US Bancorp DE Increases Position in Copart, Inc. (NASDAQ:CPRT)

Key Points

• US Bancorp DE has increased its stake in Copart, Inc. by 0.9%, holding 1,493,512 shares valued at approximately $84.5 million as of the end of the first quarter.
• Other hedge funds have also shown significant activity, with BI Asset Management increasing its holdings by 289.6% and several firms establishing new stakes or increasing positions in Copart.
• Wall Street analysts have adjusted their target prices for Copart, with JPMorgan and Robert W. Baird lowering their targets to $55, while Stephens initiated coverage with an "equal weight" rating and a $50 target.

US Bancorp DE increased its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,493,512 shares of the business services provider's stock after purchasing an additional 13,643 shares during the quarter. US Bancorp DE owned approximately 0.15% of Copart worth $84,518,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Copart by 289.6% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 34,322 shares of the business services provider's stock worth $1,970,000 after purchasing an additional 25,512 shares during the period. Sowell Financial Services LLC bought a new stake in Copart during the 1st quarter valued at $604,000. China Universal Asset Management Co. Ltd. raised 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 acquiring an additional 8,181 shares during the period. Voleon Capital Management LP bought a new stake in Copart during the 4th quarter valued at $1,314,000. Finally, Handelsbanken Fonder AB raised 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 acquiring an additional 297,210 shares during the period. Institutional investors own 85.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CPRT. Stephens began coverage on shares of Copart in a report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Finally, Robert W. Baird lowered their target price 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.

Insider Buying and Selling at Copart

In other 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 value of $1,118,405.84. Following the transaction, the chief executive officer owned 31,527 shares of the company's stock, valued at approximately $1,463,798.61. This represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 9.68% of the company's stock.

Copart Stock Performance

Copart stock opened at $45.51 on Friday. The stock has a market cap of $44.01 billion, a P/E ratio of 29.94 and a beta of 1.04. Copart, Inc. has a fifty-two week low of $45.05 and a fifty-two week high of $64.38. The firm's fifty day moving average price is $48.47 and its 200-day moving average price is $54.60.

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

Copart Company 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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