Rockland Trust Co. Has $20.16 Million Stock Position in Copart, Inc. $CPRT

Rockland Trust Co. raised its position in shares of Copart, Inc. (NASDAQ:CPRT) by 17.5% in the second quarter, HoldingsChannel.com reports. The firm owned 715,262 shares of the business services provider’s stock after purchasing an additional 106,752 shares during the quarter. Rockland Trust Co.’s holdings in Copart were worth $20,163,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CPRT. State Street Corp lifted its position in shares of Copart by 1.3% in the 4th quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock worth $1,470,295,000 after purchasing an additional 492,506 shares during the period. Capital World Investors raised its stake in Copart by 25.1% during the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock worth $1,085,588,000 after buying an additional 5,555,101 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Copart by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock valued at $906,836,000 after buying an additional 131,703 shares during the period. Bank of New York Mellon Corp boosted its position in Copart by 21.7% during the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock valued at $860,618,000 after acquiring an additional 3,918,610 shares during the last quarter. Finally, Norges Bank bought a new stake in Copart during the fourth quarter valued at $569,569,000. Institutional investors own 85.78% of the company’s stock.

Insider Activity

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

Copart Trading Up 2.2%

NASDAQ CPRT opened at $29.66 on Friday. The company has a market cap of $27.46 billion, a P/E ratio of 18.42 and a beta of 1.01. The company has a fifty day simple moving average of $29.42 and a 200 day simple moving average of $33.37. Copart, Inc. has a 12-month low of $26.81 and a 12-month high of $50.11.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CPRT. Barclays set a $26.00 price objective on Copart and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Freedom Capital upgraded Copart to a “strong-buy” rating in a report on Friday, June 26th. Weiss Ratings reissued a “sell (d+)” rating on shares of Copart in a research note on Wednesday, July 29th. Jefferies Financial Group set a $45.00 price target on Copart in a report on Friday, May 22nd. Finally, Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Copart has an average rating of “Hold” and an average target price of $43.50.

About Copart

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.