Pinebridge Investments L.P. Decreases Stock Position in Copart, Inc. (NASDAQ:CPRT)

Pinebridge Investments L.P. lessened its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 95.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 4,561 shares of the business services provider’s stock after selling 106,700 shares during the period. Pinebridge Investments L.P.’s holdings in Copart were worth $262,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CPRT. Norges Bank purchased a new stake in Copart in the fourth quarter worth $682,089,000. Madison Investment Advisors LLC purchased a new stake in Copart in the fourth quarter worth $253,686,000. Bank of New York Mellon Corp increased its stake in Copart by 23.3% in the fourth quarter. Bank of New York Mellon Corp now owns 19,440,046 shares of the business services provider’s stock worth $1,115,664,000 after purchasing an additional 3,667,534 shares during the period. Edgewood Management LLC increased its stake in Copart by 14.1% in the fourth quarter. Edgewood Management LLC now owns 23,463,118 shares of the business services provider’s stock worth $1,346,548,000 after purchasing an additional 2,907,405 shares during the period. Finally, Franklin Resources Inc. increased its stake in Copart by 335.8% in the third quarter. Franklin Resources Inc. now owns 2,705,354 shares of the business services provider’s stock worth $149,471,000 after purchasing an additional 2,084,626 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Argus lowered Copart from a “buy” rating to a “hold” rating in a research note on Friday, March 14th.

Copart Price Performance

Shares of CPRT stock opened at $59.81 on Tuesday. Copart, Inc. has a 1-year low of $48.05 and a 1-year high of $64.38. The stock’s 50-day moving average is $56.34 and its 200 day moving average is $57.18. The company has a market cap of $57.78 billion, a P/E ratio of 40.14 and a beta of 1.22.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Thursday, February 20th. The business services provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.02. Copart had a return on equity of 19.31% and a net margin of 32.27%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. On average, analysts anticipate that Copart, Inc. will post 1.57 EPS for the current year.

Insider Activity at Copart

In other news, Director Steven D. Cohan sold 5,003 shares of the company’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $60.01, for a total transaction of $300,230.03. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James E. Meeks sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $54.00, for a total transaction of $5,400,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 200,000 shares of company stock valued at $11,401,000 over the last quarter. 9.68% of the stock is owned by corporate 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.