Bank of New York Mellon Corp Sells 1,505,461 Shares of Copart, Inc. $CPRT

Bank of New York Mellon Corp lessened its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 6.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 20,477,128 shares of the business services provider’s stock after selling 1,505,461 shares during the quarter. Bank of New York Mellon Corp’s holdings in Copart were worth $679,841,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in Copart by 4.1% in the fourth quarter. Nordea Investment Management AB now owns 798,087 shares of the business services provider’s stock valued at $31,353,000 after buying an additional 31,658 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Copart by 14.0% during the first quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider’s stock worth $11,076,000 after acquiring an additional 41,060 shares in the last quarter. ABN Amro Investment Solutions increased its position in shares of Copart by 82.5% during the fourth quarter. ABN Amro Investment Solutions now owns 199,794 shares of the business services provider’s stock worth $7,822,000 after acquiring an additional 90,339 shares in the last quarter. Davidson Kahn Capital Management LLC raised its holdings in shares of Copart by 56.3% during the fourth quarter. Davidson Kahn Capital Management LLC now owns 100,151 shares of the business services provider’s stock worth $3,921,000 after acquiring an additional 36,091 shares during the period. Finally, Assetmark Inc. raised its holdings in shares of Copart by 7.3% during the fourth quarter. Assetmark Inc. now owns 507,255 shares of the business services provider’s stock worth $19,859,000 after acquiring an additional 34,410 shares during the period. 85.78% of the stock is currently owned by institutional investors.

Copart Price Performance

Copart stock opened at $28.29 on Friday. The firm has a market capitalization of $26.19 billion, a PE ratio of 17.57 and a beta of 1.02. The company’s 50-day moving average is $30.85 and its 200-day moving average is $34.53. Copart, Inc. has a fifty-two week low of $27.23 and a fifty-two week high of $50.11.

Copart (NASDAQ:CPRT) last issued its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the firm earned $0.42 EPS. Copart’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, analysts expect that Copart, Inc. will post 1.58 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Freedom Capital raised Copart to a “strong-buy” rating in a research note on Friday, June 26th. Weiss Ratings lowered Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Finally, Jefferies Financial Group set a $45.00 price objective on Copart in a research report on Friday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.50.

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.