Strs Ohio Acquires New Holdings in Copart, Inc. $CPRT

Key Points

• Strs Ohio has acquired a new position in Copart, Inc. by purchasing 222,540 shares valued at approximately $12.6 million during the first quarter of 2023.
• Copart reported earnings of $0.41 per share for the last quarter, surpassing analyst expectations of $0.37, but the revenue of $1.13 billion fell slightly short of forecasts.
• The company has received mixed analyst ratings with one upgrade to "strong-buy" from HSBC and target price adjustments between $46 and $64 from various firms.

Strs Ohio purchased a new position in Copart, Inc. (NASDAQ:CPRT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 222,540 shares of the business services provider's stock, valued at approximately $12,594,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sowell Financial Services LLC purchased a new position in shares of Copart in the 1st quarter worth $604,000. China Universal Asset Management Co. Ltd. lifted its holdings in Copart by 52.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 23,862 shares of the business services provider's stock valued at $1,350,000 after buying an additional 8,181 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in Copart by 53.3% during the 1st quarter. Handelsbanken Fonder AB now owns 854,336 shares of the business services provider's stock valued at $48,347,000 after buying an additional 297,210 shares in the last quarter. 111 Capital bought a new stake in shares of Copart in the 4th quarter valued at about $967,000. Finally, Private Trust Co. NA raised its holdings in shares of Copart by 16.5% in the 1st quarter. Private Trust Co. NA now owns 4,142 shares of the business services provider's stock valued at $234,000 after purchasing an additional 586 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors.

Copart Price Performance

Shares of Copart stock opened at $48.40 on Friday. The stock has a market capitalization of $46.80 billion, a price-to-earnings ratio of 30.25 and a beta of 1.03. The firm's fifty day simple moving average is $47.39 and its 200-day simple moving average is $52.47. Copart, Inc. has a 12 month low of $45.05 and a 12 month high of $64.38.

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

Insider Transactions at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $1,463,798.61. This represents a 43.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 9.68% of the company's stock.

Analyst Ratings Changes

CPRT has been the topic of a number of analyst reports. Hsbc Global Res raised shares of Copart from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 4th. Robert W. Baird decreased their target price on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. Stephens decreased their target price on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research note on Friday, September 5th. HSBC set a $62.00 price objective on shares of Copart and gave the stock a "buy" rating in a research report on Thursday, September 4th. Finally, JPMorgan Chase & Co. decreased 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. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.50.

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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