Connor Clark & Lunn Investment Management Ltd. Has $87.35 Million Holdings in Copart, Inc. $CPRT

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 71.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,942,458 shares of the business services provider’s stock after acquiring an additional 806,790 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.20% of Copart worth $87,352,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cloud Capital Management LLC bought a new position in shares of Copart in the third quarter worth $25,000. Tripletail Wealth Management LLC bought a new stake in Copart during the third quarter worth about $27,000. LRI Investments LLC lifted its position in Copart by 125.2% during the third quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock worth $29,000 after purchasing an additional 363 shares during the period. Cornerstone Planning Group LLC grew its stake in Copart by 54.0% during the third quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after buying an additional 256 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. grew its stake in Copart by 173.4% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 864 shares of the business services provider’s stock worth $39,000 after buying an additional 548 shares in the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the completion of the transaction, the chief executive officer directly owned 55,970 shares of the company’s stock, valued at $2,248,314.90. This trade represents a 30.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on CPRT. Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. CJS Securities upgraded shares of Copart to a “strong-buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. decreased their price objective on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, February 23rd. Barclays restated an “underweight” rating and set a $32.00 price objective (down from $33.00) on shares of Copart in a research report on Monday, February 23rd. Finally, Robert W. Baird set a $48.00 target price on Copart and gave the stock an “outperform” rating in a research note on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $44.40.

Copart Price Performance

CPRT opened at $35.55 on Thursday. Copart, Inc. has a fifty-two week low of $33.81 and a fifty-two week high of $63.85. The company’s 50 day moving average price is $38.89 and its two-hundred day moving average price is $41.63. The firm has a market capitalization of $34.25 billion, a price-to-earnings ratio of 22.22 and a beta of 1.09.

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

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.