Truist Financial Corp Purchases 229,774 Shares of Copart, Inc. $CPRT

Key Points

• Truist Financial Corp increased its holdings in Copart, Inc. by 237.8% during the second quarter, acquiring an additional 229,774 shares, bringing its total ownership to 326,417 shares valued at $16 million.
• Insider trading reports indicate that Director Thomas N. Tryforos sold 228,840 shares for approximately $10.88 million, while CEO Jeffrey Liaw also sold 24,088 shares, reducing his ownership by 43.31%.
• Copart's latest earnings report showed a quarterly EPS of $0.41, surpassing expectations, with a year-over-year revenue increase of 2.9%, although it fell slightly short of analyst estimates.

Truist Financial Corp lifted its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 237.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 326,417 shares of the business services provider's stock after purchasing an additional 229,774 shares during the quarter. Truist Financial Corp's holdings in Copart were worth $16,017,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Nuveen LLC bought a new stake in Copart in the 1st quarter valued at $267,723,000. Fiera Capital Corp boosted its position in shares of Copart by 195.6% during the 1st quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock valued at $225,942,000 after acquiring an additional 2,642,100 shares in the last quarter. PineStone Asset Management Inc. increased its stake in Copart by 56.4% in the second quarter. PineStone Asset Management Inc. now owns 6,407,471 shares of the business services provider's stock valued at $314,415,000 after acquiring an additional 2,310,067 shares during the period. Amundi increased its stake in Copart by 32.5% in the first quarter. Amundi now owns 9,380,026 shares of the business services provider's stock valued at $531,256,000 after acquiring an additional 2,299,192 shares during the period. Finally, Vanguard Group Inc. raised its position in Copart by 2.1% in the first quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock worth $5,900,295,000 after purchasing an additional 2,134,890 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Copart news, Director Thomas N. Tryforos sold 228,840 shares of the firm'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 legal filing with the SEC, which is available at the SEC website. Also, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total value of $1,118,405.84. Following the transaction, the chief executive officer owned 31,527 shares of the company's stock, valued at $1,463,798.61. The trade was a 43.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.68% of the stock is owned by insiders.

Copart Price Performance

CPRT opened at $45.11 on Friday. The firm has a 50 day simple moving average of $46.97 and a 200 day simple moving average of $51.62. Copart, Inc. has a fifty-two week low of $44.23 and a fifty-two week high of $64.38. The company has a market cap of $43.65 billion, a price-to-earnings ratio of 28.19 and a beta of 1.03.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Copart in a report on Saturday, September 27th. HSBC set a $62.00 target price on Copart and gave the stock a "buy" rating in a research report on Thursday, September 4th. Hsbc Global Res upgraded Copart from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 4th. Stephens cut their price objective on Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a report on Friday, September 5th. Finally, Robert W. Baird reduced their target price 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. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $54.50.

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.

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