New York State Common Retirement Fund Reduces Stock Position in Copart, Inc. $CPRT

New York State Common Retirement Fund trimmed its position in Copart, Inc. (NASDAQ:CPRT) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,063,581 shares of the business services provider’s stock after selling 26,238 shares during the quarter. New York State Common Retirement Fund owned about 0.11% of Copart worth $47,829,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in Copart by 13.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 371,603 shares of the business services provider’s stock worth $16,711,000 after buying an additional 45,346 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd increased its stake in shares of Copart by 2.1% in the third quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 3,167,115 shares of the business services provider’s stock worth $142,425,000 after acquiring an additional 65,545 shares during the period. Truist Financial Corp increased its stake in shares of Copart by 13.8% in the third quarter. Truist Financial Corp now owns 371,615 shares of the business services provider’s stock worth $16,712,000 after acquiring an additional 45,198 shares during the period. Clarus Group Inc. raised its holdings in shares of Copart by 20.1% during the third quarter. Clarus Group Inc. now owns 13,619 shares of the business services provider’s stock worth $612,000 after purchasing an additional 2,284 shares during the last quarter. Finally, Bensler LLC lifted its position in Copart by 9.8% during the third quarter. Bensler LLC now owns 233,379 shares of the business services provider’s stock valued at $10,495,000 after purchasing an additional 20,923 shares during the period. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Stock Performance

Copart stock opened at $40.58 on Friday. The stock has a market capitalization of $39.28 billion, a P/E ratio of 24.74 and a beta of 1.10. The company’s fifty day moving average price is $39.49 and its 200 day moving average price is $43.36. Copart, Inc. has a 1 year low of $37.41 and a 1 year high of $63.85.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, November 20th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.18 billion. Copart had a net margin of 34.24% and a return on equity of 17.78%. The company’s revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.37 earnings per share. Sell-side analysts predict that Copart, Inc. will post 1.57 EPS for the current year.

Wall Street Analyst Weigh In

CPRT has been the subject of a number of recent research reports. Robert W. Baird reduced their price objective on Copart from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Friday, November 21st. JPMorgan Chase & Co. dropped their target price on Copart from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, November 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Copart in a report on Wednesday, October 8th. Barclays reaffirmed an “underweight” rating and set a $33.00 price objective (up previously from $32.00) on shares of Copart in a research note on Friday, November 21st. Finally, CJS Securities raised shares of Copart to a “strong-buy” rating in a report on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.60.

Insider Activity

In related news, Director Thomas N. Tryforos sold 100,000 shares of Copart stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total value of $3,907,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jeffrey Liaw sold 25,137 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $40.17, for a total value of $1,009,753.29. Following the sale, the chief executive officer owned 55,970 shares of the company’s stock, valued at approximately $2,248,314.90. This trade represents a 30.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 9.60% of the company’s stock.

Copart Company Profile

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.