating in a report on Thursday, September 4th. Finally, Robert W. Baird reduced their price objective on shares of Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $54.50.

Copart Price Performance

NASDAQ CPRT opened at $44.66 on Friday. The company has a market cap of $43.22 billion, a P/E ratio of 27.91 and a beta of 1.03. The stock has a 50-day moving average of $46.39 and a two-hundred day moving average of $50.50. Copart, Inc. has a 1-year low of $43.32 and a 1-year high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last released its earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. Copart had a return on equity of 18.17% and a net margin of 33.41%.The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company posted $0.33 EPS. Copart's revenue was up 2.9% compared to the same quarter last year. On average, analysts anticipate that Copart, Inc. will post 1.57 EPS for the current fiscal year.

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.

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