OLD National Bancorp IN Boosts Holdings in Copart, Inc. $CPRT

OLD National Bancorp IN boosted its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 69.2% during the 1st quarter, Holdings Channel.com reports. The firm owned 825,692 shares of the business services provider’s stock after purchasing an additional 337,781 shares during the quarter. OLD National Bancorp IN’s holdings in Copart were worth $27,413,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Copart by 1.3% in the 4th quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock valued at $1,470,295,000 after buying an additional 492,506 shares during the period. Capital World Investors raised its position in Copart by 25.1% during the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after acquiring an additional 5,555,101 shares in the last quarter. Geode Capital Management LLC raised its position in 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 valued at $906,836,000 after acquiring an additional 131,703 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in 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 valued at $860,618,000 after acquiring an additional 3,918,610 shares during the period. Finally, Norges Bank acquired a new position in Copart in the fourth quarter valued at approximately $569,569,000. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Trading Down 1.2%

NASDAQ CPRT opened at $30.05 on Friday. The stock has a market capitalization of $27.82 billion, a price-to-earnings ratio of 18.66 and a beta of 1.00. The stock has a 50-day moving average of $32.30 and a 200 day moving average of $35.62. Copart, Inc. has a twelve month low of $29.41 and a twelve month high of $50.11.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.Copart’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. Equities analysts predict that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on CPRT. Jefferies Financial Group set a $45.00 price objective on shares of Copart in a research note on Friday, May 22nd. Weiss Ratings cut shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Finally, Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $44.50.

Insider Activity

In other news, CEO Jeffrey Liaw sold 26,213 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total transaction of $869,747.34. Following the transaction, the chief executive officer owned 79,532 shares in the company, valued at $2,638,871.76. This trade represents a 24.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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.