Royal London Asset Management Ltd. Trims Position in Copart, Inc. $CPRT

Royal London Asset Management Ltd. decreased its position in shares of Copart, Inc. (NASDAQ:CPRT) by 7.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 451,931 shares of the business services provider’s stock after selling 37,422 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Copart were worth $12,740,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CPRT. Mufg Securities Americas Inc. increased its position in Copart by 8.3% during the second quarter. Mufg Securities Americas Inc. now owns 26,692 shares of the business services provider’s stock worth $752,000 after purchasing an additional 2,049 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Copart by 97.9% in the 2nd quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider’s stock valued at $255,381,000 after buying an additional 4,482,226 shares during the period. Nissay Asset Management Corp Japan grew its stake in shares of Copart by 1.5% in the 2nd quarter. Nissay Asset Management Corp Japan now owns 270,384 shares of the business services provider’s stock valued at $7,622,000 after buying an additional 3,959 shares during the period. Hsbc Holdings PLC increased its holdings in shares of Copart by 2.0% during the 2nd quarter. Hsbc Holdings PLC now owns 3,786,191 shares of the business services provider’s stock worth $106,662,000 after buying an additional 75,124 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Copart by 7.2% during the 2nd quarter. Wellington Management Group LLP now owns 3,799,600 shares of the business services provider’s stock worth $107,111,000 after buying an additional 255,157 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the sale, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. This trade represents a 21.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.60% of the company’s stock.

Copart Stock Performance

Copart stock opened at $32.99 on Tuesday. The company’s 50 day simple moving average is $29.84 and its 200-day simple moving average is $32.36. Copart, Inc. has a 1 year low of $26.81 and a 1 year high of $50.11. The company has a market capitalization of $30.54 billion, a price-to-earnings ratio of 20.49 and a beta of 1.01.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CPRT shares. Jefferies Financial Group set a $45.00 price objective on Copart in a report on Friday, May 22nd. Stephens reissued an “equal weight” rating and set a $35.00 target price on shares of Copart in a research note on Thursday, August 20th. Weiss Ratings restated a “sell (d+)” rating on shares of Copart in a research report on Wednesday, July 29th. Zacks Research lowered Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Finally, Freedom Capital upgraded Copart to a “strong-buy” rating in a report on Friday, June 26th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $41.50.

About Copart

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.