Redmond Asset Management LLC lessened its stake in Copart, Inc. (NASDAQ:CPRT) by 5.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 53,933 shares of the business services provider’s stock after selling 3,389 shares during the period. Copart comprises 1.7% of Redmond Asset Management LLC’s portfolio, making the stock its 9th largest holding. Redmond Asset Management LLC’s holdings in Copart were worth $4,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CPRT. FMR LLC boosted its stake in shares of Copart by 17.2% during the first quarter. FMR LLC now owns 7,226,373 shares of the business services provider’s stock worth $437,846,000 after buying an additional 1,059,798 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Copart by 14.8% during the first quarter. Wells Fargo & Company MN now owns 3,762,177 shares of the business services provider’s stock worth $227,951,000 after buying an additional 483,889 shares during the period. Blair William & Co. IL boosted its stake in shares of Copart by 49.5% during the first quarter. Blair William & Co. IL now owns 848,458 shares of the business services provider’s stock worth $51,408,000 after buying an additional 280,915 shares during the period. WINTON GROUP Ltd boosted its stake in shares of Copart by 1,572.8% during the second quarter. WINTON GROUP Ltd now owns 288,327 shares of the business services provider’s stock worth $21,550,000 after buying an additional 271,091 shares during the period. Finally, Wafra Inc. acquired a new stake in shares of Copart during the first quarter worth about $15,691,000. Institutional investors own 83.78% of the company’s stock.
In other Copart news, Director Matt Blunt sold 50,000 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $71.00, for a total value of $3,550,000.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $3,550,000. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider William E. Franklin sold 41,007 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $77.37, for a total transaction of $3,172,711.59. Following the completion of the transaction, the insider now directly owns 58,974 shares of the company’s stock, valued at $4,562,818.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 423,458 shares of company stock valued at $31,198,755. 15.99% of the stock is currently owned by corporate insiders.
NASDAQ CPRT traded up $0.45 during trading hours on Thursday, hitting $74.76. 32,734 shares of the stock were exchanged, compared to its average volume of 1,215,999. The company has a market cap of $17.03 billion, a P/E ratio of 43.16, a price-to-earnings-growth ratio of 1.50 and a beta of 0.82. Copart, Inc. has a 12-month low of $44.61 and a 12-month high of $79.74. The stock has a 50-day moving average of $76.35. The company has a current ratio of 2.07, a quick ratio of 1.99 and a debt-to-equity ratio of 0.25.
Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Wednesday, May 22nd. The business services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. The firm had revenue of $553.12 million during the quarter, compared to analysts’ expectations of $535.62 million. Copart had a net margin of 28.12% and a return on equity of 31.33%. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. On average, analysts expect that Copart, Inc. will post 2.21 earnings per share for the current year.
Several research firms recently issued reports on CPRT. BidaskClub cut shares of Copart from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Barrington Research reissued a “hold” rating on shares of Copart in a report on Friday, May 24th. Guggenheim cut shares of Copart from a “buy” rating to a “neutral” rating and set a $67.07 price target for the company. in a report on Friday, May 17th. SunTrust Banks increased their price target on shares of Copart to $78.00 and gave the stock a “buy” rating in a report on Friday, May 24th. Finally, Zacks Investment Research raised shares of Copart from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Monday, May 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. Copart presently has a consensus rating of “Hold” and an average target price of $66.77.
Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.
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