Van ECK Associates Corp Increases Holdings in Copart, Inc. $CPRT

Key Points

• VanECK Associates dramatically increased its stake in Copart by 2,266.7%, buying an additional 3,533,133 shares to hold 3,689,003 shares worth about $165.9 million.
• Several other large institutions (Vanguard, Principal, State Street) also raised positions and 85.78% of Copart is owned by hedge funds and other institutional investors, while Norges Bank opened a new stake valued at roughly $549.4 million.
• Copart recently missed quarterly EPS and revenue estimates, analysts are mixed (average rating: "Hold" with a $44.40 price target), and the stock trades around $36.31 with a one‑year range of $33.81–$63.85.

Van ECK Associates Corp boosted its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 2,266.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,689,003 shares of the business services provider's stock after acquiring an additional 3,533,133 shares during the period. Van ECK Associates Corp owned 0.38% of Copart worth $165,895,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CPRT. Vanguard Group Inc. grew its holdings in Copart by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider's stock valued at $4,901,310,000 after purchasing an additional 2,581,784 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Copart by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider's stock worth $1,806,674,000 after acquiring an additional 1,236,101 shares in the last quarter. State Street Corp increased its holdings in Copart by 3.3% during the second quarter. State Street Corp now owns 36,406,503 shares of the business services provider's stock valued at $1,786,467,000 after buying an additional 1,167,265 shares during the period. Geode Capital Management LLC raised its position in shares of Copart by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 20,462,076 shares of the business services provider's stock worth $999,305,000 after acquiring an additional 656,333 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Copart in the 2nd quarter valued at about $549,448,000. 85.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CPRT. Zacks Research lowered Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. lowered their target price on Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a research note on Monday, February 23rd. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the company an "outperform" rating in a report on Friday, February 20th. Barclays reaffirmed an "underweight" rating and set a $32.00 target price (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Finally, CJS Securities upgraded Copart to a "strong-buy" rating in a report on Thursday, December 11th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $44.40.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 25,137 shares of the stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the completion of the sale, the chief executive officer owned 55,970 shares in the company, valued at $2,248,314.90. This represents a 30.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 9.60% of the stock is owned by insiders.

Copart Price Performance

CPRT stock opened at $36.31 on Wednesday. The firm has a market capitalization of $34.98 billion, a P/E ratio of 22.69 and a beta of 1.09. The business's 50-day moving average is $38.96 and its two-hundred day moving average is $41.67. Copart, Inc. has a 1 year low of $33.81 and a 1 year high of $63.85.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03). Copart had a return on equity of 16.68% and a net margin of 33.76%.The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. Copart's revenue was down 3.6% compared to the same quarter last year. On average, analysts expect that Copart, Inc. will post 1.57 EPS for the current year.

About Copart

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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