Central Pacific Bank Trust Division Has $1.61 Million Stock Holdings in Copart, Inc. (NASDAQ:CPRT)

Central Pacific Bank Trust Division grew its position in shares of Copart, Inc. (NASDAQ:CPRT) by 60.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,438 shares of the business services provider’s stock after purchasing an additional 10,702 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Copart were worth $1,609,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Copart during the fourth quarter worth about $682,089,000. Madison Investment Advisors LLC bought a new position in shares of Copart during the fourth quarter worth about $253,686,000. Bank of New York Mellon Corp raised its position in shares of Copart by 23.3% during the fourth quarter. Bank of New York Mellon Corp now owns 19,440,046 shares of the business services provider’s stock worth $1,115,664,000 after acquiring an additional 3,667,534 shares during the last quarter. Edgewood Management LLC raised its position in shares of Copart by 14.1% during the fourth quarter. Edgewood Management LLC now owns 23,463,118 shares of the business services provider’s stock worth $1,346,548,000 after acquiring an additional 2,907,405 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Copart by 14.4% during the fourth quarter. Wellington Management Group LLP now owns 14,157,306 shares of the business services provider’s stock worth $812,488,000 after acquiring an additional 1,785,741 shares during the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Stock Performance

Shares of CPRT stock opened at $51.42 on Friday. The company has a market cap of $49.68 billion, a P/E ratio of 34.51 and a beta of 1.20. The stock has a 50 day simple moving average of $58.77 and a two-hundred day simple moving average of $58.14. Copart, Inc. has a fifty-two week low of $48.05 and a fifty-two week high of $64.38.

Copart (NASDAQ:CPRT) last issued its earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.23 billion. Copart had a return on equity of 19.31% and a net margin of 32.27%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. On average, research analysts predict that Copart, Inc. will post 1.57 earnings per share for the current year.

Insiders Place Their Bets

In other Copart news, Director Steven D. Cohan sold 94,997 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $60.01, for a total value of $5,700,769.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Meeks sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $54.00, for a total value of $5,400,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 200,000 shares of company stock worth $11,401,000. 9.68% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CPRT shares. JPMorgan Chase & Co. lowered their price objective on Copart from $60.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 23rd. Argus downgraded Copart from a “buy” rating to a “hold” rating in a research report on Friday, March 14th.

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.