CIBC Bancorp USA Inc. Acquires Shares of 159,174 Copart, Inc. $CPRT

CIBC Bancorp USA Inc. bought a new position in shares of Copart, Inc. (NASDAQ:CPRT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 159,174 shares of the business services provider’s stock, valued at approximately $7,158,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Cloud Capital Management LLC acquired a new position in Copart during the 3rd quarter valued at about $25,000. Tripletail Wealth Management LLC purchased a new stake in shares of Copart in the third quarter worth approximately $27,000. LRI Investments LLC lifted its holdings in shares of Copart by 125.2% in the third quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 363 shares in the last quarter. Cornerstone Planning Group LLC lifted its holdings in shares of Copart by 54.0% in the third quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 256 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. boosted its position in shares of Copart by 173.4% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 864 shares of the business services provider’s stock valued at $39,000 after buying an additional 548 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Trading Up 1.0%

Shares of Copart stock opened at $32.84 on Friday. The company’s 50-day moving average price is $38.15 and its 200-day moving average price is $40.94. Copart, Inc. has a 12-month low of $32.20 and a 12-month high of $63.85. The company has a market cap of $31.63 billion, a price-to-earnings ratio of 20.52 and a beta of 1.09.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data 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). The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. Copart’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.40 EPS. On average, sell-side analysts predict that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $40.17, for a total value of $1,009,753.29. Following the completion of the transaction, the chief executive officer directly owned 55,970 shares of the company’s stock, valued at $2,248,314.90. This trade 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 this link. 9.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Barclays reiterated an “underweight” rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. JPMorgan Chase & Co. cut their price objective on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. CJS Securities upgraded shares of Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Robert W. Baird set a $48.00 target price on shares of Copart and gave the company an “outperform” rating in a report on Friday, February 20th. Finally, Zacks Research lowered shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $44.40.

Copart 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.