PNC Financial Services Group Inc. Grows Holdings in Copart, Inc. (NASDAQ:CPRT)

PNC Financial Services Group Inc. lifted its position in shares of Copart, Inc. (NASDAQ:CPRT) by 10.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 242,705 shares of the business services provider’s stock after buying an additional 22,959 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Copart were worth $12,718,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Optimum Investment Advisors grew its position in shares of Copart by 141.5% in the third quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 300 shares during the period. Eastern Bank acquired a new stake in Copart in the 3rd quarter worth about $29,000. Crewe Advisors LLC grew its holdings in Copart by 98.6% in the 2nd quarter. Crewe Advisors LLC now owns 564 shares of the business services provider’s stock valued at $31,000 after buying an additional 280 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Copart by 283.3% during the 2nd quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 425 shares during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of Copart by 477.7% during the 2nd quarter. Versant Capital Management Inc now owns 595 shares of the business services provider’s stock worth $32,000 after acquiring an additional 492 shares during the period. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Stock Up 10.2 %

Shares of CPRT stock opened at $62.70 on Friday. Copart, Inc. has a fifty-two week low of $46.21 and a fifty-two week high of $62.90. The firm’s 50 day moving average price is $53.79 and its two-hundred day moving average price is $53.21. The stock has a market cap of $60.40 billion, a price-to-earnings ratio of 44.15 and a beta of 1.27.

Copart (NASDAQ:CPRT) last posted its earnings results on Wednesday, September 4th. The business services provider reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). Copart had a net margin of 32.17% and a return on equity of 19.55%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. On average, equities analysts forecast that Copart, Inc. will post 1.54 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CPRT. JPMorgan Chase & Co. upped their price target on shares of Copart from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday. Robert W. Baird cut their target price on Copart from $58.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th.

About Copart

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.