State of New Jersey Common Pension Fund D Cuts Stake in Copart, Inc. $CPRT

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Copart, Inc. by 8.2% in Q1, now holding 290,297 shares valued at approximately $16.4 million.
• Insider trading activity includes CEO Jeffrey Liaw selling 24,088 shares for over $1.1 million, representing a 43.31% decrease in his holdings.
• Analysts have recently lowered price targets for Copart, with Robert W. Baird adjusting their target from $64.00 to $55.00, indicating a potential outperform rating.

State of New Jersey Common Pension Fund D cut its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 8.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 290,297 shares of the business services provider's stock after selling 25,777 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Copart were worth $16,428,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CPRT. Brighton Jones LLC raised its stake in Copart by 92.1% during the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock worth $816,000 after purchasing an additional 6,817 shares during the period. NewEdge Advisors LLC raised its stake in Copart by 10.3% during the fourth quarter. NewEdge Advisors LLC now owns 23,518 shares of the business services provider's stock worth $1,350,000 after purchasing an additional 2,191 shares during the period. Canada Pension Plan Investment Board raised its stake in Copart by 8.6% during the fourth quarter. Canada Pension Plan Investment Board now owns 442,564 shares of the business services provider's stock worth $25,399,000 after purchasing an additional 35,056 shares during the period. Epoch Investment Partners Inc. raised its stake in Copart by 1.3% during the fourth quarter. Epoch Investment Partners Inc. now owns 3,019,079 shares of the business services provider's stock worth $173,265,000 after purchasing an additional 39,383 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Copart by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,751,965 shares of the business services provider's stock worth $157,958,000 after purchasing an additional 81,971 shares during the period. 85.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CPRT shares. Robert W. Baird reduced their price target on shares of Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. JPMorgan Chase & Co. reduced their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Finally, Stephens initiated coverage on shares of Copart in a research note on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $53.33.

Copart Price Performance

Shares of Copart stock traded up $1.2350 during trading hours on Friday, hitting $48.9150. The company had a trading volume of 2,432,657 shares, compared to its average volume of 5,673,124. The company's 50-day moving average is $47.34 and its two-hundred day moving average is $53.59. Copart, Inc. has a twelve month low of $45.05 and a twelve month high of $64.38. The company has a market cap of $47.30 billion, a P/E ratio of 32.19 and a beta of 1.04.

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

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the company's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the completion of the transaction, the chief executive officer owned 31,527 shares in the company, valued at approximately $1,463,798.61. This represents a 43.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.68% of the company's stock.

Copart Profile

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.