The Manufacturers Life Insurance Company Makes New Investment in Copart, Inc. $CPRT

The Manufacturers Life Insurance Company acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT) during the second quarter, Holdings Channel reports. The fund acquired 2,759,193 shares of the business services provider’s stock, valued at approximately $77,781,000.

Several other large investors have also recently modified their holdings of the stock. Brighton Jones LLC boosted its holdings in Copart by 92.1% during the 4th quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock valued at $816,000 after acquiring an additional 6,817 shares during the period. Geneos Wealth Management Inc. grew its position in Copart by 365.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock worth $63,000 after acquiring an additional 878 shares during the last quarter. Jump Financial LLC purchased a new position in Copart in the 2nd quarter worth approximately $2,677,000. Sei Investments Co. lifted its position in Copart by 110.0% in the second quarter. Sei Investments Co. now owns 900,330 shares of the business services provider’s stock valued at $44,179,000 after purchasing an additional 471,571 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in Copart by 3.5% in the second quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider’s stock valued at $20,270,000 after purchasing an additional 13,860 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the sale, the chief executive officer owned 99,641 shares in the company, valued at $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.60% of the stock is owned by insiders.

Copart Stock Performance

Shares of CPRT stock opened at $33.33 on Wednesday. Copart, Inc. has a fifty-two week low of $26.81 and a fifty-two week high of $50.11. The firm has a market cap of $30.86 billion, a P/E ratio of 20.70 and a beta of 1.01. The business’s 50 day moving average price is $29.61 and its 200-day moving average price is $32.57.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CPRT. Weiss Ratings restated a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Barclays set a $26.00 price target on shares of Copart and gave the company an “underweight” rating in a research report on Tuesday, July 21st. Jefferies Financial Group set a $45.00 price target on shares of Copart in a report on Friday, May 22nd. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research report on Friday, June 26th. Finally, Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $41.67.

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.