Madison Asset Management LLC Makes New Investment in Copart, Inc. $CPRT

Madison Asset Management LLC bought a new position in shares of Copart, Inc. (NASDAQ:CPRT) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,013,460 shares of the business services provider’s stock, valued at approximately $113,139,000. Copart makes up approximately 1.3% of Madison Asset Management LLC’s portfolio, making the stock its 20th biggest position.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Copart in the 2nd quarter valued at about $1,908,980,000. Bank of New York Mellon Corp purchased a new position in Copart during the second quarter worth approximately $488,663,000. Deutsche Bank AG purchased a new position in Copart during the second quarter worth approximately $436,413,000. Norges Bank acquired a new stake in Copart in the fourth quarter valued at approximately $569,569,000. Finally, Capital World Investors grew its holdings in Copart by 25.1% in the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares during the period. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Jeffrey Liaw sold 27,745 shares of the business’s 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 completion of the sale, the chief executive officer directly owned 99,641 shares in the company, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.60% of the stock is owned by corporate insiders.

Copart Trading Up 7.4%

NASDAQ:CPRT opened at $33.85 on Thursday. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11. The stock has a 50 day moving average of $29.37 and a two-hundred day moving average of $32.74. The firm has a market cap of $31.34 billion, a P/E ratio of 21.02 and a beta of 1.01.

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

Analyst Upgrades and Downgrades

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

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.