Russell Investments Group Ltd. Boosts Position in Copart, Inc. $CPRT

Russell Investments Group Ltd. grew its stake in Copart, Inc. (NASDAQ:CPRT) by 29.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,188,024 shares of the business services provider’s stock after acquiring an additional 729,720 shares during the period. Russell Investments Group Ltd. owned 0.33% of Copart worth $143,244,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Copart by 2.4% in the third quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider’s stock valued at $4,901,310,000 after purchasing an additional 2,581,784 shares during the period. Principal Financial Group Inc. increased its holdings in Copart by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider’s stock worth $1,806,674,000 after purchasing an additional 1,236,101 shares during the period. State Street Corp increased its holdings in Copart by 3.3% during the 2nd quarter. State Street Corp now owns 36,406,503 shares of the business services provider’s stock worth $1,786,467,000 after purchasing an additional 1,167,265 shares during the period. Geode Capital Management LLC raised its position in Copart by 3.3% during the 2nd quarter. Geode Capital Management LLC now owns 20,462,076 shares of the business services provider’s stock valued at $999,305,000 after purchasing an additional 656,333 shares in the last quarter. Finally, Norges Bank bought a new stake in Copart during the 2nd quarter valued at $549,448,000. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Trading Down 0.8%

CPRT opened at $37.72 on Monday. The firm has a market cap of $36.34 billion, a price-to-earnings ratio of 23.58 and a beta of 1.09. Copart, Inc. has a 12 month low of $33.81 and a 12 month high of $63.85. The stock has a fifty day moving average price of $39.07 and a 200-day moving average price of $41.83.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The company 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 for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 EPS. On average, equities research analysts forecast that Copart, Inc. will post 1.57 EPS for the current year.

Insider Activity

In other news, CEO Jeffrey Liaw sold 25,137 shares of Copart stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $40.17, for a total value of $1,009,753.29. Following the transaction, the chief executive officer owned 55,970 shares of the company’s stock, valued at $2,248,314.90. The trade was a 30.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 9.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

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.