PineStone Asset Management Inc. Sells 1,887,894 Shares of Copart, Inc. $CPRT

PineStone Asset Management Inc. lessened its stake in Copart, Inc. (NASDAQ:CPRT) by 23.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,025,813 shares of the business services provider’s stock after selling 1,887,894 shares during the quarter. Copart comprises about 1.1% of PineStone Asset Management Inc.’s holdings, making the stock its 25th largest holding. PineStone Asset Management Inc.’s holdings in Copart were worth $164,384,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Confluence Investment Management LLC boosted its stake in Copart by 44.2% during the third quarter. Confluence Investment Management LLC now owns 422,532 shares of the business services provider’s stock worth $11,527,000 after buying an additional 129,591 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Copart by 14.0% during the first quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider’s stock valued at $11,076,000 after acquiring an additional 41,060 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Copart by 6.4% during the second quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider’s stock valued at $16,307,000 after acquiring an additional 34,855 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Copart by 3,034.7% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 200,557 shares of the business services provider’s stock valued at $5,471,000 after acquiring an additional 194,159 shares during the last quarter. Finally, Cohen Capital Management Inc. acquired a new stake in shares of Copart during the third quarter valued at about $1,780,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Transactions at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the sale, the chief executive officer owned 99,641 shares of the company’s stock, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.60% of the stock is owned by company insiders.

Analyst Ratings Changes

CPRT has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft set a $40.00 price target on shares of Copart in a research note on Thursday, September 3rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Copart in a research report on Wednesday, July 29th. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, September 7th. Robert W. Baird dropped their target price on shares of Copart from $42.00 to $38.00 and set an “outperform” rating for the company in a report on Friday, September 11th. Finally, Barrington Research raised Copart from a “market perform” rating to an “outperform” rating and set a $40.00 target price on the stock in a research report on Friday, September 11th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.80.

Copart Trading Up 0.4%

CPRT opened at $27.87 on Friday. The stock’s 50-day moving average price is $30.09 and its 200 day moving average price is $30.82. Copart, Inc. has a 12-month low of $25.72 and a 12-month high of $45.89. The firm has a market cap of $25.82 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 1.36 and a beta of 1.06.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.41 earnings per share. On average, research analysts forecast that Copart, Inc. will post 1.63 earnings per share for the current year.

Copart Company Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company’s facilities.