Intech Investment Management LLC Buys 376,033 Shares of Copart, Inc. $CPRT

Intech Investment Management LLC boosted its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 680.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 431,273 shares of the business services provider’s stock after purchasing an additional 376,033 shares during the quarter. Intech Investment Management LLC’s holdings in Copart were worth $19,394,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CPRT. Vanguard Group Inc. raised its stake in shares of Copart by 2.4% in the third quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider’s stock valued at $4,901,310,000 after acquiring an additional 2,581,784 shares during the last quarter. Principal Financial Group Inc. lifted its position in Copart by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider’s stock valued at $1,806,674,000 after purchasing an additional 1,236,101 shares during the period. State Street Corp boosted its stake in Copart by 3.3% in the second quarter. State Street Corp now owns 36,406,503 shares of the business services provider’s stock valued at $1,786,467,000 after acquiring an additional 1,167,265 shares during the last quarter. Geode Capital Management LLC increased its holdings in Copart by 3.3% in the second quarter. Geode Capital Management LLC now owns 20,462,076 shares of the business services provider’s stock valued at $999,305,000 after purchasing an additional 656,333 shares during the last quarter. Finally, Norges Bank acquired a new position in Copart during the second quarter valued at approximately $549,448,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Copart Stock Performance

Shares of Copart stock opened at $35.89 on Thursday. The company’s 50 day moving average price is $39.24 and its 200-day moving average price is $42.33. Copart, Inc. has a 52-week low of $33.81 and a 52-week high of $63.85. The stock has a market capitalization of $34.74 billion, a price-to-earnings ratio of 22.43 and a beta of 1.08.

Copart (NASDAQ:CPRT) last announced its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.03). Copart had a net margin of 33.76% and a return on equity of 16.68%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business earned $0.40 EPS. Copart’s revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CPRT shares. CJS Securities raised shares of Copart to a “strong-buy” rating in a research report on Thursday, December 11th. Robert W. Baird set a $48.00 price target on Copart and gave the stock an “outperform” rating in a report on Friday, February 20th. Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Barclays reissued an “underweight” rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a research note on Monday. Finally, JPMorgan Chase & Co. lowered their price objective on Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $44.40.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 25,137 shares of the company’s stock in a transaction 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 transaction, the chief executive officer directly owned 55,970 shares of the company’s stock, valued at $2,248,314.90. This represents a 30.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is owned by insiders.

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.