Bank of New York Mellon Corp Sells 21,631 Shares of Copart, Inc. $CPRT

Bank of New York Mellon Corp decreased its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 0.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,860,229 shares of the business services provider’s stock after selling 21,631 shares during the quarter. Bank of New York Mellon Corp’s holdings in Copart were worth $925,471,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CPRT. Vanguard Group Inc. lifted its holdings in Copart by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider’s stock worth $5,900,295,000 after purchasing an additional 2,134,890 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Copart by 15.9% in the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider’s stock worth $868,417,000 after acquiring an additional 2,106,656 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Copart by 7.5% in the first quarter. Invesco Ltd. now owns 9,490,237 shares of the business services provider’s stock worth $537,052,000 after acquiring an additional 658,329 shares during the last quarter. Amundi lifted its holdings in shares of Copart by 32.5% in the first quarter. Amundi now owns 9,380,026 shares of the business services provider’s stock worth $531,256,000 after acquiring an additional 2,299,192 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Copart by 0.7% in the first quarter. Northern Trust Corp now owns 8,927,156 shares of the business services provider’s stock worth $505,188,000 after acquiring an additional 61,855 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CPRT shares. Robert W. Baird dropped their target price on shares of Copart from $64.00 to $55.00 and set an “outperform” rating for the company in a report on Thursday, July 17th. Stephens dropped their target price on shares of Copart from $50.00 to $46.00 and set an “equal weight” rating for the company in a report on Friday, September 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Copart in a report on Wednesday, October 8th. HSBC set a $62.00 price objective on shares of Copart and gave the company a “buy” rating in a report on Thursday, September 4th. Finally, Hsbc Global Res upgraded shares of Copart from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.50.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 24,283 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $44.79, for a total transaction of $1,087,635.57. Following the completion of the sale, the chief executive officer owned 31,332 shares of the company’s stock, valued at $1,403,360.28. This trade represents a 43.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas N. Tryforos sold 228,840 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.54, for a total transaction of $10,879,053.60. The disclosure for this sale is available in the SEC filing. Company insiders own 9.68% of the company’s stock.

Copart Stock Performance

Copart stock opened at $43.01 on Monday. Copart, Inc. has a 52-week low of $41.96 and a 52-week high of $64.38. The firm has a 50 day moving average price of $45.93 and a two-hundred day moving average price of $49.81. The firm has a market cap of $41.63 billion, a price-to-earnings ratio of 26.88 and a beta of 1.03.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. Copart had a net margin of 33.41% and a return on equity of 18.17%. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business earned $0.33 EPS. The company’s revenue was up 2.9% compared to the same quarter last year. As a group, equities research analysts predict that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Copart Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.