Copart, Inc. (CPRT) Hits New 52-Week High on Strong Earnings
Shares of Copart, Inc. (NASDAQ:CPRT) hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $40.53 and last traded at $36.70, with a volume of 1669800 shares trading hands. The stock had previously closed at $36.31.
The business services provider reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.06. Copart had a net margin of 27.23% and a return on equity of 31.83%. The company had revenue of $419.17 million during the quarter, compared to the consensus estimate of $377.37 million. During the same period in the previous year, the firm posted $0.29 earnings per share.
A number of equities analysts have weighed in on CPRT shares. Wolfe Research started coverage on shares of Copart in a research note on Tuesday, November 7th. They issued a “market perform” rating for the company. CJS Securities reaffirmed an “outperform” rating and issued a $42.00 target price on shares of Copart in a research note on Thursday, October 5th. Robert W. Baird boosted their target price on shares of Copart from $33.00 to $37.00 and gave the stock an “outperform” rating in a research note on Thursday, September 21st. Finally, Zacks Investment Research raised shares of Copart from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $38.00.
In other news, Director James E. Meeks sold 160,000 shares of Copart stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $34.33, for a total transaction of $5,492,800.00. Following the completion of the sale, the director now owns 3,500 shares in the company, valued at approximately $120,155. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Vincent W. Mitz sold 200,000 shares of Copart stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $34.32, for a total transaction of $6,864,000.00. Following the sale, the president now owns 47,660 shares of the company’s stock, valued at approximately $1,635,691.20. The disclosure for this sale can be found here. 16.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Copart by 103.5% during the second quarter. Vanguard Group Inc. now owns 16,180,796 shares of the business services provider’s stock valued at $514,387,000 after purchasing an additional 8,230,677 shares during the period. BlackRock Inc. grew its holdings in Copart by 103.6% during the second quarter. BlackRock Inc. now owns 16,093,508 shares of the business services provider’s stock valued at $511,611,000 after purchasing an additional 8,189,852 shares during the period. William Blair Investment Management LLC grew its holdings in Copart by 91.4% during the second quarter. William Blair Investment Management LLC now owns 10,526,463 shares of the business services provider’s stock valued at $334,636,000 after purchasing an additional 5,025,918 shares during the period. Lazard Asset Management LLC grew its holdings in Copart by 30.6% during the second quarter. Lazard Asset Management LLC now owns 8,842,644 shares of the business services provider’s stock valued at $281,107,000 after purchasing an additional 2,070,426 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Copart by 106.5% during the second quarter. Principal Financial Group Inc. now owns 7,417,734 shares of the business services provider’s stock valued at $235,810,000 after purchasing an additional 3,826,242 shares during the period. Hedge funds and other institutional investors own 81.03% of the company’s stock.
The firm has a market capitalization of $8,393.16, a price-to-earnings ratio of 28.04, a PEG ratio of 1.35 and a beta of 1.24. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.91 and a current ratio of 1.94.
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Copart, Inc (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain and India. The Company also provides vehicle remarketing services in Germany. The Company operates through two segments: United States and International.
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