Meeder Asset Management Inc. Purchases Shares of 259,709 Copart, Inc. $CPRT

Meeder Asset Management Inc. acquired a new stake in Copart, Inc. (NASDAQ:CPRT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 259,709 shares of the business services provider’s stock, valued at approximately $7,321,000.

Other large investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in Copart during the second quarter worth $1,908,980,000. State Street Corp grew its stake in Copart by 1.3% in the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock valued at $1,470,295,000 after acquiring an additional 492,506 shares during the period. Capital World Investors grew its position in Copart by 25.1% in the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares during the period. Geode Capital Management LLC increased its position in shares of Copart by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock worth $906,836,000 after acquiring an additional 131,703 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Copart by 21.7% in the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock worth $860,618,000 after purchasing an additional 3,918,610 shares during the last quarter. 85.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the sale, the chief executive officer directly owned 99,641 shares in the company, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 9.60% of the stock is owned by insiders.

Copart Stock Performance

Shares of CPRT stock opened at $31.70 on Tuesday. The stock has a fifty day simple moving average of $29.31 and a two-hundred day simple moving average of $32.85. Copart, Inc. has a 52-week low of $26.81 and a 52-week high of $50.11. The firm has a market capitalization of $29.35 billion, a PE ratio of 19.69 and a beta of 1.01.

Copart (NASDAQ:CPRT) last released its earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 earnings per share. On average, sell-side analysts forecast that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Copart Company 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.