Copart, Inc. $CPRT Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp lifted its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 246.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 162,677 shares of the business services provider’s stock after acquiring an additional 115,733 shares during the quarter. Fifth Third Bancorp’s holdings in Copart were worth $5,401,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Candriam S.C.A. boosted its position in shares of Copart by 6.0% in the first quarter. Candriam S.C.A. now owns 42,655 shares of the business services provider’s stock worth $1,416,000 after buying an additional 2,424 shares during the period. Equitable Trust Co. purchased a new stake in shares of Copart in the first quarter worth approximately $1,714,000. Azzad Asset Management Inc. ADV boosted its holdings in shares of Copart by 8.3% during the first quarter. Azzad Asset Management Inc. ADV now owns 63,847 shares of the business services provider’s stock worth $2,120,000 after purchasing an additional 4,920 shares during the period. Montag A & Associates Inc. boosted its holdings in shares of Copart by 3.0% during the first quarter. Montag A & Associates Inc. now owns 232,244 shares of the business services provider’s stock worth $7,711,000 after purchasing an additional 6,656 shares during the period. Finally, Jackson Thornton Wealth Management LLC purchased a new position in Copart during the first quarter valued at approximately $229,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a report on Friday, June 26th. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research note on Friday, May 22nd. Finally, Weiss Ratings lowered Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Three research 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, Copart currently has a consensus rating of “Moderate Buy” and an average target price of $44.50.

Copart Price Performance

Shares of CPRT stock opened at $27.61 on Friday. The stock has a fifty day moving average price of $30.72 and a 200 day moving average price of $34.48. The stock has a market cap of $25.56 billion, a P/E ratio of 17.15 and a beta of 1.02. Copart, Inc. has a one year low of $27.23 and a one year high of $50.11.

Copart (NASDAQ:CPRT) last posted its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 earnings per share. Equities research analysts anticipate that Copart, Inc. will post 1.58 EPS for the current year.

Copart Company 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.