Copart, Inc. $CPRT Stock: Kimelman & Baird LLC Reduces Position

Kimelman & Baird LLC lowered its holdings in Copart, Inc. (NASDAQ:CPRT) by 2.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,205,387 shares of the business services provider’s stock after selling 27,719 shares during the quarter. Copart comprises 2.3% of Kimelman & Baird LLC’s investment portfolio, making the stock its 17th biggest holding. Kimelman & Baird LLC’s holdings in Copart were worth $32,883,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. C M Bidwell & Associates Ltd. purchased a new stake in Copart during the second quarter worth approximately $25,000. Byrne Asset Management LLC acquired a new position in Copart in the third quarter valued at approximately $25,000. Versant Capital Management Inc increased its stake in Copart by 110.9% in the second quarter. Versant Capital Management Inc now owns 947 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 498 shares during the last quarter. Provenance Wealth Advisors LLC increased its stake in Copart by 3,550.0% in the third quarter. Provenance Wealth Advisors LLC now owns 1,022 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 994 shares during the last quarter. Finally, Salomon & Ludwin LLC raised its holdings in Copart by 62.5% during the third quarter. Salomon & Ludwin LLC now owns 1,076 shares of the business services provider’s stock worth $29,000 after purchasing an additional 414 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Price Performance

Shares of NASDAQ:CPRT opened at $31.95 on Friday. The stock has a market cap of $29.60 billion, a P/E ratio of 20.61, a P/E/G ratio of 1.56 and a beta of 1.01. The firm has a fifty day moving average price of $29.45 and a 200 day moving average price of $32.22. Copart, Inc. has a 1-year low of $25.72 and a 1-year high of $42.05.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). The business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Sell-side analysts expect that Copart, Inc. will post 1.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CPRT. Deutsche Bank Aktiengesellschaft set a $40.00 price objective on shares of Copart in a research report on Thursday, September 3rd. JPMorgan Chase & Co. raised shares of Copart from a “neutral” rating to an “overweight” rating and increased their target price for the company from $32.00 to $40.00 in a research report on Thursday, September 3rd. Freedom Broker dropped their target price on shares of Copart from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, September 14th. BNP Paribas Exane reiterated an “outperform” rating and set a $43.00 price target (up from $40.00) on shares of Copart in a research note on Monday, September 28th. Finally, Robert W. Baird reduced their price target on shares of Copart from $42.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, September 11th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Copart currently has an average rating of “Moderate Buy” and a consensus price target of $37.90.

Insider Buying and Selling at Copart

In other news, Director Diane Morefield sold 20,000 shares of the stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $27.66, for a total transaction of $553,200.00. Following the completion of the sale, the director owned 50,000 shares in the company, valued at approximately $1,383,000. This represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.60% of the company’s stock.

Copart Profile

Copart, Inc operates an online vehicle auction and remarketing business. Its platform connects sellers with buyers of used and damaged vehicles, including cars, trucks, motorcycles and other equipment.

The company serves insurance companies, vehicle dealers, rental and fleet operators, financial institutions and other businesses, as well as individual buyers. Its services include online auctions, vehicle storage, title processing and support with vehicle transportation.

Founded in 1982 by Willis Johnson, Copart has expanded from its origins in the United States to serve customers in multiple countries, including markets in North America, Europe and the Middle East.