MIG Capital LLC cut its stake in Copart, Inc. (NASDAQ:CPRT) by 24.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 389,347 shares of the business services provider’s stock after selling 126,653 shares during the period. Copart accounts for about 4.1% of MIG Capital LLC’s investment portfolio, making the stock its 14th biggest position. MIG Capital LLC owned approximately 0.17% of Copart worth $29,100,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital Investment Advisory Services LLC acquired a new stake in shares of Copart during the 2nd quarter worth approximately $29,000. Icon Wealth Partners LLC acquired a new stake in shares of Copart during the 1st quarter worth approximately $34,000. Cordasco Financial Network grew its position in shares of Copart by 170.7% during the 2nd quarter. Cordasco Financial Network now owns 471 shares of the business services provider’s stock worth $35,000 after buying an additional 297 shares during the period. Redhawk Wealth Advisors Inc. acquired a new stake in shares of Copart during the 2nd quarter worth approximately $37,000. Finally, Commonwealth Bank of Australia grew its position in shares of Copart by 132.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 517 shares of the business services provider’s stock worth $37,000 after buying an additional 295 shares during the period. 81.98% of the stock is owned by institutional investors.
Several brokerages have recently commented on CPRT. Robert W. Baird set a $85.00 price target on shares of Copart and gave the stock a “buy” rating in a research report on Friday, September 6th. JPMorgan Chase & Co. lifted their price target on shares of Copart from $62.00 to $71.00 and gave the stock an “underweight” rating in a research report on Friday, September 6th. BidaskClub cut shares of Copart from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Barrington Research reiterated a “hold” rating on shares of Copart in a research report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $75.21.
Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.04. The firm had revenue of $542.60 million during the quarter, compared to analysts’ expectations of $517.84 million. Copart had a net margin of 28.98% and a return on equity of 33.84%. The business’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 earnings per share. Analysts anticipate that Copart, Inc. will post 2.61 EPS for the current fiscal year.
In related news, insider William E. Franklin sold 41,007 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $77.37, for a total transaction of $3,172,711.59. Following the completion of the transaction, the insider now owns 58,974 shares in the company, valued at $4,562,818.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.99% of the stock is currently owned by insiders.
Copart Company 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.
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