Vancity Investment Management Ltd Purchases Shares of 705,486 Copart, Inc. $CPRT

Key Points

• Vancity Investment Management Ltd acquired a significant position in Copart, purchasing 705,486 shares worth approximately $39.9 million, making it the fund's third largest holding.
• Copart's stock experienced a 2.8% decline, with a current market cap of $46.96 billion and a price-to-earnings ratio of 30.36.
• Recently, multiple hedge funds have increased their stakes in Copart, with institutional investors owning nearly 85.78% of the company's stock.

Vancity Investment Management Ltd bought a new position in Copart, Inc. (NASDAQ:CPRT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 705,486 shares of the business services provider's stock, valued at approximately $39,923,000. Copart comprises 5.5% of Vancity Investment Management Ltd's holdings, making the stock its 3rd largest holding. Vancity Investment Management Ltd owned approximately 0.07% of Copart at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CPRT. Western Pacific Wealth Management LP boosted its stake in Copart by 6.5% in the first quarter. Western Pacific Wealth Management LP now owns 2,838 shares of the business services provider's stock valued at $161,000 after buying an additional 173 shares in the last quarter. Blue Trust Inc. boosted its stake in Copart by 13.1% in the first quarter. Blue Trust Inc. now owns 1,510 shares of the business services provider's stock valued at $85,000 after buying an additional 175 shares in the last quarter. Western Wealth Management LLC boosted its stake in Copart by 4.0% in the first quarter. Western Wealth Management LLC now owns 4,985 shares of the business services provider's stock valued at $282,000 after buying an additional 192 shares in the last quarter. Nixon Peabody Trust Co. boosted its stake in shares of Copart by 5.0% during the first quarter. Nixon Peabody Trust Co. now owns 4,108 shares of the business services provider's stock valued at $232,000 after purchasing an additional 195 shares in the last quarter. Finally, FSM Wealth Advisors LLC boosted its stake in shares of Copart by 4.9% during the first quarter. FSM Wealth Advisors LLC now owns 4,649 shares of the business services provider's stock valued at $263,000 after purchasing an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company's stock.

Copart Stock Down 2.8%

NASDAQ CPRT opened at $48.57 on Monday. The company has a market cap of $46.96 billion, a price-to-earnings ratio of 30.36 and a beta of 1.03. Copart, Inc. has a 52 week low of $45.05 and a 52 week high of $64.38. The business has a 50 day moving average price of $47.47 and a 200-day moving average price of $52.73.

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

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction on 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 sale, the chief executive officer directly owned 31,527 shares in the company, valued at $1,463,798.61. The trade was a 43.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 9.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on CPRT. JPMorgan Chase & Co. reduced their target price on Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Hsbc Global Res upgraded Copart from a "hold" rating to a "strong-buy" rating in a report on Thursday. Stephens reduced their target price on Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a report on Friday. Robert W. Baird reduced their target price on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, July 17th. Finally, HSBC set a $62.00 target price on Copart and gave the company a "buy" rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.50.

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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