Sterling Capital Management LLC Reduces Stock Position in Copart, Inc. $CPRT

Sterling Capital Management LLC lessened its stake in Copart, Inc. (NASDAQ:CPRT) by 90.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,521 shares of the business services provider’s stock after selling 202,213 shares during the period. Sterling Capital Management LLC’s holdings in Copart were worth $681,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Copart in the fourth quarter worth $569,569,000. Capital World Investors lifted 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 acquiring an additional 5,555,101 shares during the period. Capital International Investors purchased a new position in Copart in the fourth quarter worth about $195,637,000. Deutsche Bank AG boosted its position in Copart by 94.0% in the fourth quarter. Deutsche Bank AG now owns 9,955,661 shares of the business services provider’s stock worth $389,764,000 after purchasing an additional 4,823,111 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Copart by 21.7% during the 4th 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 purchasing an additional 3,918,610 shares during the period. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Copart Stock Performance

Shares of Copart stock opened at $28.79 on Thursday. The company has a market capitalization of $26.65 billion, a P/E ratio of 17.88 and a beta of 1.03. The company has a fifty day moving average of $31.94 and a 200 day moving average of $35.35. Copart, Inc. has a fifty-two week low of $27.84 and a fifty-two week high of $50.11.

Copart (NASDAQ:CPRT) last posted its quarterly 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 for 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 quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $0.42 earnings per share. Analysts forecast that Copart, Inc. will post 1.58 EPS for the current year.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total transaction of $869,747.34. Following the sale, the chief executive officer owned 79,532 shares of the company’s stock, valued at approximately $2,638,871.76. This trade represents a 24.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 9.60% of the company’s stock.

Analyst Ratings Changes

CPRT has been the topic of several recent research reports. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research note on Friday, June 26th. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings downgraded shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Finally, Jefferies Financial Group set a $45.00 price target on shares of Copart in a research note on Friday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $44.50.

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.