Mitsubishi UFJ Asset Management Co. Ltd. Invests $63.64 Million in Copart, Inc. $CPRT

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 2,257,526 shares of the business services provider’s stock, valued at approximately $63,640,000.

Other hedge funds also recently made changes to their positions in the company. Quadrant Capital Group LLC increased its stake in Copart by 1.3% in the third quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider’s stock valued at $931,000 after acquiring an additional 264 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Copart by 23.8% during the second quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider’s stock worth $68,000 after purchasing an additional 266 shares during the last quarter. Valeo Financial Advisors LLC boosted its holdings in shares of Copart by 4.6% in the 4th quarter. Valeo Financial Advisors LLC now owns 6,395 shares of the business services provider’s stock worth $250,000 after purchasing an additional 282 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Copart by 11.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,793 shares of the business services provider’s stock worth $109,000 after purchasing an additional 288 shares in the last quarter. Finally, American Trust increased its position in shares of Copart by 2.1% during the 3rd quarter. American Trust now owns 14,230 shares of the business services provider’s stock valued at $640,000 after purchasing an additional 295 shares during the last quarter. 85.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CPRT has been the topic of a number of research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Barclays set a $26.00 target price on Copart and gave the stock an “underweight” rating in a research note on Tuesday, July 21st. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research note on Friday, May 22nd. Zacks Research lowered shares of Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Finally, Freedom Capital raised shares of Copart to a “strong-buy” rating in a research note on Friday, June 26th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $43.50.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the transaction, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. This trade represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 9.60% of the company’s stock.

Copart Price Performance

Shares of CPRT stock opened at $33.85 on Thursday. The business has a 50-day moving average of $29.37 and a 200 day moving average of $32.74. Copart, Inc. has a 1-year low of $26.81 and a 1-year high of $50.11. The stock has a market capitalization of $31.34 billion, a PE ratio of 21.02 and a beta of 1.01.

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