Clarkston Capital Partners LLC Takes Position in Copart, Inc. $CPRT

by · The Cerbat Gem

Clarkston Capital Partners LLC acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT – Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 370,090 shares of the business services provider’s stock, valued at approximately $14,489,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CPRT. Norges Bank bought a new position in shares of Copart during the fourth quarter valued at about $569,569,000. Capital World Investors grew its stake in shares of Copart by 25.1% during 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 buying an additional 5,555,101 shares during the last quarter. Capital International Investors bought a new position in shares of Copart during the fourth quarter valued at about $195,637,000. Deutsche Bank AG grew its stake in shares of Copart by 94.0% during the fourth quarter. Deutsche Bank AG now owns 9,955,661 shares of the business services provider’s stock valued at $389,764,000 after buying 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 fourth 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 buying an additional 3,918,610 shares during the last quarter. 85.78% of the stock is owned by institutional investors.

Copart Price Performance

NASDAQ CPRT opened at $30.75 on Friday. The stock has a market capitalization of $28.47 billion, a PE ratio of 19.10 and a beta of 1.00. Copart, Inc. has a 1 year low of $29.97 and a 1 year high of $50.11. The business’s 50-day moving average is $32.85 and its 200 day moving average is $36.20.

Copart (NASDAQ:CPRT – Get Free Report) last posted its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. The company 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%.Copart’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. As a group, equities research analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CPRT. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Robert W. Baird set a $48.00 price objective on Copart and gave the company an “outperform” rating in a research note on Friday, February 20th. Jefferies Financial Group set a $45.00 target price on Copart in a research note on Friday, May 22nd. JPMorgan Chase & Co. cut their target price on Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, February 23rd. Finally, Weiss Ratings cut Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $44.50.

Read Our Latest Analysis on CPRT

Insider Activity

In related news, CEO Jeffrey Liaw sold 26,213 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total value of $869,747.34. Following the sale, the chief executive officer directly owned 79,532 shares of the company’s stock, valued at $2,638,871.76. This trade represents a 24.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.60% of the stock is owned by insiders.

About Copart

(Free Report)

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.

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