CIBC Asset Management Inc Grows Holdings in Copart, Inc. $CPRT

CIBC Asset Management Inc grew its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 34.6% in the fourth quarter, Holdings Channel reports. The firm owned 388,496 shares of the business services provider’s stock after acquiring an additional 99,900 shares during the period. CIBC Asset Management Inc’s holdings in Copart were worth $15,210,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CPRT. Lodestone Wealth Management LLC purchased a new stake in Copart in the 4th quarter valued at about $25,000. Cornerstone Planning Group LLC increased its position in shares of Copart by 54.0% during the third quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after acquiring an additional 256 shares during the period. Aventura Private Wealth LLC bought a new stake in shares of Copart during the fourth quarter valued at approximately $33,000. Board of the Pension Protection Fund bought a new stake in shares of Copart during the fourth quarter valued at approximately $35,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Copart in the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Wall Street Analyst Weigh In

CPRT has been the topic of several research analyst reports. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Barclays reaffirmed an “underweight” rating and set a $32.00 target price (down from $33.00) on shares of Copart in a research report on Monday, February 23rd. Robert W. Baird set a $48.00 price target on Copart and gave the stock an “outperform” rating in a research report on Friday, February 20th. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. decreased their price objective on Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Copart currently has an average rating of “Hold” and an average target price of $44.50.

Copart Stock Up 1.4%

Shares of CPRT stock opened at $30.77 on Friday. The firm has a market cap of $28.49 billion, a price-to-earnings ratio of 19.11 and a beta of 1.00. Copart, Inc. has a 52-week low of $29.97 and a 52-week high of $50.92. The company’s 50 day moving average is $33.07 and its 200 day moving average is $36.59.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter last year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. Analysts anticipate that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Insider Buying and Selling at Copart

In related news, CEO Jeffrey Liaw sold 26,213 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total transaction of $869,747.34. Following the sale, the chief executive officer owned 79,532 shares of the company’s stock, valued at $2,638,871.76. This trade represents a 24.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.60% of the stock is owned by company insiders.

Copart Profile

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.