Bank of New York Mellon Corp Cuts Stake in Copart, Inc. $CPRT

Bank of New York Mellon Corp reduced its position in Copart, Inc. (NASDAQ:CPRT) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,063,979 shares of the business services provider’s stock after selling 796,250 shares during the quarter. Bank of New York Mellon Corp owned 1.87% of Copart worth $812,337,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Tripletail Wealth Management LLC purchased a new stake in shares of Copart in the 3rd quarter worth approximately $27,000. Creekmur Asset Management LLC raised its stake in Copart by 1,063.0% in the second quarter. Creekmur Asset Management LLC now owns 628 shares of the business services provider’s stock worth $31,000 after buying an additional 574 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Copart during the second quarter worth $31,000. Bank of Jackson Hole Trust boosted its position in Copart by 83.8% during the 2nd quarter. Bank of Jackson Hole Trust now owns 735 shares of the business services provider’s stock valued at $36,000 after acquiring an additional 335 shares in the last quarter. Finally, GFG Capital LLC purchased a new position in shares of Copart in the 2nd quarter valued at $37,000. 85.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer owned 55,970 shares of the company’s stock, valued at approximately $2,248,314.90. This trade represents a 30.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas N. Tryforos sold 100,000 shares of Copart stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total transaction of $3,907,000.00. The SEC filing for this sale provides additional information. Corporate insiders own 9.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CPRT shares. Robert W. Baird decreased their price objective on Copart from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Friday, November 21st. Barclays reiterated an “underweight” rating and issued a $33.00 target price (up from $32.00) on shares of Copart in a report on Friday, November 21st. CJS Securities raised shares of Copart to a “strong-buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. lowered their price target on shares of Copart from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, November 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Copart in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.60.

Copart Stock Performance

Copart stock opened at $40.62 on Thursday. The stock has a market cap of $39.32 billion, a PE ratio of 24.77 and a beta of 1.10. The stock has a 50-day moving average of $39.50 and a two-hundred day moving average of $43.43. Copart, Inc. has a one year low of $37.41 and a one year high of $63.85.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, November 20th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.18 billion. Copart had a net margin of 34.24% and a return on equity of 17.78%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.37 earnings per share. As a group, sell-side analysts predict that Copart, Inc. will post 1.57 EPS for the current fiscal year.

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.